Starting a side hustle can provide much-needed financial relief for individuals burdened by various debts. While many utilize side hustle earnings to pay down debts, itâs critical to manage this income wisely to avoid stress. Proper budgeting is essential to ensure that unexpected expenses donât lead to financial strain. Experts recommend prioritizing paying off high-interest debts and building an emergency fund, typically suggested to cover six months of living expenses, before aggressively tackling debt repayments with side income.
The extra income from a side hustle can significantly aid in alleviating financial burdens, especially for those dealing with debt.
Using side hustle earnings to pay off debt is a responsible financial strategy, yet careful planning and budgeting are essential.
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