If you're living paycheck to paycheck, earning more can be one of the fastest ways to create breathing room in your budget. A side hustle or small business can help you generate extra income, build financial stability and reduce your reliance on debt when unexpected expenses come up.
Below are the best products and tools to help you start a side hustle, plus the smartest money move to make once that extra income starts rolling in.
Side hustle tools to stop living paycheck to paycheck
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Best products for starting a side hustle
There are countless ways to start a side hustle, and many of them require little more than skills or assets you already have. Freelancers often turn to platforms like Fiverr to offer services such as graphic design, writing, programming or social media management, while people with tools, equipment or other valuable items can earn passive income by renting them out on platforms like Hygglo.
If you love animals, pet sitting and dog walking can also be a flexible and profitable way to earn extra money. Many people get their start on Rover, which connects pet owners with sitters and walkers. As your client base grows, you can even eventually transition away from the platform so that you keep more of your earnings.
Fiverr
Fees
As a Seller, each Order you sell and successfully complete, credits your account with Earnings equal to 80% of the purchase amount.
Availability
The app is available in both the App Store (for iOS) and on Google Play (for Android); there's also a web version, but the app is more functional.
How do you get paid?
Earnings from your sales are all paid into your Fiverr account. You then have multiple withdrawal options, including your PayPal Account, Fiverr Revenue Card™, local bank transfer, or direct deposit. Only the PayPal option offers $0 in fees.
Pros
- Lower barrier to entry
- Allows you to set different pricing levels (Basic / Standard / Premium)
- Clients typically come to you
Cons
- High commission fee
- Competitive marketplace
Hygglo
Fees
Collects a 20% commission from rental fee
Availability
The app is available in both the App Store (for iOS) and on Google Play (for Android); there's also a web version
Pros
- Offers Hygglo Care, which is essentially damage, loss and theft protection for lenders listing their items on the platform
- Lets you rent out a variety of items
- Verifies borrower's identity
- App and web version available
Cons
- Takes a 20% commission from your rental fee
If your side hustle starts gaining traction and you have a plan for how you'll generate more revenue, registering it as a small business can provide legal protections, help separate your personal and business finances and make it all look more professional.
We cover the process in detail in our guide to starting a business, but the short version is this: affordable business formation services like LegalZoom and Bizee can walk you through choosing the right business structure, such as an LLC or sole proprietorship, and handle the paperwork to register your business online. That way, you can spend less time navigating legal forms and more time growing your side hustle into something more.
LegalZoom (Small Business Services)
Cost
$0 + state filing fees for Basic plan; $249 + state filing fees for Pro plan; $299 + state filing fees for Premium plan
App available?
Yes
Standout features
LegalZoom offers all sorts of services to help you register your business, fulfill annual reporting and licensing requirements and protect your business with trademarking, copyrighting and assistance from attorneys.
Pros
- For the Basic plan you'll just pay the state filing fee
- Well-known brand in the industry
Cons
- LegalZoom charges additional fees for some services even with the Pro and Premium plans. For instance, LZ Books is free for one year then $9.99/month after; the Business Attorney plan for Premium is free for 30 days then $49/month after
- Registered agent service is quite pricey at $249/year
Bizee
Cost
$0 + state filing fee for Basic plan; $199 + state filing fee for Standard plan; $299 + state filing fee for Premium plan
App available?
No
Standout features
Bizee offers several valuable features, including one year free for a Registered Agent service. The platform also offers compliance alerts, business banking, business tax consulting and more.
Pros
- Offers one free year of Registered Agent service
- Offers lifetime compliance alerts included in all packages
- Premium package includes expedited filing
Cons
- Doesn't offer an app
Starting a side hustle can be a powerful way to break the paycheck-to-paycheck cycle, but it's important to keep a few things in mind:
- Start small and avoid taking on debt in the beginning
- Focus on low-cost business ideas that let you test the waters before going all in
- Be patient, as most side hustles take time to generate consistent income
- Have a plan for the extra money you earn (more on this below)
Money moves to make once earning more
If you decide to start a side hustle, have a plan for how the extra money you earn will be used, suggests Regina McCann Hess, CFP, founder and president of Forge Wealth Management.
"Without a plan, additional income can easily become part of everyday spending," Hess says. "Instead, assign the income to a specific purpose." That could mean paying down a credit card balance or simply keeping the cash set aside in a savings account so you have a financial cushion instead of relying entirely on your next paycheck.
To do this well, it may make sense to open a savings account dedicated only to the side hustle income you earn. This should be a high-yield savings account where you earn an above-average return and have your money accessible when you need it.
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Meet our experts
At CNBC Select, we work with experts who have specialized knowledge and authority based on relevant training and/or experience. For this story, we interviewed Regina McCann Hess, CFP, founder and president of Forge Wealth Management.
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