Side Hustles Are Becoming the New Norm

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.

Learn more

SoFi® Checking and Savings is offered through SoFi Bank, N.A. ©2023 SoFi Bank, N.A. All rights reserved. Member FDIC. Equal Housing Lender.

The SoFi Bank Debit Mastercard® is issued by SoFi Bank, N.A., pursuant to license by Mastercard International Incorporated and can be used everywhere Mastercard is accepted. Mastercard is a registered trademark, and the circles design is a trademark of Mastercard International Incorporated.
SoFi members with direct deposit can earn up to 4.00% annual percentage yield (APY) interest on Savings account balances (including Vaults) and up to 1.20% APY on Checking account balances. There is no minimum direct deposit amount required to qualify for these rates. Members without direct deposit will earn 1.20% APY on all account balances in Checking and Savings (including Vaults). Interest rates are variable and subject to change at any time. These rates are current as of 3/23/2023. Additional information can be found at https://www.sofi.com/legal/banking-rate-sheet

Please understand that this information provided is general in nature and shouldn’t be construed as a recommendation or solicitation of any products offered by SoFi’s affiliates and subsidiaries. In addition, this information is by no means meant to provide investment or financial advice, nor is it intended to serve as the basis for any investment decision or recommendation to buy or sell any asset. Keep in mind that investing involves risk, and past performance of an asset never guarantees future results or returns. It’s important for investors to consider their specific financial needs, goals, and risk profile before making an investment decision.
The information and analysis provided through hyperlinks to third party websites, while believed to be accurate, cannot be guaranteed by SoFi. These links are provided for informational purposes and should not be viewed as an endorsement. No brands or products mentioned are affiliated with SoFi, nor do they endorse or sponsor this content.
Communication of SoFi Wealth LLC an SEC Registered Investment Advisor
SoFi isn’t recommending and is not affiliated with the brands or companies displayed. Brands displayed neither endorse or sponsor this article. Third party trademarks and service marks referenced are property of their respective owners.
SOSS23032901