12 Side Hustles to Combat Rising Prices and Inflation

In today’s economic climate, finding ways to combat rising prices and the effects of inflation is crucial. While asking for a raise or cutting back on spending are common strategies, there are other effective ways to ease the financial squeeze. If you’re looking to earn extra income, one of these 12 side hustles might be perfect for you.

Tutoring

Tutoring is a versatile side hustle that allows you to work with a variety of subjects and age groups, both online and offline. You could help elementary school students with homework, assist middle schoolers in mastering algebra, or prepare high school students for college entrance exams. Tutors typically earn about $24 per hour, according to Indeed. Market your services locally to schools, colleges, and parent-teacher groups, or use online platforms like Wyzant and TutorMe. Many tutoring platforms require teaching experience, degrees, or certifications to join.

Teaching English As a Second Language (ESL)

Teaching ESL online is another great option. Platforms like Skooli, QKids, and Cambly allow you to instruct groups of non-native speakers. Since students are usually in different countries and time zones, this side hustle won’t conflict with most day jobs. Pay ranges from $6 to $18 per hour. Some platforms require degrees, certifications, or experience, while others simply expect proficiency in English.

Dog Walking or Pet Sitting

If you love animals, consider a side gig as a dog walker or pet sitter. Promote your services locally through word of mouth and social media, or use platforms like Rover, Fetch, or Wag to find clients. According to Indeed, pet sitters and dog walkers earn about $18 per hour.

Home-Related Businesses

Handyman services, lawn care, housecleaning, and power washing are just a few examples of home-related businesses you can start. If you have the tools, time, and skills, you can make extra income by taking on these chores for homeowners. Clients often find home-related businesses through recommendations, so ask your initial clients to spread the word. Sites like Handy, Thumbtack, and TaskRabbit can help you market your services and give you an idea of going rates in your area.

Moving Services

If you have a truck or van and are willing to do some heavy lifting, you can profit as a mover. Help individuals or businesses move to new locations, haul away junk, or deliver furniture and appliances. Platforms like Lugg, Dolly, Bellhop, and TaskRabbit can help you find moving jobs. Movers can earn up to $63 an hour, according to TaskRabbit, and you may receive tips as well.

Selling Crafts

Turn your hobby into cash by selling crafts. Whether you enjoy knitting, woodcarving, painting, or making jewelry, you can sell your creations on platforms like Etsy, Indiecart, or Amazon Handmade. You can also market your wares at local craft fairs or swap meets, which are usually held on weekends and won’t interfere with your day job.

Selling Items Online

Convert unwanted items into cash by selling them online. Use general sites like eBay or specialized platforms like Poshmark, Depop, and Thredup for clothing. If you prefer not to pack and ship goods, use Facebook Marketplace to sell locally. Appealing photos and well-crafted product descriptions are key to success, and most platforms offer tips to help you hone these skills.

Renting Your Space

If you have extra space in your garage, attic, basement, driveway, or carport, consider renting it out for storage. Platforms like Neighbor, Stache, and Prked can help you promote your storage space. Stache reports that its hosts earn an average of $4,000 to $6,000 annually.

Renting Your Car

Owning a car is expensive, but you can offset some of those costs by renting it out. Peer-to-peer car-sharing platforms like Getaround, Turo, and Hyrecar connect you with people who need to rent a car. These apps even offer insurance to protect you and your vehicle. Potential income depends on your vehicle, location, and other factors, but Turo claims that renting out one car can earn over $10,000 annually.

Freelancing

Freelancing allows you to turn almost any job skill into a profitable gig. Whether it’s website design, graphic design, writing, programming, customer service, marketing, or bookkeeping, you can find freelance work. Market yourself on LinkedIn or join platforms like Freelancer, Upwork, FlexJobs, or Guru to find clients.

Rideshare or Delivery Driving

Driving for Uber or Lyft allows you to set your own hours. Both platforms offer car rentals, so you don’t have to use your own vehicle, and they provide bonuses, tips, and other income-boosters. If you prefer not to have passengers, consider delivery driving. Sign up with DoorDash, Uber Eats, Postmates, Grubhub, or Instacart to deliver food or groceries. You can also transport online purchases with Shipt, Amazon Flex, or SparkDriver. According to Glassdoor, rideshare and delivery drivers make between $17 and $41 an hour.

Babysitting

Babysitting is a flexible side hustle that can fit into your schedule. You can work as an occasional sitter or get a regular gig as an after-school caretaker. Websites like Care, SitterCity, and Sitter.com allow you to create a profile so local parents can find you. Depending on your experience, location, and services, you can earn between $15 and $26 per hour.

How to Succeed With a Side Hustle

Boost your side hustle’s odds of success by following these tips:

• Set goals: Whether you want to turn your side gig into a full-time business, save for holiday gifts, or pay off debt, identifying your goals will help you decide how much time to devote to your side project.
• Understand profit: Earning $24 an hour doesn’t mean you’ll take home $24 an hour. Consider startup costs, self-employment taxes, and ongoing expenses to ensure your side gig is worthwhile.
• Don’t risk your full-time job: Review your employment contract or employee handbook to see if your employer forbids outside employment. Be cautious if your side gig is similar to your day job, as your employer could fire you for unfair competition.
• Consider a business credit card: Using a business credit card for side gig costs helps separate business and personal expenses and build a business credit score.

The Bottom Line

Once your side gig takes off, revamp your budget to include your additional earnings. To make the most of the money, consider opening a high-yield savings account. If you’re applying for a business credit card, check your credit report and credit score first and work to improve your credit if necessary. Your side hustle could boost your credit score by helping you pay down debt and reduce your credit utilization rate.

For any mortgage service needs, contact O1ne Mortgage at 213-732-3074. We’re here to help you navigate your financial journey and achieve your goals.