There’s no doubt that Covid-19 has had a dramatic impact on consumer spending habits in the UK, with more than half of Brits (54%) claiming that the pandemic caused “minor, moderate or major” decreases in their spending through 2020.
Interestingly, most of those cutting costs were in the 25-to-34 age group (62%), while younger adults in the 18-to-24 demographic were most likely to slash their spending.
With this in mind, Brits may be best served by speculating rather than accumulating as they look to achieve financial security in the future. From becoming an online instructor to trying your hand at stock trading, here are some side hustles that can prove particularly generative if you’re in need of a little extra income.
Consider Blogging
Some will argue that the halcyon days of blogging are now behind us, but there’s no doubt that this practice is still capable of delivering an incremental stream of passive income over time.
The key is to create a focused and informative blog that offers tangible value to readers, while also basing the site on your underlying passions or areas of expertise.
Another huge benefit of blogging is that there are minimal barriers to entry, as it’s now easier than ever to launch a website in the digital age. Similarly, building a viable infrastructure and stream of high-quality content may only take a few hours of work each week, so long as you’re consistent in your approach and adopt a long-term outlook.
In terms of monetisation, you can sell high value and targeted advertising space to interested parties, while also selling guest post opportunities to those who want to share a voice on your blog.
Trading Stocks or Currencies
On the subject of passive income, trading stocks and currencies on the global financial market represents an excellent way of boosting your earning potential.
While stock trading is ideal for those in search of regular dividends over an extended period of time, forex trading offers more value to risk-hungry investors who want to optimise their short-gains and access increased leverage.
By utilising controlled leverage and carefully cultivated trading strategies, forex trading delivers an average win-rate of 55%, creating a clear profit margin that can be sustained alongside your day job.
You can also get into forex trading with a low minimum deposit, while controlling larger currency positions across a range of assets.
Teach Cooking Classes Online
All you really need to create a viable side hustle in 2021 is a marketable skill, with cooking skills particularly in-demand at a time when people are spending more time at home and looking to cut their expenditure.
The Healthy Hands Cooking Instructor program offers an opportunity in this respect, as you can sign up to become a licensed instructor who can subsequently teach classes to others.
As a general rule, qualified instructors will retain 90% of everything that they earn from their various classes and demonstrations, with this helping you to quickly recoup the initial course fees and monthly licensing charges.
Photo Credit: Micheile Henderson
