If you have been feeling the pinch lately then know that you are not alone. Thousands of households have been hit hard by the rising cost of living crisis. If you are looking for ways to increase your income then a side hustle might be the way to go about it. If you have never had a side hustle before, it is a secondary source of income that is earned alongside your existing job. There are many side hustles out there, the key is to find something you enjoy doing and go from there. Take a look at the article below if you are in need of inspiration.
One of the first side hustle ideas that can earn you quite a good secondary income is tutoring. If you have a teaching degree or background then this could be the ideal side hustle for you. There are many tutoring companies out there that you can join and they pay by the hour, which is usually around £25-£30. This is a wonderful hourly rate and you will see the pennies rolling in in no time at all. When Covid-19 hit a lot of tutoring went online which was handy for both the student and the teacher.
Something else you might like to look into, especially if you have a particular niche, is freelancing. This is a very lucrative side hustle and some professions can get you hundreds of pounds an hour. Choose what you want to do and then join some freelancing websites to get yourself out there. There are a few good ones that are quite popular including Fiverr, make sure you do your research before parting with any cash.
Arts & Crafts
Another idea if you enjoy making things is to create them and sell them to buyers looking for homemade products. This could be absolutely anything from upcycled furniture to bath bombs. The world is your oyster as people love homemade gifts and will buy them throughout the year for special occasions. Make sure you advertise your services online so people know what you are selling and how much they are, perhaps use a site like Etsy to sell your products.
Finally, if you want to see a huge return from your side hustles then take a look at different investments you can make. One that is great if you know what you’re doing is property investment. Yes, the payout is quite large, however, it will all come back to you if you sell the home with a profit. The key to property investment is to decide what you are going to do with the home you buy. Are you going to buy it to rent it out or buy it to sell it? These are key questions you need to ask yourself before you take a look at properties. You might also want to speak with a few buy to let mortgage advisors so they can find the best deals for you.
We hope you found this article helpful and that it gave you some useful tips and inspiration for your next side hustle venture. Don’t forget that if you are earning a secondary income then this will be taxable. You must file your own taxes for your side hustle otherwise you may face trouble with the law.