✔ If you need more income to make ends meet, pay down debt or build savings, a side gig might be right for you
✔ One in six Canadians have participated in the gig economy
✔ A side hustle can turn your passion into a moneymaker, with literally hundreds of options to choose from that can match your skills and interests.
Have you been thinking about making more money but don’t really know how? Like many Canadians, you probably have lots of talents that you can take advantage of to make some extra money on the side. We’re here to help!
If you’re thinking of a side hustle, you’re not alone. The gig economy is taking off as more Canadians pick up side jobs, freelance work or other non-permanent jobs to make money. Now, 40% of millennials – who make up almost a third of the population – are part of the new gig economy. There are a number of reasons for this – millennials earn more money than their parents but they also have more debt, in part because they are more educated and because home prices are high in much of the country relative to income. But people of all ages are joining the gig economy, with one in six working Canadians having participated.
Reach Your Financial Goals Faster
Moonlighting, side hustles, gig work – they all mean the same thing: making money on the side, on top of your regular income. There are many reasons that people take on extra work with a side hustle. It might be because they’re struggling to make ends meet. It might be to pay down debt. You might need extra income to plan for an upcoming expense, such as a wedding or vacation, for which you don’t want to go into debt. Or you might want to build savings for retirement or possibly a down payment for the house you hope to own one day. Maybe you just want to give yourself a little extra breathing room in your finances. If you get a side hustle and save 100% of the income and allocate it to your financial goal, you can move to a better financial future without impacting your current financial situation.
Turn your Passion into Extra Income
In addition to the extra income, a side hustle is a great way to explore your passion and turn doing something that you love into a moneymaking venture. Are you a foodie whose friends are always asking your for recipes or the best places to dine out, which is making you think you should start a blog? Or maybe you’re a mom who’s learned all the tips and tricks of parenting and want something on the side while you can stay at home. Or maybe your love of driving and independence is making you think a side gig driving for Uber or Lyft is a good fit for you. Or maybe you’re a shopaholic whose friends follow your trends so you know you can score some extra dough as a personal shopper. Whatever your passion, there are dozens of lucrative side hustles that are made for you.
Market Test Your Small Business Idea Before You Go All In
A side hustle is also a great idea for those with an entrepreneurial spirit who are thinking of starting their own business but want to start more slowly, test their product and/or service in the market first and still have the security of their day job. If your dream is to someday open your own catering business, for example, starting something small on the side will help build clients, give you experience and work out any kinks before you launch into something bigger that’s full-time.
Choose a Side Gig that Suits Your Lifestyle
Because your side hustle will give you a lot less free time, you need to prepare for that. Are you okay with giving up evenings and weekends? Chances are you’ll say yes if it’s something you’re more passionate about. Just knowing your bank account is growing can spur you on, too. The great thing is that side hustles can be tailored to your personal circumstances – making them perfect for students with irregular hours, new parents who need to be at home, or people with disabilities who may have mobility limitations but tons of drive. A side gig is something you can make fit your lifestyle, while generating that extra income you need.
A lot of Canadians are doing the hustle. Maybe it’s time for you to give it a try, too.