In this financial climate, it can be really difficult to make cash that will cover monthly expenses. Many people end up getting a second, or even third job just to pay the bills.
Making cash on the side is a more passive way to earn income, and therefore, can be done in conjunction with full-time jobs. Here are five ways to earn extra income.
1. Invest
If you’re playing a more secure, long-term game, it can be important to make some smart moves, so that you can grow your wealth passively. A small investment could make a big difference to your ability to earn extra money.
Many types of investments can include bank investments, insurance investments, stocks, and more. Another great option lies with less conventional methods. Check out this list of alternative investments to see what might be right for you.
2. Monetize Your Hobby
Turning your hobby into a bit of extra profit may not be ideal if you wish to keep it separate from your work life. However, if you have a special skill like painting, music, crafting, etc, it can be a great way to add a little extra cash to your weekly budget.
You may try selling your art on a handmade website like Etsy. This way you just post your product and leave it be until somebody buys it.
Also, teaching is another great way to add income. Do you have some skills that you could teach?
3. Downsize
Downsizing is never ideal, but sometimes it can be an opportunity to sell some unwanted belongings and conserve money at the same time. With nearly 46% of Americans having financial issues, it’s no surprise that 35% of them sell belongings to deal with financial disruption.
You may consider selling items you don’t need or don’t use frequently. This doubles as a refreshing cleanout of your home. Then, consider ways to simplify your lifestyle.
For example, this could mean moving to a smaller living space, or cutting out small daily purchases. While downsizing isn’t ideal, it does offer an immediate sigh of relief during financial hardship.
4. Sitter Jobs
This one is more common and, conversely, more flexible. Pet sitters, babysitters, and house sitters can build a reputation by being efficient and reliable. If you’re great with animals, consider being a pet sitter or dog walker. If your specialty is children, seek out babysitting jobs.
Consider distinguishing yourself from other sitters by getting certified in CPR for children, by learning about the medical needs of pets, and offering cleaning or other additional services for houses. Having this experience under your belt will help you stand out among the competition.
5. Rent Out an Extra Room
If you have extra space in your house or apartment, consider renting out a room. You could offer it as an AirBnB, or offer it to more long-term renters.
In the case of long-term renters, you should be prepared to have a roommate if you are still living in the house. However, you may have to act as a landlord if you own a house but are not living in it.
In the case of offering a room as an AirBnB, be sure to make your AirBnB competitive with others like it by making sure it’s clean and well-maintained, and that you are readily available for assistance.
Try These Methods Today!
One final piece of advice: the best thing you can do is start now! You may not think it will be fruitful right away, but slow and minuscule progress financially is better than none at all. Therefore, make today the day that you take control of your finances.
