Are you feeling the crunch of rising inflation and home prices? You’re not alone. Side hustles are on the rise as Americans are taking on extra work to make ends meet and afford the normal stuff.
A recent survey by Bankrate revealed that over one in three U.S. adults have a side hustle, such as a weekend job or freelance work, to bring in extra income. However, one group in particular is turning to side hustles more often – parents of children ages 18 and under.
With the cost of living skyrocketing in recent years, many are finding that one job simply isn’t enough. According to Bankrate Senior Industry Analyst Ted Rossman, “Many Americans are still finding that one job isn’t enough. The cost of living has risen sharply in recent years.”
Parents with kids younger than 18 are leading the side hustle trend, with 45% of them having a side gig compared to 36% of childless adults and 28% of parents with adult children. The average monthly side hustle income is $891, with the majority of side hustlers having less than two years of experience.
One such example is Jordan Chussler, a 41-year-old parent who works as an editor and freelancer to support his family. With the rising costs, including a $10,600 private school bill for his daughter, Chussler and his wife make about $165,000 combined at their main jobs. To bring in more financial security, Chussler takes on extra jobs throughout the year, pushing their combined income closer to $200,000.
Chussler puts the extra money from his side hustles into a Roth IRA and his daughter’s education fund, prioritizing financial stability and future goals.