As consumers continue to feel the impact of persistent high inflation, many are turning to side hustles amid economic uncertainty.
In a recent survey, 93% of working Americas in 2022 have a side hustle. An additional 28% said that they took on a secondary gig due to inflation. Thankfully, there's no shortage of easy-to-do side hustles for those whose current occupation isn't high-paying. If you want to reach your savings goal, pay down debt, or just have some financial breathing room, here are five side hustles to consider:
What Are Credit Unions?
Perhaps the most popular side hustle right now is becoming a rideshare driver, as it offers a flexible schedule. Uber and Lyft have made it easy for anyone with a car to make some extra cash. To become a rideshare driver you need a car, a valid driver's license, proof of auto insurance, and to pass a criminal background check. Both Uber and Lyft keep around 25% of the total fare and drivers pocket the rest, plus tips. While earnings can fluctuate greatly based on when and where you are driving, most rideshare drivers can earn about $15 to $22 an hour.
Who Can Join a Credit Union?
If you like driving in your spare time but are not thrilled at the idea of having strangers in your car, there are plenty of other delivery driver side hustle options. You can deliver meals through Grubhub and Doordash, or groceries through Instacart and Shipt. Through these apps, most drivers can bring in somewhere between $15 to $27 an hour depending on timing and location. Amazon also has a program for delivery drivers called Amazon Flex. Through this service, drivers use their own vehicles to deliver packages for Amazon. You choose to deliver when you want, either by reserving a block of time to deliver in advance or by booking as free time pops up. Most drivers earn between $18 to $25 an hour.
What Are Banks?
Testing is a side hustle you can do right from your computer desk or phone. Companies such as UserTesting and Trymata pay you to use websites or apps in beta, and ask you to provide feedback on them in return. This allows designers and coders to see what problems people may have with their platform before launch. Most tests take around 20 minutes, with pay generally starting at $10 per test. To get started, you just have to make an account on the website and pass a screening.
The Pros and Consof Credit Unions vs Banks
If you're an animal lover, pet sitting, dog walking, and boarding are great ways to bring in some extra money. Rover and Wag! allow anyone who passes their approval process to become a sitter/walker. Submitting an optional background check will help make you more attractive to potential pet parents. Much like every other side hustle, how much you make depends on how much work you do, but you could earn up to $1,000 per month as a dog walker or sitter, possibly even doubling that amount by doing boarding.
Do Tasks For People
If you're handy or enjoy running errands, you can get paid to help people complete their tasks. Sites like Task Rabbit and Handy allow people to list errands they would like to pay someone to complete. To get started, you just need to sign up and go through the verification process. Based on your skill set, jobs range from TV mounting to remodeling and pay varies wildly depending on the task. For instance, furniture assembly tasks can pay between $59 and $141, while deliveries can pay between $22 and $62.
The same way you owe the IRS for your "day job", you'll owe for your side hustle so be aware of the tax implications. Circumstances can vary from gig to gig, so be sure to look into the appropriate information and IRS forms such as a 1099 or others required to file your income tax returns.
While there are plenty of side hustles that may seemingly bring in extra money, they often require a significant time commitment, can add to your monthly budget, or make tax season more complicated. If you're looking for a side gig to help combat costs or make a dent in your debts, make sure you're also doing further research into the expenses these jobs might not be transparent about, such as gas, car maintenance, or tools.