It’s a move that could pay off big time.
- It can be easier to find a side gig during the holiday season, when more businesses need extra help.
- If the option to keep your side hustle exists, it pays to exercise it.
- Having extra income can help you year round.
If you made the decision to take on a side hustle during the holiday season this year, you were no doubt in good company. A lot of people take on seasonal side gigs to boost their income to help cover their holiday expenses, from gifts to decorations to travel. Plus, if you were carrying credit card debt before the holidays, a temporary side gig could be your ticket to paying it off quickly.
Your initial plan may have been to get a side hustle in, say, late November, and wrap it up at the end of the year or early January. But sticking with that side gig could benefit you tremendously.
In fact, a Neighbor.com survey found that 92% of people who have or planned to get a side gig for the holidays plan to keep it afterward. And doing so could be a really smart thing given that economic conditions could turn sour in 2023.
There’s been talk for months about a potential recession hitting in 2023. And if that comes to be, a side hustle could really work to your advantage.
For one thing, you can use the extra money you earn from your side gig to pad your savings account if your main paycheck is largely eaten up by essential bills. And then, if something happens with your main job (say, you’re laid off) during a recession, you’ll have more cash reserves to tap.
Also, let’s say you do lose your main job at some point in 2023. Your side hustle might have more staying power. And so in that situation, you might have the option to take on more hours at your side gig to compensate for your missing paycheck from your main job.
Will you be able to keep your side hustle?
A lot of businesses tend to need extra help during the holidays. This especially applies to industries like retail and hospitality. But in some cases, the option to hang onto your holiday side hustle may not be on the table, so don’t assume it’s a given. You may want to start looking for other opportunities if you’ve been enjoying that extra income.
Either way, if you are Interested in keeping your side hustle beyond the end of the holiday season, communicate that as soon as possible. If you let your current manager know that you want to stay on board, they may be able to shift things around to make room for you all year long. But if you wait too long to speak up, another seasonal worker might have that conversation first — and snag the year-round role you want to take on.
Remember, too, that you never know when a side hustle has the potential to become a full-time job — one with better pay and perks than what you’re getting at your main job now. So if you’re enjoying your side gig to a reasonable extent, you may want to plan on keeping it — especially given that economic conditions could take a turn for the worse once the new year arrives.
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