Persistent inflation has caused millions of Americans to reel in spending, but for some, budgeting still isn’t enough to make ends meet.
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In November, the Bureau of Labor Statistics reported that there was nearly a 165,000 jump in individuals working multiple jobs — marking the steepest one-month increase since June.
The dramatic rise in side hustles could be attributed to seemingly endless inflation driving up the cost of living, or it could have to do with the holiday season, which is a time of increased spending for most Americans.
Related: Inflation’s Coming for Your Christmas. Here’s How Much More Your Tree Will Cost This Year.
According to a survey by Neighbor.com, 44% of respondents reported that they’re either currently working or planning to work a seasonal job this year, with 51% currently working or planning to work overtime. Additionally, the report found that 92% of respondents who have a side hustle or plan to find one intend to keep it after the holiday season.
“There’s always a holiday uptick from October until February or March by people who do these jobs to pay for holiday gifts, parties and clothing,” Kathy Kristof, editor at SideHusl, told USA Today. “This year, it’s very hard to differentiate the holiday uptick from the inflation uptick, but all of it combines for a significant rise in people looking for side hustles.”
As for what individuals are doing to make extra income, driving for a ridesharing app like Uber or Lyft and delivering food for DoorDash or Instacart were among the leading gigs, according to Neighbor.com
Related: 4 Ways to Avoid the Slippery Slope of Side Hustling