Income boost: side hustles that can help your household budget

Cash is harder to keep as everyday costs bite into bank balances, but some income on the side offers relief. Consider these ideas.

Being handy or crafty are good traits for side hustlers. Picture: iStock

Second and third incomes have become increasingly important for Australians as the cost-of-living crunch hits hard.

It has seen side hustles surge in popularity, with many people holding down a regular job plus one or two extra income sources, and for some this has become a necessity, money specialists say.

Matti Yahav, chief marketing officer at online freelance services platform Fiverr, says the side hustle trend has been driven by inflation, stagnant wage growth and a desire for financial flexibility.

“Over the past couple of years, as living costs have surged globally, we’ve witnessed a marked increase in individuals turning to side hustles as a way to bolster their income,” Yahav says.

MyBudget founder and director Tammy Barton also has seen a “significant increase in side hustle activity”.

“This trend has been particularly noticeable in recent years, with a surge in online businesses, freelance work, and other flexible employment options,” she says.

“Side hustles in 2024 aren’t just about making a bit of extra money. They’re fast becoming essential for improving your financial stability by finding that much needed cash injection into your household budget.”

Getting started can be a sticking point for new side hustlers, so here are 10 strategies to earn extra cash.

1 USE YOUR SKILLS

Barton says monetising your own skills can be low-risk and less daunting than trying something new.

Can you cook? Are you crafty? Can your knowledge help others? Are you good in the garden? Or around the home? There are countless jobs available for people with skills that others need.

2 ONLINE OFFERINGS

“The internet offers countless opportunities for side hustlers,” Barton says.

“Explore platforms like Upwork, Fiverr, and Etsy to connect with potential clients and customers.”

Recent Fiverr research shows some of the best opportunities for freelancers include online skills in social media content creation, TikTok video editing and YouTube monetisation.

3 TEACH OTHERS

University students can become tutors, seniors can become mentors and coaches, and all adults can consider consulting work to share their knowledge.

4 HELP HUMAN AND FURRY FAMILIES

Babysitting, pet sitting and dog walking are popular side hustles, and platforms such as madpaws.com.au match people’s pets with those willing to look after them.

5 SHARE YOUR SPACE

Spare bedrooms, sheds and parking spaces can be rented out for money on various online platforms, having evolved from flagship house-sharing platform Airbnb.

6 SELL SECONDHAND STUFF

Many people hoard a heck of a lot of stuff, and will be amazed and how much money it might be worth if they plan to sell unwanted items either online or through garage sales or market stalls. It can deliver regular income top-ups.

7 ARTISTIC FLAIR

Fiverr’s Yahav says voice artists, video editing and songwriting have been growth areas on its freelance platform, while MyBudget suggests content creation, crafts, art and handmade goods.

8 ELBOW GREASE

Australia’s ageing population means more people are needing more help with manual jobs such as washing cars, lawn mowing and gardening. MyBudget says some of these side hustles can be great money-spinners for students.

9 WORDS MAKE MONEY

Whether writing, editing or proofreading, there are countless options for people with a good grasp of written language. The hours worked can be extremely flexible.

10 LEND OUT YOUR TOYS

We’re talking adult toys here, but not the naughty kind. Car sharing kickstarted it, and today online platforms help people make money by lending others their caravans, camper trailers, boats and even swimming pools. Simply search online.

Freelance voice actor Rory McKenna has boosted his income dramatically. Picture: Supplied

HIS VOICE MATTERS

Rory McKenna, 31, leveraged the power of his voice on freelancing platform Fiverr to earn a big income boost.

As a freelance voice actor, he now earns $50,000 annually through the platform, on top of his other income.

McKenna says his side hustle flourished following Covid lockdowns and the experience has been “amazing”.

“I have had a lot more work than I thought possible and it works really well with my schedule as a musician,” he says.

“I also was able to travel the world in 2023 and took my microphone on the trip to continue my voiceover side hustle.”

Originally published as Income boost: side hustles that can help your household budget