If it feels like things are more expensive than ever, you are right, the global economic situation is driving up prices everywhere. Everything from your gas bill to your rent and even the cost of your morning coffee is higher than it was a year ago.
With basic resources affected by inflation, many seek ways to cut costswhile others seek to supplement their income in creative ways.
According to a new study by Mayflower, Millennials are at the forefront of these income-driven strategies. The logistics company found that this demographic is more likely to seek a new, higher-paying job (45%) or hold more than one job (32%) than older generations.
A common way to increase your income is to have a side business. A side hustle is slightly different from a traditional part-time job in that you’re usually able to create your own hours, set your own rates, and make extra money on your own terms. Flexibility and the ability to work remotely are also more common attributes of a secondary hustle.
Forty-four percent of millennials surveyed are significantly more likely to say they started a side hustle due to inflation, and millennial women are particularly more likely to start a side hustle (39% , compared to 34% of men surveyed). So if the rising cost of living becomes difficult, you might consider starting one yourself. Here are some ideas to spark your creativity.
The most common secondary hustle for millennials seems to take the form of freelancing. It makes sense that around 36% take this route, as it has the most variety of gigs to offer. Plus, it’s a great way to offer your expertise in exchange for a little extra cash.
Copywriting, graphic design, video editing, web coding and development, and social media management are all examples that can earn secondary scammers between $10 and $50 an hour or more. Not bad for a few extra hours of work per week!
2. Start a small business
Those who enjoy being their own boss might consider entrepreneurship their side hustle. Thirty-one percent of millennials surveyed have started their own business to earn more income, which is a great way to eventually turn a side hustle into a full-time job.
You can make money from your passions, like selling artwork or handmade items on Etsy, or even become a virtual assistant to help others organize their lives.
3. Content Creation
If you love getting your name on social media, you can easily create a side hustle that makes some serious dough. Twenty-four percent of respondents post videos on YouTube, TikTok, etc., which can generate more money through ad revenue, merchandise purchases, affiliate programs, and sponsorships. Some of the best content creators earn over six figures for an article.
4. Become a carpool driver
If you really want to take advantage of those before and after hours, try doing like 20% of those surveyed – working as a rideshare driver. All you need is a valid driver’s license, a vehicle that meets company standards, and decent navigation or conversation skills.
How much you earn depends on a few factors, like your location and company incentives, but if you have the time and the “drive” (see what we did there?), it can definitely help. add a little more to your portfolio.
5. Work in the restaurant business
Last but not least, there are plenty of restaurant jobs that also count as a side hustle. According to the Mayflower survey, 17% of millennials have found employment in this industry. You could make a quick buck delivering groceries as an Instacart courier or teaching online cooking classes. You could even sell baked goods at your local farmer’s market.
While the rising cost of living may seem scary, the good news is that there are a variety of ways to earn a little extra cash to help cushion the blow. Get creative and maybe even make money from a hobby or habit you practice every day. Every little gesture counts!