ICYMI #6 → How to Save With a Holiday Side Hustle
November 10, 2022
Welcome back for another edition of ICYMI: A weekly-ish roundup of finance-related news that matters for you and your money.
😣 73% of Gen Z struggle to save
According to a survey by Bank of America, 73% of Gen Z said the current economic environment has made it more challenging to save. 59% said inflation has made it harder to save for financial goals, and 43% said it’s harder to pay down debt. It’s not surprising then that 56% said this has created more financial stress in their lives.
Pro tip: There’s only two ways to save money – spend less or make more. If you’ve tightened your spending and there's nothing left to squeeze, consider some new ways to add a little cash to your pocket. We have some suggestions below for you.
👩💻 Does everyone have a side hustle?
93% of Americans claim to have a side hustle – at least according to the 1,000 people interviewed in a study conducted by Insuranks earlier this year. The most common side hustle was taking online surveys which accounted for 95% of respondents. This activity was followed by a distant second of selling items online at 18% and freelance work coming in third at 13%. The main reason given by 66% of people for having a side hustle was to make a bit of extra cash. The average monthly income reported from a side hustle was $483 a month (or almost $6,000 a year).
Pro tip: According to this data, the average respondent spent 13 hours per week on their side hustle. For some, that’s no big deal. For others, that might not be sustainable. Side hustles are an individual experience. Be sure to choose one that fits your lifestyle. However, the beauty of the gig economy (let’s define that one: the gig economy is a labor market characterized by the prevalence of short-term contracts or freelance work as opposed to permanent jobs) is that you can try something out and move on if it’s not a good fit.
🎄 Side hustle with holiday flare
If you’re looking to try out a side hustle for the first time or want to expand your income from your existing side hustles, the well-known freelance service platform Fiverr suggests a few things for expanding your holiday income: 1) give your portfolio a holiday makeover; 2) widen your horizon by learning new skills for clients who ramp up their activities during the holiday season; or 3) slash rates for the holidays.
Pro tip: The holidays can be a good time to test the waters for a new side hustle. Lots of companies need help during this busy season, and you may have extra time available during the holidays. Consider delivering groceries, putting up holiday decorations, or caring for animals when people travel for the holidays. If you’re looking for digital options, a few sites to consider are Fiverr, Upwork, and Survey Junkie.
💰 Hybrid workers save almost $20 per day when working from home
If your main day job is all that you can handle, that’s totally understandable. A side hustle is not for everyone or every lifestyle. There may be ways to save money or make more money within your current role. The State of Remote Work 2022 from Owl Labs reports a few fascinating facts:
- The number of workers choosing to work remotely in 2022 increased 24% since 2021, while hybrid work went up 16%. Interest for in-office work dropped by 24%.
- Hybrid workers save $19.11 each day when working from home rather than at the office.
- 52% of those surveyed would take a pay cut of 5% or more to have flexibility in working location, with 23% saying they would take a pay cut of 10% or more.
Pro tip: Depending on your circumstances, a slight shift in your current career situation could benefit your wallet. Whether it’s working remotely for one additional day per week to save on commuting or eating out; discussing flexibility options with your employer like an earlier or later start time to save on gas; or reviving the idea of carpooling with a colleague – there may be money to be found if you look at all of your options and expenses.
Data featured as of November 7, 2022