You have been trying for years to avoid debt, but all the plans you devised have so far failed. The situation is getting on your nerves and you desperately need a solution to pay off the loan and start saving some of your salary, besides spending on some of the things you love. Have you asked yourself how much faster would you hit your financial goals if you could earn extra money on the side? This will of course entail you to find something else to do besides your 8-5pm corporate job. 

For most people, cutting costs is the best way to improve their financial health, but experts say expanding one’s income streams to earn side money as corporates is an easier option toward strengthening our financial stand than slashing our budgets. They advise that one should pick an area (be it outside or in line with their profession) that they are passionate about and develop a side venture to make extra cash. One can always use their free time in the evenings after work or during the weekends and on holidays to make that extra buck.

You could also do two or three jobs in case you have the time, and work policies at your current job permit it.

Finding work in establishments, like fast-food restaurants, grocery stores, fuel stations, local bar, which often need part-time employees, can also help you realise your objective of enhancing your earnings.

Though these kinds of jobs do not pay well, the extra money earned will go a long way in easing your financial stress and will eventually put you on the right path toward accumulating more savings.

Alternatively, one could put in more hours at the office to earn overtime cash, but starting your own business is the real deal, especially since it might not require a lot of effort to run it. This way, you can be able to bid farewell to loans or mid-month brokenness, thanks to side income from the small business.

Didier Byiringiro, a marketing and sales officer at Shabaky, an online marketing and interior design firm in Kigali, says with the increasing cost of living, most people would have accumulated debts by the end of the month because a single job does not pay enough to cover expenses. "So, the need to earn extra income on the side has become a must. If you plan to buy a home or car, corporates should find side jobs to help them realise those goals sooner than later,” he says.

Byiringiro proposes radical initiatives, including setting up small business stalls in heavy traffic areas, at concerts or sporting events, where one can sell snacks or bottled water.

Magnifique Migisha, the Capital Market Authority (CMA) publicist, says it is crucial for corporates to develop diverse skills set as part of building a financially independent lifestyle for themselves. He argues that as a multi-skilled professional, one is able to use those skills to make an extra buck on the side to supplement their monthly income. He says corporates can do freelance sales work, or write opinion pieces for local and regional newspapers and magazine, coaching, painting, for the talented, singing or dancing, and comedy, to bag that extra cash and boost your earnings.

Whichever option chosen, it is important to use acceptable business practices to attract more clients, and be able to expand the small venture into a sustainable enterprise. Also, do not rest on your laurels, always innovate and find new ways to enhance the business and serve customers better, which will help you stay on top of the game.