Side hustles – what people are doing to increase their earning power

An often-overlooked way to increase your savings is by increasing your income through a “side hustle,” a part-time gig that lands you more cash.

Save with SPP took a look around to see what some of the top side hustles are these days.

According to BlogTO, side hustles are growing in popularity.

“Inflation, economic uncertainty, and stagnant wages have made it expensive to live in Canada, so finding side hustles is one way to earn extra income,” the blog begins. As well, the blog continues, Canadians are saving just seven per cent of their earnings, “rather than the 20 per cent rule of thumb.”

That’s why, the article notes, “nine million (28 per cent) of Canadians reported being part of the gig economy,” according to recent research from Leger.

“Nearly half of Canadians, including those earning over $100,000 in their primary jobs, said they’d be financially stressed without their side hustle. A total of 55 per cent said that income from their side hustles goes towards non-negotiable needs, and 59 per cent put their extra earnings towards savings,” the article adds.

OK – so exactly what kind of gigs are people doing?

Freelance work exists for those with graphic design skills, and “if you can fact-check, research, edit and understand Search Engine Optimization (SEO), you might want to consider remote writing or editing jobs,” the blog tells us.

Another category, the blog continues, is e-commerce, or selling things online.

“Whether you enjoy making jewellery or candles, you can turn your hobby into a passive source of income by selling your creations online. If you’re not that crafty, you could declutter your home by selling items you no longer use,” the blog reports.

Other ideas: delivery jobs, dog walking, or teaching others a skill – such as music lessons, the blog adds.

The Made in CA blog provides us with a few more ideas.

Renting out extra space, the blog explains, can be a great way to make more money.

“If you have unused space, this is a great way to make extra money in Canada. You can rent out spare rooms for short or long-term lets, basements and attics for storage, or even parking spots, especially in busy urban neighbourhoods where parking is expensive and in high demand,” the blog tells us.

Another possibility is “social media management.”

“If you enjoy creating content for social media, you might try your hand at offering your services as social media manager. Many small businesses need help with posting content and ad campaigns on social media platforms to increase brand visibility and recognition. Social media managers generally offer services such as brand strategy development, post scheduling, and analytics tracking to support businesses in growing their online presence,” the blog explains.

We already heard about dog walking as a side hustle, Made in CA also suggests pet-sitting as a way to make some extra cash.

Some final ideas from the Thrive North blog include being a “virtual assistant,” hired to work from home on helping with “scheduling, research, email and bookkeeping.”

Another idea that it is demand these days is snow removal, the blog continues. Along with junk removal or seasonal work (lawn cutting), such gigs are frequently available, the blog points out.

“The best side hustle for you will depend on your skills, available time, and income goals. Start small, stay consistent, and watch your side hustle grow into a sustainable source of financial freedom,” the blog concludes.

If you are hoping your side hustle will create more money to save long-term, you may want to consider opening a Saskatchewan Pension Plan account.

SPP is ideally suited for bits and pieces of savings. There is no fixed contribution rate, so you contribute any amount you like to grow your retirement nest egg. You can also transfer in money from registered retirement savings plans (RRSPs) you might have.

SPP will then carry out the job of investing those hard-earned dollars in our professionally managed, low-cost, pooled fund. When it’s time to turn savings into income, SPP options include the security of a lifetime monthly annuity payment, or the more flexible Variable Benefit.

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