More families in America are feeling the heat of inflation, a silent budget killer. With the increase in inflation, more people are looking to beat it by spending less or taking on more side jobs. However, most low and middle-income families may not be able to do away with necessary expenses, or the cut may not provide a cushion against inflation. The best option is to beat inflation with a side hustle. A study by Bankrate shows that 41% of Americans need extra income from sources like side hustles.
Inflation is the term given to a situation where there is a general increase in the prices of goods and services with a matching decrease in purchasing power. So, a certain amount of money buys less than it did in prior times. For instance, let’s say you bought 1 dozen eggs one year ago for $2.89. Today, one year later, you run up to the store and pick up a dozen eggs and they cost you $4.16. An increase of $1.27 or 44%. Gas is up over 40% and the list goes on and on. Inflation simply means that it costs you a whole lot more to live than it did only one year ago. While the inflation rate is now 8.2% when it gets right down to it the food you have in your pantry and refrigerator have gone up over 15%. So your $100 grocery bill last year now costs you $115 plus this year. And that’s not counting the rise in fuel costs to get you to the stre. Obviously, this shows you how bad inflation can be.
Inflation isn’t restricted to class, and it affects everyone. In past years, inflation rates hovered around 2-3%, but these days, inflation is rising above 8% yearly. With the increasing anxiety brought on by increasing prices, people and households will be affected differently. However, one thing is clear- the need to increase the money we have to spend on the neccessities.
What is a Side Hustle?
A side hustle, also known as a side gig, is a job a person takes aside from their primary job to supplement their income. It’s different from full-time or part-time employment as it’s more flexible. You’re free to choose the opportunities you want to pursue that can adequately supplement your income. Side hustles are also an avenue for people who can’t work traditional jobs to earn income. Some popular gigs Americans do to make ends meet include shopping orders and using personal vehicles to make deliveries.
Benefits of a side hustle
Side hustles are a great way for people to increase their earning potential. If dealing with hard times, you should consider a side hustle for the following reasons:
1. Ease of convenience and flexibility
Side hustles are available that allow you to work almost anywhere. You just have to pick one that works for your schedule. There are side hustles that can be done on weekends and others that can be done remotely. They make you your own boss and earn extra cash when you want. They are a perfect money maker for anyone who desires to make extra cash at their convenience (you could work on a trip with some side hustles).
2. Earning potential
Some side hustle offers people the avenue to work towards a specific income quickly or monthly. A platform known as Spark Driver allows drivers to see their earning potential through goals. To reach a particular income goal, you must know how much you can expect to earn. When you receive an offer on the platform, it shows you the minimum amount you earn for completing the delivery so drivers can know their earnings before they accept. Some deliveries come with tips, incentives and deliveries, which are perfect for increasing earnings.
Other side hustle ideas give people a steady source of earnings in the form of passive income. Ideas like renting one’s house through Airbnb and affiliate marketing fall under this category.
Other side hustle jobs also have the potential to move from being just a supplement to primary income to becoming full-time job positions because of the increase in earnings.
3. Easy to start
Most of the best side hustles are easy to start. Some require you to monetize what you already love doing, like pet walking, babysitting, or driving. The perfect side hustle can be done without training or heavy investment. Most gig opportunities require easy sign-up processes on the platforms and apps and may only need a smartphone and valid ID. You can also do some side hustle jobs without registration, depending on the state and the nature of the business.
Increase your income and beat inflation with a side hustle job
With increased unemployment rates and businesses struggling to hire, employers may not increase your pay overnight. However, you can beat inflation another way; by making extra money outside your primary job. You have to pick a side hustle gig that generates a steady flow of income, no matter how little.
Persons that need to find a side hustle to combat inflation include:
Retirees with an unchanging stream of income
Corporate working-class people
Students
Stay-at-home parents
If someone is on a steady fixed income, they may not survive inflation as their income will never adjust fast enough to catch up with the inflation. That’s why a side hustle is helpful, as it provides extra cash to purchase higher-priced goods and services.
There are several side hustle ideas and platforms for people seeking to earn extra money. If you are good at crafts or want to sell things generally, you could sign up on Facebook Marketplace, Craigslist or Etsy. You could also rent your car, room or property as a regular extra income source.
Some of the websites to rent out your things are:
Car: Turo and Getaround
Pool: Swimply
RV: Outdoorsy, RVshare
Home or spare room: Airbnb
Baby gear: BabyQuip
Parking Space: SpotHero
Remote side hustle jobs that are flexible are freelance work like writing, graphic design, transcription, virtual assistance and web development. Platforms for these include Upwork, Fiverr and Flexjobs.
Final Thoughts to Beat Inflation with a Side Hustle
Inflation has led to an increase in the price of goods and services and a decrease in purchasing power. To meet up with daily and household expenses, there are two ways to combat inflation- spend less or earn more. Earning more is a better alternative, and you can beat inflation with a side hustle that pays handsomely. Do your research and go for a side hustle job that aligns with your passion and works with your schedule.
You can use a site like Fiverr to get virtual help with a lot of different tech and content help if you are not knowledgable in any area.
Disclaimer
Information provided on InflationCents.com is for informational/entertainment purposes only. This information should not be considered as professional advice. Please seek a certified professional financial advisor if you need assistance. Rates and offers provided by advertisers can change frequently and without notice. We attempt to provide up to date information, but it could differ from actual numbers. Inflationcents.com may be compensated by 3rd party companies that are mentioned either through advertising, reviews, affiliate programs, or otherwise. All reviews and articles are based on objective analysis and no compensation will tilt our opinion.
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