Fintellity Features: Side Hustles

What is a side hustle?

In this blog we will look what the hype is all about and whether it’s something you should consider trying. A side hustle also known as a side gig or moonlighting, is a method used to earn additional income outside of a regular job. The method could be anything from being self-employed, doing something entrepreneurial, or doing freelance gigs. With technology at our finger tips and most people owning a smart-phone, it is now very easy to start something online or use the internet to attract customers for work done offline.

Common reasons for starting

Some of the most common reasons someone will start a side hustle include:

  • Pay off debt
  • Save for something specific (e.g., holiday, wedding, house, university etc)
  • Build wealth for disposable income
  • Prepare for retirement
  • Income for living expenses
  • Turn a hobby into an income stream
  • Pursue an entrepreneurial dream
  • Learn a new skill for a career change
  • Autonomy to be your own boss
  • Help the local community

Types of side hustle

Examples of online side hustles that use technology within their service:

  • Virtual assistant
  • Drop shipping via Amazon
  • Online tutoring/courses/training
  • Freelance graphic design, translator, content creator etc
  • CV writer
  • Feedback into university research studies
  • Marketing and focus groups
  • Website or mobile app tester
  • Sharing browser data
  • Completing paid surveys
  • A Customer Services rep
  • A Social media influencer
  • Blog writing

Examples of offline side hustles which involve physical products or services:

  • Rent out an asset (e.g., car, driveway, home, land etc)
  • Boot sales/garage sales/craft fairs/local markets
  • Personal care services (e.g., hair, beauty etc)
  • Fitness and recreation (e.g., personal training, boot camps etc)
  • Delivery driving
  • Child care
  • Dog walking
  • House sitting or pet sitting
  • Gardening/Landscaping/labour
  • Cleaning/maintenance
  • Car Wash
  • Medical research and trials
  • Catering and hospitality
  • Mystery shopping
  • Photography
  • Travel/tour guide

Current Trends

Millennials working as self-employed or freelancers are predominately leading the way with a digital nomad lifestyle. A digital nomad is someone that works online and travels abroad to enjoy various locations because their work does not restrict them to a specific location.

Gen Z have grown up in an era of smart phones and social media, so they have been exposed to a culture of “living your best life”. Social media is littered with the concept of being your own boss, with thousands of get rich quick schemes. From this spawns millions of people testing side hustles to either create more disposable income to support a luxurious lifestyle, get through university with minimal debt, save for a deposit on a first house or help launch their own business.

At the other end of the spectrum, side hustling was traditionally used to pay off debt or save up faster but with inflation increasing and companies clamping down on their operational costs, pay rises and recruitment budgets, more households are exploring the necessity to start a side hustle as a means to make ends meet.

The pandemic and lock downs certainly gave those not previously brave enough, the boost to start their first side hustle or unfortunately created a negative change to their financial situation, making it a necessity to earn extra money and supplement their income.

Pros and cons of a side hustle

As expected, there are pros and cons of balancing a side hustle and full-time day job. It’s great to have the security of a day job because it takes the pressure off to scale quickly. The main challenge is likely to be the work life balance. If not balanced correctly, burn out can take place and productivity can go down in the day job, risking issues with the employer which could impact employment status and regular income. It can also affect relationships with friends and family if people start to feel neglected. Ultimately, someone with a side hustle is control of their situation and has the flexibility to work the hours that suit them to ensure they still get down time and adequate rest, but also still manage to have family time and a social life.

Stayed tuned for our mini series as we cover these related topics:

  • Savvy business hacks

There are lots of money saving tips available online. Take a look and see how many you can implement to help you become more saving savvy!

We look forward to hearing any feedback or receiving suggestions.

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Shardai Cosgrove

CEO and Fintellity Co-Founder

A financially savvy, bargain hunter and budgeter who also has over 10 years experience working for multiple FCA regulated payment institutions, specialising in high-risk sectors across Europe and the US.