A record number of people have a side hustle: should you get one?

The cost of living is rising. Inflation rates have doubled in 37 advance economies in the span of two years, increasing the price of a vast range of household items, bills and more. With increasing prices, many people are working two jobs to make ends meet. And as a result, the number of people with second jobs is at an all-time high – 867,000 according to the Australian Bureau of Statistics, up 180,000 in five years.

If you’ve been feeling the pinch, you may have been considering a side hustle to get you through the economic malaise. But what jobs could you do and what are the benefits? 

What are the most common side hustles? 

There are lots of options open to those who want to make a bit of money on the side. Online tutoring can be a good option if you have skill in a particular subject – maths, science, even English as a spoken language. All you need to do is join an online tutoring site and put your ad out there.

Another option can be CFD trading, in essence betting on whether the price of stocks will rise or fall. This can be risky though, so only play around with any money you have extra that you won’t need.

Freelancing can also be a good option for making money on the side. If you have expertise that you think might be in high demand – from blog writing and social media management to photography and design – then there’s almost certainly someone out there looking to be matched with your specific set of skills.

If you drive, there are lots more side hustles you can do, including Uber driving, Amazon delivery, or even driving instruction. And if you have spare rooms in your home, then renting them out to lodgers can be a great way of maximising the value of what you’ve got to hand.

What are the benefits of having a side hustle?

There are all sorts benefits of having a side hustle. The main one is having extra money on top of your regular wage, which you can use to pay off bills, save, or invest. 

Side hustles also give you more freedom to explore your passions away from your daily grind. If you’re into woodworking, painting, or if you simply like spending time with dogs, then a side hustle building furniture, art, or dog walking will let you enjoy your hobbies and pastimes while still making a little extra money from them.

Side hustles can be a good way of making a little extra. If you’re considering a side hustle or have one up and running, then let us know what jobs you’re up to in the comments.