Most Popular Side Hustles and How do They Help?

We would all like to bring home an extra few extra pounds from time to time, whatever our day-to-day job is. Whether you want an extra bit of cash to help with the bills, or you just want some extra spending money to enjoy a bit of a splurge, we look at the most popular side hustles - and how they can help you.

Different Types of Side Hustles

There are different types of side jobs that you can get involved with, which can be categorised as active and passive.

Passive side hustles refer to earning money without physically doing anything or engaging in a job so to speak. For example, renting out a spare room in your house that will, literally, earn you money while you sleep.

Active side hustles, meanwhile, are jobs that you get paid for while you are physically carrying out the task or clocking in and out of a location.

Depending on your needs and circumstances, one of these may suit you better than the other. A range of side hustles can also be done from the comfort of your own home, reducing any expenditure on things like travel costs. Almost half of Britons are considering taking on a side hustle to boost their income as costs rise in 2023.

Food Delivery

Ordering food to be delivered to your house has increased rapidly over the last few years, especially since the pandemic. This ranges from ordering a quick pizza or burger to your entire weekly shop, and there are opportunities to do this on the side of your regular job. Whether you decide to drive (or cycle) for a local takeaway or a huge company such as Uber Eats or Deliveroo, delivering takeaway food is a great way of bringing in some extra cash. With this, you can often choose your hours, working as much or as little as you choose so you can still enjoy a work-life balance, even with a side hustle.

Coaching

Coaching is a way, particularly if you work in sport, of earning some extra cash on the side. If your day-to-day job is offering Ski Instructor Courses, then this could lead to something similar on the side. Obviously, you don’t want to be doing the same job in your spare time as this could lead to absolutely no work-life balance, but using your expertise and skills to help out with coaching at youth level or working events could be an excellent way of boosting your income.

Freelancing

If you are in a profession such as content creation or podcasting, then a great way to earn some extra money on the side is to get into freelancing. You already have the expertise in the industry, so provided you leave enough hours spare, you can take on extra work for other businesses, boosting your cashflow. Prices for freelancing will vary but, because you can pick and choose the jobs you wish to work on, it is all down to you - you can even set your own prices. There are different ways to approach finding freelancing work - you can source work yourself, or you can go through a third party site to find clients, such as Freelancer.

Renting out a Room

A more passive side hustle is that of renting out any spare rooms you may have in your property. This method of side hustling enables you to make extra money without the need to have to do any extra work – on the face of it anyway. Having an extra person in your house, probably a stranger, comes with its own challenges and you will have to be prepared for the fact that your day-to-day home life will probably change because of this.

Yes, you will have the extra income, which is fantastic, and although there no “going to work” as such, there may be extra washing, extra bills and the risk of any damage. There is also the option of renting out your whole property, through a third party site such as Airbnb – again a great way of filling a property while you aren’t using it, but again it’s important to consider the risks alongside the obvious benefits.

Overall

Side hustles are certainly worth considering, whatever you feel you need or want the extra cash for. As with everything there are a few factors to bear in mind, but done correctly the benefits can outweigh the risks, and you can enjoy that extra income each month. Remember to ensure you still have the important work-life balance – it’s still vital to have time away from work for your physical and mental health - but choose the right side hustle for you and you could reap the financial rewards.