New Survey Shows Side Hustlers Earn Nearly $900 per Month
Discover how side gigs are transforming financial strategies, and learn how you can leverage your skills or acquire new ones to start your own side hustle.
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The side hustle economy continues to thrive, with side hustlers reporting higher earnings while putting in fewer hours.
According to a recent survey by Bankrate, 36% of U.S. adults are making extra money from side jobs, a slight decrease from 39% last year.
However, their average monthly earnings have risen to $891, up from $810 in 2023.
A growing trend with no end in sight
The survey highlights that a majority of side hustlers are relatively new to the game. About 52% of side hustlers have been earning money on the side for two years or less, with 24% having started within the last year.
According to Bankrate, here’s the breakdown of how long individuals have been side hustling:
- Less than a year: 24%
- 1 to 2 years: 28%
- 3 to 5 years: 25%
- 6 to 10 years: 13%
- 11 to 20 years: 5%
- More than 20 years: 5%
This data suggests that side hustling has become a go-to strategy for many seeking to supplement their income, particularly in recent years.
Related: Top 13 AI Side Hustles to Try in 2024
So, where is the money going?
The survey reveals diverse spending habits among side hustlers:
- Discretionary Spending: 37% use at least some of their side hustle income for non-essential expenses like travel, dining out, and hobbies.
- Living Expenses: 36% allocate a portion of their extra earnings to cover everyday costs, helping to alleviate financial stress.
- Savings: 31% save part of their side hustle income, building a financial safety net for future needs.
- Debt Repayment: 20% use their side gig earnings to pay down debt, striving for financial freedom.
Despite a robust job market, many still find side hustles essential. About 32% of respondents believe they will always need a side gig to make ends meet. Ted Rossman, Bankrate’s senior credit card analyst, commented, “It’s alarming that even in a good job market so many people need a secondary source of income.”
Related: Side Hustle Report 2024: Statistics and Industry Overview
What success looks like
Emma Larson, a 29-year-old graphic designer from Austin, Texas, embodies the modern side hustler’s journey. After being furloughed from her full-time job during the pandemic, Emma turned to freelance design work to make ends meet. In 2022, she secured a full-time position at a marketing firm, earning $85,000 annually. Despite this, Emma continues to take on freelance projects, bringing in an additional $1,500 to $2,000 per month.
“We’ve been forced to adapt to rising costs and uncertain job markets,” Emma said, addressing the economic challenges many face. “Having extra income from my side gigs gives me the financial flexibility I need. It allows me to save more aggressively, pay down student loans, and still have enough left over to enjoy life.”
Emma’s side hustle has provided her with the security and freedom to pursue personal goals and maintain a comfortable lifestyle. “Knowing I have that extra cushion makes a huge difference. I can plan trips, treat myself occasionally, and support my family without constant financial stress,” she added.
Related: How to Become a Graphic Designer in 8 Simple Steps
What would an extra $891 per month mean to you?
If you can’t quickly increase your 9-to-5 income, a side hustle that interests could be worth pursuing. The possibilities are vast. Imagine paying off debt faster, building an emergency fund, or treating yourself to something special. This additional income can transform your financial outlook.
So, how can you get started? Consider leveraging your existing skills to launch a side hustle. Are you a talented writer, designer, or programmer? Freelancing platforms like Upwork or Fiverr can help you find clients and projects. Love driving? Ride-sharing services like Uber or Lyft might be perfect for you.
And the best part is, side hustles don’t have to be just about the money. If you’re looking to learn new skills, side hustles can be a fantastic opportunity to do so. For example, starting an online store can teach you about e-commerce, marketing, and customer service. Platforms like Coursera or Skillshare offer courses in various fields, allowing you to learn while you earn.
