Side Hustles Are Becoming the New Norm

By: James Flippin · March 29, 2023 · Reading Time: 3 minutes

Inflation Hits Americans

After a year of record-high inflation, the world today is far more expensive than it was before the pandemic. Prices for everything from eggs to cars have skyrocketed, and the higher cost of living is eating into Americans’ budgets. This is especially true now, with most pandemic-related benefits scaled back. As a result, 62% of Americans currently report living paycheck to paycheck.

Everyday You’re Hustling

To help compensate for this higher cost of living, nearly half of Americans — 44% to be exact — have a side hustle to help bring in extra income.

This is roughly 13% higher than the number of Americans that reported having a side hustle before the pandemic. A separate report found that 69% of working Americans either had a side hustle or wished they did.

When living paycheck to paycheck, additional income can mean the difference between being able to pay bills and falling into debt each month. And, with credit card debt hitting an all-time high at the tail end of last year, it’s likely this trend will continue to intensify.

Cutting Back

Picking up extra work to generate income is one way to supplement your finances. But, depending on your circumstances, it may be easier to tweak your spending than to work a side hustle. For example, if you find an extra $100 in savings each week, it’s equivalent to working a side gig that pays $100 per week — while saving you the time spent working.

To free up room in your budget, financial experts recommend eliminating recurring expenses and negotiating larger expenses, such as insurance premiums. On top of that, be sure to double check that your bank is not charging you fees for monthly maintenance or overdrafting. These fees can quickly add up and are often disputable.

As the world around you gets more expensive, consistently reassessing your financial situation can be the most lucrative hustle there is.

When you open a SoFi bank account with direct deposit, you can avoid account fees and earn a competitive APY.

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