Trend shift in side hustles to earn extra cash

More and more Australians are turning to side hustles to make extra cash as they struggle to cope with the cost of living.

But the common lawn-mowing gig or picking up some rideshare shifts on the side are becoming less common, with Aussies choosing to pick up a side hustle that fits with their lifestyle.

"So there's been a bit of a trend, the classics like dog walking, housesitting, babysitting, they're still strong, but there's been a real shift in the way that people are getting savvy with their side hustles and monetising them," finance expert Canna Campbell told Today.

READ MORE: British royals host French president at lavish state dinner

"They're leveraging off their skills, their interests, their passions, their hobbies, but doing so in a remote way."

Canna revealed roles in online fashion advice, online makeup courses and social media, content creation and even digital art had seen an uptick.

"It's no longer just about earning some extra money from a side hustle, it's about building a community, networking, and having fun," she said.

She said there are some important things to consider before committing to a side hustle, like will your contract with your employer allow it, particularly if there may be a conflict of interest.

"You also need to think about your tax responsibilities, so I recommend having a separate savings account for that tax money so you don't sell yourself short," she said.

"Then think about protection, do you need to get contracts? What are the rates you're going to charge? Do you need to take out insurance.

"And then think about is this side hustle sustainable? The last thing you want is burnout."

With cost of living pressure, Canna said a side hustle could be the difference between barely hanging in there or getting ahead of the game.

"That extra money can help pay for food, fuel, kids expenses and alleviate financial stress," she said.

Hear more from Canna Campbell in the video above