A secondary turmoil can help solve your budget problems as rates and inflation rise

The only limit to the things you can do for a side hustle is your imagination.

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Rather than perpetuating pessimism in news about rising interest rates and inflation, it might be more helpful to discuss solutions. After all, we have no control over rising costs and there are only so many things we can cut from our budgets, so a better tactic would be to start thinking about how to increase our income.

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Before you jump ahead and start wondering where you’re going to find the time to do another job, let’s start with the one you already have. Maybe you’re overdue for a raise or deserve one. It never hurts to ask. It is also good to see if your company offers the possibility of working overtime. It’s a great way to earn some extra cash to help offset some of those rising costs or even boost your savings.

If increasing your income with your current employer isn’t an option, start thinking about any interests or talents you have that can be turned into a side hustle – anything that provides an additional source of income outside of your job. major.

This can range from starting a side business to finding a part-time job. Before you click on search ads, however, you’ll want to think about how much time you’re willing to spend on your hustles. You also want to make sure it won’t conflict with your current job.

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Now think about ways to monetize your interests, skills and talents. Maybe you like animals and like to go for walks. Why not combine the two and start a dog walking service? If you work from home and have the room, consider offering dog daycare for pet owners who have had to return to the office.

Maybe you have a skill you can teach others? One option is to teach English online. Or maybe you have other talents that can be taught through in-home or online workshops. For example, many fitness and other classes have gone live during the pandemic and are still very popular. If you know how to do your hair and makeup, but don’t have the time to do this kind of part-time job, consider offering online how-to classes/videos.

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Do you have a vehicle? A great way to help offset some of the car-related costs is to use your vehicle for a side business. Whether it’s for deliveries or Ubering, be sure to track the mileage and expenses you incur so you can deduct them from your income at tax time. You can also advertise your vehicle, which is a great way to earn extra money without the extra wear and tear on your car.

What about all that crafts you’ve done over the years? Christmas is a great time to have a booth at a local craft show and sell your creations. If you like to bake, homemade treats are also popular at craft shows. If your talents are more technical, consider offering computer support or computer help to older or less tech-savvy people. If you’re really organized or an excellent planner, you can hire yourself to declutter a house or plan an event.

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Do you own a house and have a spare room? Renting a room for a college student or a short-term vacation rental can bring in some extra money. I often recommend it to seniors I counsel who are struggling financially on a fixed income but want to continue living in their home. If you have a garage or parking space in a desired part of town, you can earn extra income without inviting a stranger to your home. Or maybe you have a vacation property or RV that you can rent out when not in use.

Of course, if you’re short on time, you can get paid to do things you already do, like shopping or cooking meals. It doesn’t take much longer to cook a bigger batch or pick up more items if you’re already at the supermarket.

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Know-how in areas such as painting and sewing can also be marketed. One of my children has a side business where he paints apartments for rental units between tenants. It has proven to be a very lucrative way to earn extra money.

The only limit to the things you can do for a side hustle is your imagination. Do a little market research to see if your idea can be profitable. Check municipal business license and insurance requirements. Then be sure to put all the money you earn from your side gig into a separate bank account. You will have to declare it at income tax time and clearly deduct any expenses.

Above all, make sure that earning extra money does not harm your physical and mental health. It’s counterproductive if you burn out and end up not even being able to work on your main job.

Sandra Fry is a credit counselor in Winnipeg with the Credit Counseling Society, a not-for-profit organization that has been helping Canadians manage their debt for over 25 years.

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