Side Hustles to Boost Your Income & Savings

If you’re one of those looking to add money from a side hustle to your monthly income, we wrote this for you. In this blog post, we'll explore the top five side hustles that you can consider to supplement your income and grow your savings as a salary earner.

1. Freelance Writing

If you have great writing skills and can make out a few hours per week, freelance writing is a popular and lucrative side hustle that you can take up. This side gig can be done remotely, making it a great option for those with a full-time job. As a freelance writer, you can offer your services to various clients, such as businesses, bloggers, and content agencies, to create a wide range of written content, including articles, blog posts, web copy, and more.

According to a recent survey by Payoneer, the average hourly rate for freelance writers in Nigeria is ₦31,300 to ₦57,900 ($20 to $37). Assuming you can dedicate 10 hours per week to freelance writing, you could potentially earn an additional ₦313,200 to ₦579,400 ($200 to $370) per month, which can significantly boost your overall income and savings.

2. Online Tutoring

If you have expertise in a particular subject or skill, consider offering online tutoring services. This can be a flexible and lucrative side hustle, as you can set your own schedule and work with students from the comfort of your own home.

According to a report by Teacheron, the average hourly rate for online tutors in Nigeria ranges from ₦10,900 to ₦39,000 ($7 to $25), depending on the subject and your qualifications. If you can dedicate 10 hours per week to online tutoring, you could potentially earn an additional ₦117,450 to ₦390,000 ($75 to $250) per month.

3. Selling Products on E-commerce Platforms

Another side hustle option is to sell products on e-commerce platforms, such as Jumia or Konga. This can be a great way to leverage your skills or hobbies to generate additional income. You can sell a wide range of products, from handmade crafts and clothing to digital products like ebooks or online courses.

According to a report by Statista, the average revenue per user in the Nigerian e-commerce market is $87. If you can successfully sell just a few products per week, you could potentially earn an extra ₦195,000 to ₦390,000 ($125 to $250) per month.

4. Driving for Ride-Sharing Services

Driving for ride-sharing services, such as Uber or Bolt, can be a flexible and convenient side hustle. You can work during your free time, such as evenings or weekends, to earn extra income.

According to a report by Techpoint Africa, the average earnings for Uber and Bolt drivers in Nigeria range from ₦50,000 to ₦150,000 ($33 to $100) per month, depending on the number of hours worked and the demand for rides in your area. If you can dedicate 10 to 20 hours per week to driving, you could potentially earn an additional ₦50,000 to ₦150,000 ($33 to $100) per month.

5. Offering Consulting or Professional Services

If you have a specific skill or expertise, consider offering consulting or professional services as a side hustle. This could include services such as social media management, graphic design, web development, or financial consulting, among others.

According to a survey by Payoneer, the average hourly rate for freelance consultants in Nigeria is ₦57,000 to ₦100,000 ($37 to $75). If you can dedicate 10 hours per week to your consulting or professional services, you could potentially earn an additional ₦579,400 to ₦1.1m ($370 to $750) per month.

The Benefits of a Side Hustle

Engaging in a side hustle can provide numerous benefits beyond just increasing your income and savings. Here are some of the key advantages:

• Financial Security: A side hustle can help you build a financial safety net, allowing you to cover unexpected expenses or emergencies without dipping into your primary income.
• Retirement Savings: The additional income can be directed towards your retirement savings, helping you build a more secure financial future.
• Skill Development: Pursuing a side hustle can help you develop new skills and expertise, which can be valuable in your primary job or future career opportunities.
• Flexibility and Independence: Side hustles often provide more flexibility and independence compared to a traditional full-time job, allowing you to work on your own terms.

Get Started with Your Side Hustle Today

Embarking on a side hustle can be a game-changer for your financial well-being. By leveraging your skills and expertise, you can boost your income, increase your savings, and achieve your financial goals. Whether you choose to pursue freelance writing, online tutoring, e-commerce sales, ride-sharing, or consulting services, the key is to start small, be consistent, and gradually scale your side hustle to maximize your earnings.

Remember, the success of your side hustle will depend on your dedication, time management, and the value you provide to your clients or customers. With the right mindset and a strategic approach, you can turn your side hustle into a thriving source of additional income and financial security.

So, what are you waiting for? Start exploring the side hustle opportunities that align with your skills and interests, and take the first step towards a more financially secure future.