Top Side Hustles to Combat Rising Inflation in 2024

Inflation is a serious global issue as it affects the country’s GDP and the earning power of the population, directly impacting the pocket of the household budget and personal finances, people are not able to save a penny due to inflating prices as the salary remains the same but the goods are becoming very expensive, Let’s go through the inflation data of  2024, Inflation hits special in the countries like USA and India as the prices tend to continue to rise.

The Consumer Price Index (CPI), a major measure of inflation, showed that inflation in the United States reached 2.5% in August 2024, down from 2.9% in July Source:​(BLS GOV)​(Trading Economics). Rising commodity costs and supply chain disruptions have also contributed to India’s Rising inflation. While inflation directly affects purchasing power, side hustles give a genuine way to combat its effects by creating additional income streams, 

In this article, we will be able to learn the Side Hustles to combat rising inflation at present..

Why Is Inflation Rising in 2024?

Inflation occurs when the total cost of goods and services increases, reducing money’s purchasing power. But why does inflation occur? Several variables influence inflation, including:

• Supply chain disruptions: Ongoing supply issues. worldwide limited the availability of certain items, increasing the prices of goods.
• Increased energy costs: A rise in fuel and energy prices directly impacts the cost of transportation and manufacturing, leading to a rise in inflation.
• Demand-supply imbalances: When Demand for a good increases but the supply is limited then the prices of those goods increase ultimately affecting the inflation

The yearly USA CPI index increased by 3.1% in January 2024 and somewhat dropped to 2.5% in August, therefore providing some relief from the highest inflation rates projected in 2022.

Source: (Trading Economics) ​(US Inflation Calculator).

However, inflation continues to have an impact on everyday goods and services including housing, food, and transportation. As inflation remains an issue, diversifying your income through side hustles might provide financial relief.

Top Side Hustles to Combat Inflation

• Freelancing If you have marketable skills like writing, design, or software development, freelancing is a flexible and scalable side hustle. Platforms like Fiverr and Upwork allow you to connect with clients globally. Freelancing income can be adjusted more easily than traditional salaried jobs, helping you counter inflationary pressures. Freelancing allows you to increase your rates as demand rises, keeping pace with inflation.

  

• E-Commerce You can set up an e-commerce store on Shopify store, Amazon, Etsy, Flipkart and multiple other online platforms, you need to have a good product or you can do market research from YouTube and ChatGPT.With the rising prices and the low negotiation power or you can say lack of knowledge and advancement of technology people are moving towards online stores to compare and look for chapter options online.

  

• Real Estate (Airbnb): If you have a property that is not in use or a room that you do not use generally, you can list it on Airbnb and get extra money. People have made a full-time business of listing on Airbnb. With the Rising prices of rental properties, you can get more income if you own a property or if your home is in a tourist destination then that would be the edge.

  

• Investing in Stocks Investments are highly volatile, but we take the past data in the long run good stocks always give returns, if you do not have knowledge learn that first, the internet is full of free knowledge you can research or take advice from an expert your nearby who actively invest in the stock market. Over time stocks always give the best results, suppose you keep the stocks for 10 years it might have doubled or tripled your money ( PI is just an example to use)

  

• Ridesharing and Delivery Services: Multiple companies like Uber, Grab and Bla Bla, provide ride-sharing services, you can list your four-wheeler or two-wheeler over there to get an extra edge to cover your expenses, and the best thing about this is there is no time limitations, you can start whenever you wish you, in the evening or any spare time, this will hello you to tackle your rising fuel and service costs and few extra bucks for your personal use.
  

  

• Tutoring or Online Teaching: Companies like Udemy, Freelance, Coursera, and Many more provide online tutoring services. If you are good at any subject, suppose you know a basic science subject and you have expertise in that, you can teach students online or sell a course online to earn multiple incomes. Companies pay hourly or weekly, which will help you curb inflation.

• Creating Digital Products In a new trend, people love to learn online, earlier classes were offline, but sometimes people look for better chapter options, if you have any specific skill like you are an expert digital marketer or you have a special skill in the sales, you can make a course on that so that you can sell that to the clients, you can sell those at any social media platforms like Instagram, Youtube, TikTok.

  

   

• Affiliate Marketing Affiliate marketing is the best way to earn money online as in this you do not have to hold any product nor do you have to take any stress on the shipping part, In Affiliate marketing, you will get a commission on the product you sell via your link, you can create your own website or social media platform where you can sell products.

  

For Eg: if you choose a product on an Amazon affiliate program, copy that link and upload a video that you think can go viral online put a link to that particular product on that video, now if anyone buys that product from your link you will get a commission on that.

Impact of Rising Inflation on Income and Expensesvarious sectors of the economy are impacted by inflation at various rates. For instance, in July 2024, housing costs increased by 5.1%, transportation costs increased by 8.8%, and food prices increased by 2.2% in the United States (Trading Economics).

In the meantime, gasoline prices rose by 1.1%, leading to a small increase in energy costs (Trading Economics). These numbers demonstrate the impact of inflation on needs, underscoring the need to diversify your sources of income.

Inflation and Side Hustles: The Balancing Act

Understanding why inflation happens is key to adapting your personal financing strategy, inflation can deteriorate the purchasing power of your money, and these side hustles provide an opportunity to create multiple income streams that can help you fight against inflation.

For instance, supply chain disruptions and growing global commodity prices have combined to drive inflation in India in 2024. People can augment their income by engaging in side businesses like digital product creation or e-commerce, which can assist in counteracting the growing costs of rent and food.

Conclusion: Building Resilience Against Inflation

In an inflationary environment, side hustles can offer much-needed financial assistance, whether you’re freelancing, selling online or building an online store, there are many ways to create additional income sources that help you combat the rising effects of inflation.

You can build financial resilience by taking the necessary steps to diversify your income understanding inflation and its effects on common people are must, inflation fluctuates over time, so if you have a flexible source of income will help you to maintain stability in your wallet as well, in this uncertain economic landscape financial stability is must require.

By understanding inflation and taking steps to diversify your income, you can build financial resilience, ensuring that you stay ahead of rising costs. As inflation fluctuates, staying flexible and adapting your side hustles will allow you to maintain financial stability in an uncertain economic landscape.