Living on one income is harder than ever these days and many couples still struggle to make it when both spouses work. As a result, many people are taking on a second job or side hustle to make ends meet.
Having a side hustle has many benefits. It can help you pay off debt, invest for the future, and supplement your monthly income.
Of course, if you have a side hustle of your own, you already know that. But what happens when your spouse wants to side hustle too? Should they start their own or should you side hustle with your spouse?
Here are a few things to consider before you decide to side hustle with your spouse or partner.
A struggle you could face if you side hustle with your spouse is determining who is in charge. Even if you decide to side hustle as an equal partnership, someone has to ultimately be in charge. Determine this before you begin your side hustle to avoid future knock-down, drag out fights.
You must also decide what kind of work you will do and where you will do it. How many hours per week will each of you work? Will you work an equal number of hours or will one of you work more to even out duties at home?
Once these questions have been answered you still need to decide who gets the money and what it will be used for. Settling these questions will prevent disagreements as you embark on your side hustle together.
Starting a side hustle with your spouse could provide each of you with the incentive to work harder. When you work together you may influence each other to keep going even when you are tired.
An outcome of your hard work together could be greater success in your business. You could also enjoy a higher income than if you side hustle alone.
Obviously it is possible that one spouse or the other may try to take over the side hustle entirely. When one person becomes a dictator, it could cause strife in the relationship and the side hustle partnership.
The opposite could also happen. One person could get lazy and stop contributing to the side hustle altogether. This could cause strife at home and end in fights, separation, and in extreme cases, divorce.
Discuss all of the possibilities with your spouse before you decide to side hustle together.
It is also possible that having a side hustle with your spouse will benefit each of your schedules. When one of you has other obligations the other may be able to fill in, depending on the type of side hustle you have together.
Having this extra flexibility can be very valuable and may ensure the success of your side hustle together.
Preparing for the Unthinkable
What if something terrible happens to one of you? Is the side hustle something either of you can take over completely?
In the event of a divorce, what happens to the side hustle? Although it isn’t a pleasant topic it should be talked about before you begin a side hustle with your spouse.
Having a side hustle with your spouse could be very successful and provide you with many befits. It could also be a fun way to spend more time together and make money at the same time.
Do you side hustle with your spouse? What kind of side hustle do you do together?