During this day and age, managing your lifestyle and monthly expenses with just one source of income is not feasible. While most finance blogs will advocate the importance of saving money and reducing expenses in order to stretch your paycheck for the entire month (Read here: How to Make a Budget by Paycheck), there comes a point when that’s no longer practical. It’s at this point that you need to seriously think about either increasing your income (it may be asking for a pay raise at your current job or moving to a new job with a better salary scheme) or else indulge in a side hustle to get some extra income. Especially during the Covid-19 pandemic, with many offices having converted to work from home systems and going out being restricted, people have a lot of free time on their hands that would ordinarily have been spent on commuting, social gatherings, traveling etc. This makes taking on a side hustle or a few part time jobs to earn some extra income extremely feasible.
Side hustles you can do to make extra money:
Buying and Selling
If you have a knack for spotting a good bargain, you can try your hand at buying and selling items online. By checking classifieds websites, Facebook groups and newspaper ads, you can buy various items (electronic items, household goods etc.) by bargaining for lower prices and selling them at a marginally higher price. This works best if you have a penchant for haggling as well as a wide network of people willing to buy things from you. While the initial returns might be low, after a while you can build up a name for yourself as a trustworthy middleman and people will come directly to you to sell their items and you can keep a commission. This has the potential to become a full-time business but if you prefer, you can keep it as just a side hustle during your spare time.
If you have any kind of technical skills, possibly the skills you deploy at your day job, you can try offering these skills on a freelance basis. With costs of employing full-time personnel at an all-time high, small businesses simply cannot afford this and are on the lookout for freelancers or part-time workers. Some of the most in-demand technical jobs include content writing, graphic designing, web development and software engineering. However, there are lots of other freelance opportunities for sales, consulting, marketing and accounting as well. Freelance opportunities are not only provided by local companies but if you sign up on sites such as UpWork or Fiverr, you can get paid in dollars for providing your services.
If you are still a student or if you remember any of the material you studied during school, college or even during your post-grad, you can offer your services as a tutor. The reality is that not many students adjust well to online classes and the quality of teaching has drastically reduced. If you are able to interactively impart knowledge via an online channel, you might be able to make some serious money by tutoring. Furthermore, tutoring opportunities are not only available for local students but there are many online platforms that connect potential tutors to students all around the world.
The demand for fresh, healthy and affordable meals has risen greatly due to the pandemic. With many people stuck indoors and eating out being no longer possible, many (especially families with children) turn to food delivery platforms when they are not in a mood to cook or eat home-cooked food. If you are skilled at cooking, sign up on these platforms and serve up a menu. It could be full meals, snacks, breakfast packs, desserts or health foods and drinks - whatever it is, people are looking out for new options especially those with short delivery times (i.e. located close to you) and the more you stand out from the crowd, the more business you will attract. Some of the tricks to succeeding at a food business is fresh, tasty food, worthwhile portions, reasonable prices and good packaging.
Become a Delivery Rider
If you possess a vehicle, chances are that it’s being idly parked at home with very limited opportunities to go out. If you have free time in the evenings or possibly even during daytime (if your work-from-home dayjob hours are unconventional), signing up as a delivery rider will not only allow you an opportunity to get out of the house, but you can make some serious extra income while providing an extra income. While there is a slight risk, you should be able to protect yourself if you follow all the standard protocols.
Day trading requires a little bit more effort and carries a bit more risk - but the payout is far greater. Short-term buying and selling of shares on the stock market means you need to invest an initial amount and you might lose that amount entirely - however, as you gain experience and insights into the stock market movements, you can not only recover your entire investment, you can even double or triple it in returns. Day trading requires research and staying updated on all current affairs. But once you get hooked, it’s a side hustle you will never back out of.