You may be familiar with the concept of how little expenses here and there can eat up your budget and savings. Similarly, making money consistently even in small amounts can help you stay financially stable even if — actually, especially — you’re on a limited budget.
For example, if you have a steady job with a regular income that is not huge, you may find yourself more able to manage your expenses and manage your financials better than someone who is, for example, freelancing or contracting for high-paying jobs that are few and far in between. Although the latter may work for some people, having a steady, predictable income is often helpful in planning.
In addition, looking for ways to make money on the side could help provide a stream of extra income. If you’re able to turn a hobby or a skill into a source of money, this extra income could help you pay bills, make an unnecessary purchase that you would not otherwise afford, or have some additional peace of mind knowing that if you lose your main source of income, you have something to lean on.
For many people an additional income may not be possible because of their time limitations or restrictions by their employers. It becomes even more complicated if the services you could provide are very similar to what you do in your full-time job. With that in mind, you must think of the following before you jump in and pick up additional work.
New business
In the UAE, you may not provide some services unless you have a business license. The cost of establishing this business could exceed your profits. So make sure that you’re not breaking any laws, but at the same time, ensure that you’d still be profitable if you pursue a business license.
Think of alternatives, like joining hands with a group of friends who are interested in a similar venture and sharing the costs. But first, make sure that all of your employers will not mind your side gig. In addition, look beyond the initial cost of setting up the business. You may have to pay for office lease, support staff or accounting help, and there could be additional annual costs.
Overtime
If your company allows for overtime, this could be a good way to have extra income without all the overheads of starting a business or seeking freelance/contractor work. You can talk with your supervisor about potential projects that you can take on, and complete them over weekends or evenings. This will have added benefit: You will get the extra income without jeopardising your current job.
Still be careful in how you bring this up with your supervisor. It is important to show you interest in the job itself, in addition to the money that comes along. But make it clear that a big motivation for you is the extra income.
This could open doors for you to pick up projects or jobs that the company would have otherwise assigned to third parties. Knowing that you’re open to sacrifice some of your personal time to make more money, combined with your institutional knowledge and experience should place you ahead of many others.
Paid services
Think of occasional services that could help you financially without the burden of ongoing commitment. This could be helping your friends and family with babysitting, pet sitting or even house cleaning. There could be come social stigma associated with some menial jobs, but if you have got the time and willingness, just offer.
You even could develop some new skills. Do you stand out for your language skills? Give translation or interpretation a shot. Are you a social butterfly, help out with event organisation or a seasonal sales job. None of these has to turn into a full-time job, but they can help you make some money on the side and offer a safety net if you ever lose your income.
The writer, a former Gulf News Business Features Editor, is a Seattle-based editor.
Make money on the side
Turn a hobby into a service
Start or join a new business
Work overtime or extra projects
Offer paid services
R.O.
