After over a year of grappling with the cost of living crisis, many people in the UK find themselves financially squeezed, even while holding down a full-time job. To maintain their desired lifestyle, many have had to look beyond their main careers and turn to side hustles for additional income.

In fact, over half of UK adults currently have a side hustle, according to a recent survey by kindroom.com. The urgent need for extra money has prompted many to consider a side business as a potential solution. These additional income streams promise financial security and valuable skills development. However, before you start a side hustle, it is important to weigh the pros and cons carefully and determine if it is a path that suits your circumstances.

Chasing More Money

One of the primary motivations for people in the UK to explore side hustles is the allure of extra money outside their day job. With the cost of living on the rise, side businesses offer the prospect of a few hundred pounds into your bank account each month, independent of your main job. The key is finding the right business idea that aligns with your interests, skills and the amount of spare time you have.

Balancing a Full-Time Job and Side Hustles

While the promise of extra income is enticing, the practical challenge of finding time for side hustles is often underestimated. With the demands of a full-time job, juggling side gig responsibilities can be a daunting task. The cost of living crisis may necessitate additional income, but the scarcity of time remains a significant hurdle.

That is where passive income might be useful. You can earn money without doing much at all; you just have to know where to look. If you have savings set aside, you could put these in a high-yield savings account to gather interest over time. For example, if you have £2,000 in savings, it could grow by 5% every year, equating to £100.

If you want to take it further, you could start investing money to earn money for the future, like your pension. Passive income streams do, however, almost always require an initial investment and this can be a roadblock, if you are strapped for cash right now.

The Cost of Living Crisis

The cost of living crisis has driven many in the UK to seek alternative income sources. As inflation continues, side hustles have become a lifeline to help bridge the financial gap. The need to cover rising expenses, from housing to groceries, has forced individuals to explore alternative ways of supplementing their income with more than one job.

Side hustles can also help with job security. If your full-time job is not going well, you have your side hustles to fall back on. In this economy, a little extra cash and more financial security are always welcome.

Side hustle ideas

So you have weighed up the pros and cons, and you are ready to find a particular side hustle.

Here are a few ideas to get you started:

  • Dog walking
  • Starting an online business, like writing a blog
  • Grocery delivery apps
  • Online surveys
  • Sell an online course

Before you commit to anything, remember that you need free time for your personal life alongside your job and side hustle.

The Side Hustle Conundrum in the UK

As with so many things in life, the decision to start a side hustle is deeply personal. The urgency to earn extra pounds outside of your full-time job is real, but it comes with its own set of complexities. While side hustles can provide financial relief and a sense of security, they also demand a significant investment of time and energy. Ultimately, the choice to embrace side hustles as a means of navigating the cost of living crisis should align with your unique circumstances and goals.