Flex your money muscle with a side hustle
There’s no doubt about it, life is currently very expensive. If cost of living worries are keeping you up at night, it might be time to consider a side hustle to supplement your income and give your budget a bit more breathing room.
Key learnings covered in this topic
- Ways to supplement your income
- How the power of compound interest helps your retirement
- Financial advice available to you
Here we explore seven side hustle ideas that might be right for you:
1. Food deliveries
Plenty of people are willing to pay to have a meal delivered to their door. A popular side hustle offering plenty of flexibility to choose your own schedule and without requiring investment to get started, you could soon be cruising towards making some extra cash.
2. Outsource your skills
Are you a first-class assembler of flatpack furniture? A great gardener? Stupendous at spreadsheets? Killer content writer? Or have some other skill up your sleeve? (Think: constantly fielding calls from mum or dad to help them out of a tech tight spot.) There are plenty of people who need help with their seemingly endless to-do list, and who are willing to pay someone in exchange for their expertise.
It’s worth exploring the myriad of freelancing service platforms out there – Airtasker, ServiceSeeking and Upwork being just a few – to see if you have skills or strengths that could be being put to use in exchange for some extra dosh.
3. Pet minding or dog walking
For pet owners, arguably one of the only downsides of a holiday is having to leave their beloved fur family members behind. Having a trusted pet sitter on speed dial can help alleviate the guilt trip. Not only would you be tending to a pet’s care needs and wellbeing while their family is away, you might benefit from the companionship yourself.
Or perhaps you enjoy walking – why not strike two birds with one stone – earn some extra cash and get in some exercise.
4. Offer up a spare room, car park or space
Shelter is in short supply at the moment. If you have a spare room or space, could you lease it out to help someone in need?
Or, if you live in a suburb where car parks are rarer than hen’s teeth, there could be someone willing to pay you for yours, if you don’t need it.
5. Participate in market research
Feedback from current and prospective customers is worth its weight in gold to companies – and often they’re willing to pay for it. Think completing surveys, participating in focus groups, or testing new products. Whether you have a few minutes or a few hours to spare, this could be the right fit for you.
6. Become a virtual assistant
Have some bookkeeping or other admin skills? There are businesses out there looking for people like you to carry out administrative tasks in a more economical way.
7. Freelance voice acting or podcasting
If you have a unique or expressive voice, you could offer voice acting services for commercials, audiobooks, or animations. Or if you have an interesting story to tell or interest you want to share more about – start a podcast about it. Just get a good mic and headphones and you’re on your way.
So, there you have it. If you have spare time on your hands and/or some under-utilised skills or interests, you could be earning some extra income. Make sure you do your due diligence first though:
- Research any legal requirements you’d need to comply with
- How much time you’ll need to invest to make it a profitable venture
- Ensure it aligns with your current lifestyle and daily routine
- Determine if there’s any initial investment required or fees you’d pay on sign-up, and
- Make sure there’s market demand for it.
Did you know: your super balance is doing its own hustling for your future.
When you or your employer put money into your super account, we invest it across a range of asset classes or according to the investment option(s) you’re invested in. You’re earning investment returns on this money, and thanks to the magic of compound returns over time – an initial contribution could be worth a lot more in the future.
Need some super help?
If you need help building or understanding your super, good news – you have access to financial advice as part of your membership.* Speak to us to help you understand tax effective ways to build your super savings, your risk appetite and the best investment option to suit your age and circumstances. We can’t wait to hear from you so book a call-back today.
*Financial advice obtained over the phone, or through MemberOnline, is provided by Mercer Financial Advice (Australia) Pty Ltd (MFAAPL) ABN 76 153 168 293, Australian Financial Services Licence #411766.