As the cost of living continues to rise, many people are looking for ways to supplement their income or look for an additional source of income. Cue "side hustles." In this article, we’ll share what a side hustle is, why people start a side hustle, side hustle options, and how best to invest or save the money you’ve earned via your side hustle.
What is a Side Hustle?
A side hustle is a way to generate additional income, supplement a main source/sources of income, save more money faster, pay off outstanding debts, or cover the cost of a large purchase such as the down payment for a house, dream vacation, wedding, etc. Side hustles can range from freelance work to small business ventures and are particularly appealing because they provide flexibility and the potential to transform a passion or skill into a source of income.
Why People Might Do a Side Hustle
- Supplementing Income - as the cost of living - increased prices on necessities and food, healthcare costs, gas prices, childcare, etc. continues to rise, many people look for ways to supplement their income. Side hustles provide a practical solution, allowing individuals to make extra money without leaving their full-time jobs.
- Financial Security - relying on a single source of income can be risky, especially in today’s volatile job market. A side hustle offers a safety net, providing a supplemental source of income should a main source of income be lost.
- Pursuing Passions - many people use a side hustle to pursue their passions. Whether it's crafting, writing, or offering consulting services, a side hustle provides an outlet for creativity and personal fulfillment. Turning a hobby into a source of income can make work feel less like work and more like a rewarding experience.
- Skill Development – a side hustle offers the opportunity to develop new skills or enhance existing ones. These skills can be beneficial in one's primary job or future career pursuits. Engaging in diverse types of work can broaden experience and make individuals more marketable.
How to Start a Side Hustle
Side Hustles for People Who Want to Help Others
- Pet Sitting or Dog Walking – pet owners are always looking for help when they’re planning to go out of town on vacation or are away from home for 8+ hours a day. Rather than taking a pet to a kennel or pet boarding facility, many people will pay a trusted pet sitter to take care of their furry friend. This could entail longer care or something as simple as a daily walk.
- Babysitting or Housesitting – babysitting and housesitting are easy options to earn extra cash, and new parents/homeowners will appreciate the extra set of hands or security of knowing someone is watching over their home while they are away. To make yourself more desirable as a babysitter, consider taking a CPR training class or childcare class.
- Handyperson Work – if you’re someone who is generally good with small to moderate sized home repairs, offering to help others take care of small fixes around the home can be a good way to generate side income. New parents, single parents, seniors, or people with physical limitations benefit from someone who can take care of repairs around the home – in addition to anyone who needs help or doesn’t have the know how to fix, repair, or do the improvement on their own.
Side Hustles for People Who are Creative
- Start an Online Store or Etsy Shop – if you’re someone who likes to create artistic items, selling your creations through an online store or Etsy shop can be lucrative for you. Ideas for Etsy shops include woodworking, jewelry-making, embroidery, fiber arts, pottery, digital prints, drawing/painting, screen printing items, or glass blowing.
- Start a Blog with a Niche or Become a Freelance Writer – being a freelance writer can help generate significant side income depending on how often you take on projects. Freelance writing can include emails/email marketing, blog articles, press releases, white papers, website copy, and more. If you start/create your own blog, try to focus on one particular subject or category for your content such as cooking, home improvements/décor, fitness, or fashion to name a few. Gearing your blog towards a certain niche will help generate an audience that is more likely to stick around and keep coming back. With your own blog you can promote affiliate links for products or services and generate income from those links when users click, visit, or make a purchase via those paid links.
- Sell Your Photos to Stock Sites – there are many websites and vendors out there now that will pay you for your photographs/pictures that they can in-turn use on their website to sell to users or be made into prints, t-shirts, or coffee mugs. You don’t even need to have a fancy expensive camera or equipment to take sellable photos – most current smartphones have the capabilities to take high-resolution, high-quality images. Some website vendors that you can sell your photos to include: ShutterStock, TourPhotos, iStockPhoto, DepositPhotos.
Side Hustles for People Who are Tech-Savvy
- Take Online Surveys – there are numerous websites and apps that pay for user feedback on products, services, and various other topics. These platforms allow individuals to earn extra cash by participating in surveys, testing websites, and providing opinions. This is easy to do from home on your computer or mobile device and doesn’t take any preparation to get started. You won’t make a ton of cash, but the benefit is an easy and quick way to earn a few dollars here and there on top of your main income source/sources.
- Offer Web Design Services – if you’re skilled in graphic design and/or creating websites, you can offer your services to companies/business owners to help redesign their websites, create graphics and image assets, create marketing collateral for presentations, tradeshows, and events.
- Create Online Courses – if you have extensive knowledge on certain topics or a skillset you’re experienced in, you could create online courses via education platforms like Udemy or Teachable to earn extra income. The more courses you create, the more streams of revenue you’ll have. Depending on how niche or popular the subject or topics of your courses are, you could make even more.
Side Hustles for People Who Enjoy the Outdoors
- Wash and Clean Cars – offer your services to wash vehicles and detail interiors of cars for people. Hang flyers in local establishments, post on local community forums online, or Facebook groups advertising your services. This can be a lucrative side gig particularly in more up-scale neighborhoods and can be easily done on weekends or after your full-time job is done for the day.
- Offer Yard Work and Lawn Care – mowing lawns, laying grass seed/fertilizing, trimming bushes and trees, planting flowers, power washing, leaf removal, mulching, cleaning out gutters, snow shoveling, window cleaning, etc. There are many aspects of yard work that you can offer to do for others that would generate substantial income for you year-round.
- Sell Your Stuff and Have Garage Sales – de-clutter your home of unused items you no longer need. Set up a garage sale on the weekends and advertise your sale in surrounding neighborhoods, on local community pages, local Facebook and NextDoor pages. Try to have an array of different items and let buyers know to come back for your next sale. Be reasonable on prices – you may not make a ton of extra income this way, but you’ll be able to clean out your home a bit, make some cash, and enjoy the nice weather.
The Benefits of a Side Hustle
A side hustle can provide numerous benefits, from extra cash to financial security, to personal fulfillment. By finding a side hustle that aligns with your skills and interests, you can enjoy the rewards of extra income and personal growth. Whether you choose freelance work, helping others, being creative, or another type of side hustle, the key is to start small, plan carefully, and manage your time effectively.
The money earned from a side hustle offers numerous opportunities to improve your financial situation and achieve your goals. Whether you choose to build an emergency fund, pay off debt, invest for the future, or save for specific goals, the key is to use your additional income wisely. By making thoughtful financial decisions, you can ensure that your side hustle earnings contribute to your long-term financial well-being and stability.
Ready to maximize your extra cash with Moody Bank?
From traditional savings accounts with low minimum balance requirements to high-interest money market accounts and to secured certificates of deposit, Moody Bank makes saving and/or maximizing your money easy! Stop by or call a branch location in and around Houston, Austin, Galveston, Lake Jackson, New Braunfels, or Pasadena today to speak to a member of our team, or open a savings account online today!
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