The cost of living increases annually, and if your income does not increase alongside it, you might feel like you are not making enough. However, a great way to increase your income is by starting a side hustle. This will allow you to create another income stream, making you less dependent on your main income, and can help you reach financial goals, such as paying off your debts or saving for retirement.
There are thousands of ways to make money on the side, but here are some of the most popular ways to add more streams of income.
Tutor
If you have a teaching degree, you can tutor online from the comfort of your own home. This increases your reach since you don’t have to limit yourself to students in your immediate area. Tutors can work as much or as little as they want, increasing their income to reach their financial goals.
You may also be able to tutor locally in subjects you are strong in with a high school diploma. Figure out what subjects and what level of education you may be capable of teaching. Students at all levels require assistance. Reach out to friends and family to spread the word on how you could help and even try contacting local schools.
Start a Blog or Vlog
If you have a lot to share on a topic, such as parenting, photography, fashion, or any other topic, consider starting a blog or vlog. A blog is written content, and a vlog is video content. Choose the method you’re best at and create content people will enjoy and share.
When you build a decently sized audience, you can add affiliate links or sponsored ads to make money on your blog or vlog.
Personal Trainer or Health Coach
If you love working out and eating healthy and have the knowledge to back it up, consider offering your services as a personal trainer or health coach. Help people get fit and healthy while working on your fitness and health as well.
House or Pet Sit
You can offer house or pet-sitting services if you do not mind visiting other people’s homes. This could include watering plants, shoveling snow and picking up mail. You may visit your client’s home regularly while they are away to ensure it remains safe. If there are pets to care for this may involve feeding, walking and playing with pets while their owners are gone.
Sell Items Online
The sky’s the limit when making money selling items online. If you are crafty and make items, sell them on sites like Etsy. You can sell physical crafts and items you make or digital products your customers download and print themselves.
You could also sell used items you may not require anymore on free sites such as Kijiji or Facebook Marketplace. This could include a wide variety of items such as clothes, household items, furniture or technology-based items.
You can also create online courses and digital products that you create once and can sell as many times as people will buy them. This creates a form of passive income, allowing you to earn money without actively working.
Final Thoughts
The key to side hustles is bringing in more money than your main income to help you reach your financial goals. How you use the funds matters most because if you bring in more money only to spend it haphazardly, it will not help. Instead, you must carefully budget the funds to get out of debt and save for emergencies and retirement.
The compassionate and caring credit counsellors at Creditaid will review your financial situation and advise you on managing and repaying your debts. In addition, they can help you develop a realistic budget and discuss strategies to help any financial situation today. Book a free consultation.