It’s 2024. Everyone’s got a side hustle. If you don’t have one yet, you’re probably already lining it up to get started ASAP!
Just because having a side hustle is normal doesn’t mean it’s always useful. How can you figure out if your side hustle is a good use of time or a waste?
It’s not all about the money. Take a look at the bigger picture and examine your side hustle objectively. You need to see how it fits into your life overall, in both positive and negative ways.
What’s Your Main Income Source?
First things first. Having a side hustle means you’re already doing something else for your day job. Because a side hustle isn’t your main income source, you have to consider how it impacts your main job, as well as how your main job is creating a need for a side hustle.
Side hustles shouldn’t interfere with your day job. Don’t take up a side hustle that needs you to work during your main job’s hours or requires resources you should be using for your job or other fundamental life responsibilities.
What Are Your Income Goals?
Your main job is giving you some income, but is it doing enough to help you meet your goals?
If there’s a gap between your main job’s income and your goals, a side hustle can help bridge that gap. Keep the gap amount in mind and use it to help you decide if a particular side hustle is worth it or not.

Side hustles should be helping you meet your goals. If you’re not meeting goals with a side hustle, why are you doing it? Can you expand to make money from your existing side hustle, or should you switch to doing something else?
This is why it’s important to evaluate your side hustle fairly regularly.
Evaluating Your Side Hustle
To understand if your side hustle is really worth it or not, you need to look at it from a few different angles. Of course, you have to look at the income you’re earning, but you also need to think about the time used, your interests, and the opportunity costs involved.
Let’s get started.
Income
The first thing you need to know about your side hustle is how much you’re actually making from it. This raw number is going to help you understand how your side hustle is helping you reach your goals.
If there’s a cost involved in your side hustle, make sure you differentiate between your gross income (all money earned without any deductions) and your net income (money earned minus costs of doing the business).
Low-earning side hustles can be just as useful as high-earning side hustles, depending on your goals and available resources.
Time Commitment
How much time does your side hustle take? Is it flexible or are the hours set? Do you control your schedule, or are you dependent on external factors?
Time works in conjunction with income as well. Based on your current schedule, look at roughly how much time you spend on your side hustle every month and how much you’re earning from it. Calculate an estimate of your monthly earnings from your side hustle so you can more easily compare it with other activities you could be doing.

Low hourly wages don’t equal a bad side hustle. Some side hustles take a lot of time on paper, but you’re either multitasking or using otherwise unproductive time to do it.
A good example of this would be running an Etsy or Amazon shop with your own handmade goods. If you’re making your stock while watching TV in the evenings, you need to consider that. A side hustle like making deliveries for Uber Eats may not be compatible since you can’t multitask as easily on that job.
Make sure you consider the nuance of your situation when you’re noting down the time you use on the side hustle.
Interests & Passions
Side hustles often involve something you’re interested in or passionate about, but that’s not always the case. If you have other interests that are not being utilized right now, you may be able to take up a different side hustle that could be better for you in the long term.
Look at your interests objectively. Are any of your passions monetizable? Could you take up a different side hustle that would be a better use of your time? Do you like what you’re doing for your side hustle right now?
You don’t have to love everything about your side hustle. At the end of the day, it’s just another job. But, it could be helpful if you do a side hustle that grows your skills and passions, helping you do something else you’re more invested in in the future.
Opportunity Cost
Everything you choose to do takes up time, energy, and other resources you could have been using to do something else. This is referred to as the opportunity cost. By taking up a side hustle, you lose the opportunity to do something else.
Opportunity cost isn’t a problem, but it is an unavoidable fact. If you’re going to carry on with a side hustle, make sure it’s not coming at the expense of doing something else that’s more important to you, whether that’s a moneymaking opportunity or not.
Remember that sometimes what you’re missing is the opportunity to rest. Rest and rejuvenation are important for your health. If a side hustle is or would take up all your rest time, it may not be a good fit.

The Verdict
So, is your side hustle worth it? Look at the bigger picture.
Side hustles should help you earn some extra money, fit well into your schedule, align with your future skill goals, and should have a justifiable opportunity cost.
Weigh each factor according to what’s most important to you. If time is a big consideration for you, make sure your side hustle won’t interfere too much with your scheduling needs. If you’re working toward a specific future for yourself, take a side hustle that aligns with that goal. If you could be doing so much more with your time, the side hustle may not be worth it.
Your side hustle is only worth it if it’s contributing enough to push you closer toward your goals without costing too much of your time, energy, and non-fiscal resources.
Life is too short to keep working a side hustle that’s not pulling its weight. Make sure you keep yours in check and only continue with it if it’s truly worth it.