It seems like everyone’s picking up a side gig these days. Whether driving for a ride-share app or going back to babysitting, people are picking up extra gigs to cope with the increasingly high price of everyday life.
Driving the news: A new survey found that 41% of Canadians are trying to boost their income through side hustles like dog walking, reselling items, and app-based gigs per the Toronto Star.
- 39% said they would take on extra hours at work if the option was available—but companies are looking to cut costs, and overtime hours might not be available.
Why it’s happening: The “gig economy” has made getting a second job more accessible than ever, with apps connecting you to a plethora of people looking to hire for everything and anything.
- Regardless of your skills, there’s a service you can get paid to do, like TaskRabbit for handy people, Grabr for travelers willing to deliver items overseas, or Instacart for those who don’t mind spending hours wandering aisles.
Yes, but: All that side hustling is leading to more cases of burnout, which could affect your performance at your full-time job.
Here are a few other things to consider:
Insurance: Suppose you get hurt working your side hustle. Your company isn’t responsible for covering any of your medical expenses since you’re an independent contractor.
Time off: There are no paid sick days or holidays when you join the gig economy. Of course, you make your own schedule so you can take time off whenever you want, but the pressure to earn might steer you away from much-needed rest.
- Focus: Is getting a side gig really the best way to make more money in the long term? Focusing on building a career with room to move up is often a better bet than doing gigs if you don’t absolutely need extra cash right now.
Bottom line: Making more money is critical in times like this, but do you want to be stretched thinner than your budget? Prioritizing your health over that $5 delivery fee could help your finances in the long run even if it leaves your wallet a little lighter right now.