With the cost of living still putting pressure on household budgets, it’s no surprise that more people are looking for ways to bring in extra income. Research from Henley Business School found that around 40% of UK workers now run some form of independent business alongside their main job – the so-called ‘side hustle’. ONS data shows over 1.3 million people hold a second job. For many, the motivation is straightforward: half of side hustlers say they do it because they need the money.
But is a side hustle actually worth it? The answer isn’t as simple as the social media success stories might suggest.
Start With Why
Before you launch a side hustle, it helps to be clear about what you’re trying to achieve. Are you plugging a gap in your monthly budget? Building savings for something specific? Testing a business idea before making a bigger leap? Or developing skills that could help your main career?
Each of these goals points to a different kind of side hustle – and a different level of time and energy investment. Someone looking to earn an extra few hundred pounds a month has very different needs from someone building a future business.
The Hidden Costs Nobody Mentions
Social media is full of people celebrating their side income, but the costs are rarely discussed. Time is the obvious one – hours spent on your side project are hours not spent resting, socialising, exercising, or with family. Over time, that adds up.
Then there’s the mental load. Running even a small operation means thinking about marketing, admin, tax returns, and customer expectations on top of your day job. If you’re already feeling stretched, adding more responsibilities can tip you from productive into burned out.
And don’t forget the financial basics: if you earn more than £1,000 a year from self-employment, you’ll need to register with HMRC and file a Self Assessment tax return. Factor in National Insurance contributions too.
Making It Work (Without Burning Out)
If you do decide that a side hustle makes sense, the key is setting boundaries from the start.
- Decide how many hours per week you can genuinely commit – and stick to it
- Keep your side hustle finances completely separate from your personal spending
- Set a review date (say, three months in) to honestly assess whether it’s working (financially and for your own time and effort)
- Be realistic about earnings in the early months – most side hustles take time to build
Pro Tip: Start by monetising skills you already have rather than learning something completely new. Freelance writing, tutoring, social media management, bookkeeping…what ideas could build on your existing abilities and generate income faster?
When a Side Hustle Isn’t the Answer
Sometimes the best response to financial pressure isn’t adding more work – it’s reviewing what you’ve already got. Before committing to a side hustle, it’s worth checking whether you’re claiming all the benefits or tax relief you’re entitled to, whether you could negotiate a pay rise or take on additional hours in your current role, or whether a better-paid main job might solve the problem more sustainably.
A side hustle can be brilliant for some people, but it’s not the only option – and, of course, it shouldn’t come at the expense of your health or relationships.
Making the Decision
The honest answer to “is a side hustle worth it?” is: it depends. It depends on your financial situation, your available time, your energy levels, and what you’re trying to build. The people who do well tend to be realistic about what’s involved, start small, and treat it as a genuine commitment rather than a casual experiment.
If you’re considering it, spend a week tracking how you actually spend your time. You might find pockets of availability you didn’t know you had – or you might realise you’re already at capacity.
Either way, you’ll be making an informed decision rather than a hopeful one.