Key Points
- Before going into a side hustle, think about your skills and quantify the time you can spare for it.
- Compare your salary with the current market rate.
- Look for seasonal work.
'May PERAan' is SBS Filipino's podcast series which features financial experts seeking to answer the most common questions about money and finances.
Listen to the interview
Anong mga side hustle ang pwede pang subukan kahit meron nang full-time na trabaho?
SBS Filipino
29/11/202208:33
"Times are challenging. Inflation rate in Australia is 7% on average. So something that cost $1,000 before, costs $1,007 now," finance journalist Michelle Baltazar shares.
Baltazar shares that while the increase seems small with one purchase, costs pile up when you add up all your expenses.
If your full-time job can't support your expenses, she says that you may need to supplement it with another income stream.
Skills and time
Baltazar shares that if you're looking into side hustles, you need to consider your skills as well as the available time you have.
"If let's say, you're a chef and work in hospitality and can't think of other skills you might have, you might want to go into catering. Start from a small base," she says.
A full-time job consumes the majority of your work week, so she says that it's important to quantify the extra hours you can work.
Ask yourself if you have another 6-8 hours to spare to devote to something else.
"For example, in Queensland, there are a lot of retirees who look for people who can help them around the house - whether it's cooking, house sitting or pet sitting."
Salary versus market rate
Aside from looking for another income stream, Baltazar shares that it's important to compare your salary with the current market rate.
"If you're in the hospitality industry, restaurants won't often volunteer to give you a pay rise.
However, you can use the current staff shortages to your advantage when it comes to pay.
"Approach your employer and say that this is the market rate compared to your salary and that you are exploring your work options."
Utilise what you already own
She shares that you can rent out space in your home if you own it.
"We Filipinos are very hospitable. You can rent out an extra bedroom to someone, or you can rent out your garage as a parking space.
But of course, there are risks involved with this. Ask yourself if renting out a space in your home intrudes on your privacy.
Seasonal work
"There are these opportunities we refer to as 'seasonal jobs'. For example, if there are a lot of tourists, a restaurant might need an extra hand or there's also fruit picking."
Seasonal work can get you an extra $5,000-$6,000 a year.
But more than looking for additional income, Baltazar shares that it's vital to keep a tight rein on your budget.
Disclaimer: The information in this article serves only as a guide. For additional information regarding your particular issue or situation, consult with legal, financial and/or tax experts.
