In today’s economy, 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. One of the best methods is to earn extra income through side hustles. Here are 12 lucrative side hustles that can help you boost your earnings and achieve financial stability.

1. Tutoring

Tutoring is a versatile side hustle that allows you to work with a variety of subjects and age groups, both online and offline. Whether you’re helping elementary school students with homework, assisting middle schoolers with algebra, or preparing high schoolers for college entrance exams, tutoring can be a rewarding way to earn extra income. According to Indeed, tutors typically earn about $24 per hour. Market your services locally to schools, colleges, and parent-teacher groups, or use online platforms like Wyzant and TutorMe.

2. Teaching English As a Second Language (ESL)

Teaching ESL online is a flexible side hustle that allows you to instruct groups of non-native speakers from around the world. Platforms like Skooli, QKids, and Cambly offer opportunities to teach English to students in different time zones, making it easy to fit into your schedule. Pay ranges from $6 to $18 per hour, depending on the platform and your qualifications.

3. Dog Walking or Pet Sitting

If you love animals, consider becoming a dog walker or pet sitter. This side hustle not only provides extra income but also the joy of spending time with furry friends. Promote your services locally through word of mouth and social media, or use platforms like Rover, Fetch, and Wag. According to Indeed, pet sitters and dog walkers earn an average of $18 per hour.

4. Home-Related Businesses

Homeowners often need help with various chores, from handyman services and lawn care to housecleaning and power washing. If you have the tools, time, and skills, you can make extra income by offering these services. Clients often find home-related businesses through recommendations, so ask your initial clients to spread the word. Platforms like Handy, Thumbtack, and TaskRabbit can help you market your services and determine going rates in your area.

5. Moving Services

With a truck or van and a willingness to do some heavy lifting, you can earn profits 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 connect you with moving jobs. According to TaskRabbit, movers can earn up to $63 an hour, plus tips.

6. Selling Crafts

Turn your hobby into cash by selling handmade crafts. Whether you enjoy knitting, woodcarving, painting, or making jewelry, platforms like Etsy, Indiecart, and Amazon Handmade provide a marketplace for your creations. You can also sell your crafts at local fairs and swap meets, usually held on weekends.

7. Selling Items Online

Declutter your home and earn extra income by selling unwanted items online. Use general sites like eBay or specialized platforms like Poshmark, Depop, and Thredup for clothing. For local sales, try Facebook Marketplace. High-quality photos and well-crafted product descriptions are key to success, and most platforms offer tips to help you improve these skills.

8. 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 allow you to promote your storage space. According to Stache, hosts can earn an average of $4,000 to $6,000 annually.

9. Renting Your Car

Owning a car can be expensive, but you can offset some of the costs by renting it out when you’re not using it. Peer-to-peer car sharing platforms like Getaround, Turo, and Hyrecar connect you with renters and offer insurance to protect you and your vehicle. Potential income depends on your vehicle and location, but Turo claims that renting out one car can earn over $10,000 annually.

10. Freelancing

Freelancing allows you to leverage your job skills for extra income. Whether you’re skilled in website design, graphic design, writing, programming, customer service, marketing, or bookkeeping, you can find freelance work through referrals, LinkedIn, or platforms like Freelancer, Upwork, FlexJobs, and Guru.

11. Rideshare or Delivery Driving

Driving for rideshare services like Uber or Lyft allows you to set your own hours and earn extra income. Both platforms offer car rentals, bonuses, tips, and other income-boosters. If you prefer not to have passengers, consider delivery driving for services like DoorDash, Uber Eats, Postmates, Grubhub, or Instacart. According to Glassdoor, rideshare and delivery drivers make between $17 and $41 an hour.

12. Babysitting

Babysitting is a flexible side hustle that can fit into your schedule. Use websites like Care, SitterCity, and Sitter.com to create a profile and connect with local parents. 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: Identify your financial goals, whether it’s turning your side gig into a full-time business, saving for a specific purpose, or paying off debt. This will help you determine how much time to devote to your side project.
• Understand profit: Consider startup costs, self-employment taxes, and ongoing expenses to ensure your side gig is financially worthwhile.
• Don’t risk your full-time job: Review your employment contract or employee handbook to ensure your side gig doesn’t conflict with your primary job.
• Consider a business credit card: Using a business credit card for side gig expenses helps separate business and personal finances 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 your extra income, consider opening a high-yield savings account. If you’re applying for a business credit card, check your credit report and 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.

At O1ne Mortgage, we understand the importance of financial stability and growth. If you’re looking for expert mortgage services, call us at 213-732-3074. Our team is here to help you achieve your financial goals and secure your future.