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Like the rest of the world, Australia continues to struggle with rising inflation, which is expected to peak at 6% by the year’s end. What’s more, it won’t fall to the upper end of the RBA’s target rate of 3% until mid-2024, suggesting that the soaring costs of food and fuel are unlikely to fall any time soon.
Given that expenses continue to rise at a disproportionate rate to earnings and savings rates, the best way to combat rampant inflation is to create new or increased income streams.
This may involve undertaking a side hustle. But what do we mean by this, and what are the best options in 2022?
5 Side Hustles You Can Start Now!
In simple terms, a side hustle refers to monetising any empty space, task or hobby alongside a full-time job.
Rather than simply taking on a time-consuming and inflexible part-time job, a side hustle usually sees you turn a hobby or passion into something that can generate income. It can also involve monetising space and unwanted items, with the main objective being to create flexible sources of revenue.
Below, we’ve outlined five of the best side hustles, each of which you can get started on straight away!
- #1. Rent Out your Spare Room: If you live alone and have a spare room, you could look to monetise this idle space by renting it out for an indefinite period of time. Whether you’re a student with your own place or own a property with empty rooms, this can create a convenient source of income that requires no skill and very little time to access.
- #2. Get Blogging: While the halcyon days of blogging may have ended at the end of the noughties, insightful and well-written blogs can still generate income in the digital age. The key is to create information and actionable content that adds value by tapping into your expertise, while you can generate income by selling targeted ad space on the site or offering paid guest post opportunities to other contributors.
- #3. Access Forex Trading: If you understand the financial market and speculative assets such as currency, you could look to become a part-time forex trader. This market is available 24/7 between Sunday and Friday, while it enables you to utilise leverage to increase the size of your positions and profit even in a depreciating market climate.
- #4. Tutoring: There’s also a huge demand for tutoring in the modern age, so if you have expert subject knowledge and are educated to degree level you could use this to generate part-time income. If you lack teaching qualifications or expert topic knowledge, you could also look to mentor younger people and provide potential career advice through various organisations.
- #5. Pet or House Sitting: Finally, you may offer your services as a pet or house sitter. With the former, you can offer to look after pets in their own home, providing food, water and regular walks. When house sitting, you’ll look after people’s properties while they’re away from home or overseas, in order to deter potential burglars and carry out tasks such as watering plants.
- #6 Bonus side hustle: Starting a franchise
Franchise businesses are becoming more and more popular among aspiring business owners for reasons such as access to marketing materials, being able to use an established brand name from day one and higher success rates etc. Many franchise businesses allow you to work part-time making it an amazing side hustle business opportunity.