While individuals and households nationwide may be gripped by a combination of double-digit inflation and rising base interest rates, it’s little wonder that consumer spending and wider economic growth in the UK continue to plummet.
However, the New Year can also bring fresh opportunities and a more positive outlook, particularly if you’re hoping to find a viable side hustle that can boost your earning potential over the course of the next 12 months.
But what are the best and most rewarding side hustles to consider in 2023? Here are a few to keep in mind!
Top Side Hustles To Improve Your Finances
#1. Become a Retail Forex Trader
In the modern age, huge global entities like the forex market have become increasingly accessible to novice and retail traders, making it easier than ever for participants to create lucrative and passive income streams.
To make this work for you and ensure that you become a successful forex trader, the first step is to research the marketplace and become educated in the field.
Then, you’ll need to use a demo account on your brokerage site of choice, with this allowing you to bridge the gap between theoretical market understanding and gaining practical experience of FX trading.
When trading for real money, we’d recommend starting small and by trading just a couple of major currency pairs, before scaling your efforts organically in line with experience and profitability.
It’s also important to utilise risk management tools where possible, while being conservative when using leverage and opening positions that are disproportionately large in relation to your deposit.
If you have an in-demand and marketable skill, you may also want to consider selling this in the gig economy and freelancing.
Some of the most in-demand skills in the digital age include copywriting, coding and web design, while you can usually charge an hourly premium to help monetise your particular skill.
The key here is to network proactively through sites such as LinkedIn, as you look to identify viable prospects and subsequently market your skills.
Over time, you can also create a portfolio of work and use this to win more clients, while increasing your pricing incrementally according to your growing experience.
#3. Selling Old Clothes and Unwanted Items to Earn Money
Broadly speaking, assets such as unwanted clothes and similarly discarded items can also be sold to create an additional stream of income.
After all, most discarded items retain some level of value, which can be realised once you’ve finished with them through thrift sites and online resources like Amazon and eBay.
The most in-demand second-hand items are clothes and books, which can be sold individually or in bulk packages at discounted prices.
While this requires a little time and careful management, it needs no skill whatsoever and is arguably one of the most accessible side hustles in the marketplace.