Whether it’s due to soaring housing costs, surging food prices or 30-year-high inflation rates, life feels increasingly expensive these days — and more and more Canadians are turning to side hustles to help fill the gaps.
A recent consumer survey conducted by Abacus Data found that nearly a third (31 per cent) of Canadians looked for ways to make extra income — that is, they sought income sources outside of their main jobs — during the pandemic. Additionally, three in five Canadians said they planned to look for additional income sources over the following 12 months.
What is a side hustle, and what are the benefits of having one?
A side hustle is a part-time job or gig that you take on in addition to regular employment.
While the most obvious benefit of a side hustle is the potential to bring in extra money — whether to boost your income, pay off debt or save for a major purchase (like a car or down payment) — many people also turn to side hustles to express their creativity or develop the skills to turn a passion into, eventually, a full-time career. And, as Pay Day’s Lyn Allure explains in her video “3 Side Hustles You Can Start Today,” having multiple streams of income can help you achieve your goals, while also reducing financial anxiety.
What are the best side hustles to make money?
As Allure explains, if you’re looking for a side hustle to boost your income, start by thinking about ways you can leverage your experience, talents or interests into additional income streams.
This could mean freelancing your services (such as taking on weekend photography gigs) or creating a passive income stream (by creating something like an e-book on a topic you know a lot about, which can be sold multiple times once complete).
One more tip to consider: not all side hustles have to be creative or artistic, either. Popular side hustles like food delivery or ride sharing are also ways to bring in extra money — and they offer flexible hours, so you can fit them into your schedule when it works for you. After all, the ideal side-hustle situation should be one that benefits you, your finances and your lifestyle.
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