Millions of adults have reported experiencing negative impacts on their lives as a result of financial concerns and are looking for ways to take the pressure off.
Side hustles are emerging as a great way to generate extra income alongside your main job. From freelancing online to dipping their toe into the stock market, there are so many sources to help you bridge the gap and potentially help you make thousands.
The key to success lies in finding the right fit for your skills and interests. You’ll find some popular and practical options below:
Online Tutoring and Teaching
If you have a knack for explaining complex concepts and the patience to teach, you could take up online tutoring. The online education and training sector is booming thanks to a growing demand for remote tutors and is estimated to have generated more than £4 billion in 2023.
Platforms such as the Revision Centre and Tutor House connect you with students seeking advice and guidance on a variety of subjects. You can enjoy benefits like flexible hours and hybrid working as long as you have a strong subject knowledge in a given field and excellent communication skills.
Renting Out Spare Space
Property is always a hot market, cost-of-living crisis or not. So, if you have an empty property, unused room, or storage space gathering dust, consider renting it out! Websites such as Airbnb and SpareRoom allow you to list short-term or long-term rentals, which is a practical way of generating passive income with minimal effort.
Providing you meet all local regulations and have a space in good condition, you can take advantage of recurring income streams, only small upfront investments and flexibility.
Investing in Stocks and Shares
This option requires a bit more research and risk tolerance than others on this list, but it can potentially offer far larger returns over time. Stock investing is more accessible than ever before, with real-time stock market monitoring being possible from our mobile phones.
Some important requirements need to be understood before you can build wealth over time via the stock market. You need to understand the financial markets, your capacity for risk tolerance and always be aware that your capital is at risk.
Exploring Forex Trading
On a similar strain to the stock market, forex trading is a potentially lucrative financial option. The buying and selling of foreign currencies offer high potential returns, however, it is also risky and requires significant knowledge and experience.
You’ll have 24-hour access to the market, but this type of trading is not for everyone. Do your research before you let go of any money.