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Combat Rising Prices with These 12 Side Hustles

Are you looking for ways to manage the effects of inflation? While asking for a raise or cutting back on spending are options, there are other ways to ease the financial strain. Consider these 12 side hustles to boost your income.

1. Tutoring

Tutors assist students of all ages with various subjects, both online and offline. You could help elementary students with homework, guide middle schoolers through algebra, or prepare high schoolers for college entrance exams. Tutors typically earn around $24 per hour. Market your services locally to schools, colleges, and parent-teacher groups, or use online platforms like Wyzant and TutorMe.

2. Teaching English As a Second Language (ESL)

Teach ESL online using platforms such as Skooli, QKids, or Cambly. Students are usually in different countries and time zones, so this side hustle won’t conflict with most day jobs. Pay ranges from $6 to $18 per hour, depending on the platform and your qualifications.

3. Dog Walking or Pet Sitting

If you love animals, consider dog walking or pet sitting. Promote your services locally or use platforms like Rover, Fetch, or Wag. Pet sitters and dog walkers earn about $18 per hour on average.

4. Home-Related Businesses

Offer handyman services, lawn care, housecleaning, or power washing. Clients often find these services through recommendations, so ask your initial clients to spread the word. Use sites like Handy, Thumbtack, and TaskRabbit to market your services and get an idea of going rates in your area.

5. Moving Services

With a truck or van and some heavy lifting, you can earn as a mover. Help individuals or businesses move, haul away junk, or deliver furniture. Platforms like Lugg, Dolly, Bellhop, and TaskRabbit can help you find jobs. Movers can earn up to $63 an hour, plus tips.

6. Selling Crafts

Turn your hobby into cash by selling crafts on platforms like Etsy, Indiecart, or Amazon Handmade. You can also sell at local craft fairs or swap meets, usually held on weekends.

7. Selling Items Online

Sell unwanted items online using sites like eBay or specialized platforms like Poshmark, Depop, and Thredup for clothing. For local sales, use Facebook Marketplace. Good photos and product descriptions are key to success.

8. Renting Your Space

Rent out extra space in your garage, attic, basement, driveway, or carport. Platforms like Neighbor, Stache, and Prked can help you promote your storage space. Hosts can earn an average of $4,000 to $6,000 annually.

9. Renting Your Car

Use peer-to-peer car sharing platforms like Getaround, Turo, and Hyrecar to rent out your car. These apps offer insurance to protect you and your vehicle. Potential income varies, but Turo claims you can earn over $10,000 annually by renting out one car.

10. Freelancing

Turn job skills into a profitable freelancing gig. Whether it’s website design, graphic design, writing, programming, or marketing, you can find clients through referrals or platforms like Freelancer, Upwork, FlexJobs, and Guru.

11. Rideshare or Delivery Driving

Drive for Uber or Lyft and set your own hours. Both platforms offer car rentals, bonuses, and tips. For delivery driving, sign up with DoorDash, Uber Eats, Postmates, Grubhub, or Instacart. Rideshare and delivery drivers make between $17 and $41 an hour.

12. Babysitting

Work as an occasional sitter or get a regular gig as an after-school caretaker. Use websites like Care, SitterCity, and Sitter.com to create a profile. Depending on your experience and location, you can earn between $15 and $26 per hour.

How to Succeed With a Side Hustle

Boost your side hustle’s success with these tips:

• Set goals: Identify your objectives, whether it’s turning your side gig into a full-time business, saving for a big purchase, or paying off debt.
• Understand profit: Consider startup costs, self-employment taxes, and ongoing expenses to ensure your side gig is worthwhile.
• Don’t risk your full-time job: Check your employment contract to ensure outside employment is allowed, especially if your side gig is similar to your day job.
• Consider a business credit card: Separate business and personal expenses and build a business credit score by using a business credit card for side gig costs.

The Bottom Line

Once your side gig takes off, adjust your budget to include your additional earnings. Consider opening a high-yield savings account to make the most of your money. If applying for a business credit card, check your credit report and score first. Your side hustle could help boost your credit score by paying down debt and reducing credit utilization.

For any mortgage-related needs, call O1ne Mortgage at 213-732-3074. We’re here to help you navigate your financial journey with confidence.

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