While money doesn’t make the world go around, everyone needs it. Whether you’re looking to save for a specific goal or you’ve found yourself in a tight spot and need extra cash, there are loads of ways you could go to make some more money. It’s important to understand all of the options in front of you so that you can make the best choice for your situation. Let’s take a look at them now.
This may seem a little obvious and on the nose, but one of the most reliable ways to earn money is through traditional employment. Even if you already have a job, taking on a second job or picking up more hours will help bring your household income up. The great thing about being employed is that you’ll get a regular paycheck, meaning you know when the next amount of money is about to come in. Not only that, but many jobs come with perks like health insurance, paid vacation days and retirement options. While these benefits can’t be exchanged for money they do provide monetary value and security for your future. Finding the right job might not happen overnight but when you do, you’ll be thankful for the extra income.
If finding another job is out of the cards, particularly if you have other commitments like children to look after, then freelancing is another option that you can do from home. You can use websites like Upwork or Fiverr to find opportunities for you to take on projects that match your skills like writing, graphic design or even programming. What’s even better? While there may be a deadline on each project you pick up, you can do it in your spare time. So that means you can still enjoy mealtimes with the kids and catch up on your favorite TV, and work later in the night if you wanted to. It does require some self-discipline though, but it can be a really lucrative way of supplementing your income.
Another way to make some extra money is by starting an online business. This could be by starting a blog, creating video content, or even starting a YouTube channel reviewing products. It’s important to remember that doing something like this takes time to build, but it could ultimately make you a lot of money. You’ll need to find a niche area or a particular target audience otherwise your content could get lost in the realm. With the amount of people doing the same thing these days, you’ll need to find something that’s going to capture the attention of the crowd and truly show your personality. But, if you’re successful, you could end up doing it full time and make some serious cash.
Investing is another route to take; assuming you have some cash to invest with. Investing in stocks, bonds or even real estate can be a great way to earn some passive income. For example, the stock market offers potential for growth as time passes by and dividends from stocks can give you a steady income stream. If you invest in real estate, you can make money through rental income or by flipping the property and selling it on for more. It’s important to remember that all investments carry their own risks, so you need to make sure it’s the right decision for you before committing.
Selling personal belongings
If you need money right now, then selling personal belongings can be a great way of doing that. You can use online marketplaces like eBay or Facebook Marketplace to sell many different things from clothes to electronics and furniture. This method doesn’t provide you with a constant source of income but can be great if you’re overdue on a payment and need money quickly. Plus, you’ll be clearing out your home of all the clutter!
On the flip side, if you have belongings that are worth some money, perhaps inherited from family members or a collectors item, then you could make a substantial amount. Have these items valued by a professional before listing them so you don’t undersell yourself!
Crowdfunding is another route you could take. It’s used to raise funds for a project or venture you take on by asking people to donate small amounts of money. You can use platforms like GoFundMe or Kickstarter to set up a crowdfunding account. However, you will need to find a compelling story, task or product to get the support you need. So, if you’re planning on running a 10k or you’ve got a product you think you could sell, you can create an account and raise some money that way. Just make sure you’re not lying to anyone.
Government assistance and grants
Depending on your situation and where you live, there may be a chance you are eligible for government assistance or grants. This might be welfare benefits or unemployment insurance. These programs are designed to help those that are truly in need. But, applying for assistance like this can be a long and complicated process, so make sure you’re strapped in for the ride. If you are successful, they can be really useful in bumping up your income.
Taking out a loan is another option you could consider. You can turn to banks or credit unions to get some extra cash. This method is usually used for taking out large sums of money, say if you’re going to buy a car or start a business. It’s important to understand the terms and conditions of a loan before taking out, such as the interest rate and the repayment schedule. If it doesn’t suit you or you can’t afford it, leave it alone. You could end up in serious debt if you fail to repay.
Sometimes, bail bonds can be a great financial back up. If you or a loved one have been arrested, bail bonds can be used to release you from jail until your trial. They are provided by bail bond agents who will pay a percentage of the bail amount. In return, the bail bondsman ensures the court that you will turn up to your court date, or the full amount will be paid by them. So, if you or someone you know is in a situation like this, it can be a great way of ensuring freedom until the trial.
If you need to be in employment as soon as possible, then turning to temporary work agencies might be the solution for you. Agencies like these put you into temporary work positions, which could be anything from administrative work to labor-intensive jobs. The great thing about temporary work is that you’re quickly in a position and sometimes, these roles can turn into permanent positions. So, if the job search isn’t going well, consider signing up with a temporary work agency.
Surveys and studies
If you can’t get out and about to work, perhaps because of a medical condition or other commitments, then doing online surveys and studies is another practical way of making some extra money. Websites like Swagbucks or Survey Junkie pay you for taking part in surveys and studies. These are created to help businesses promote their items and also find out who their target audience really is. The money for each survey you take usually isn’t very high, but added together you could make some extra income on a daily basis. Remember that these sites usually require you to make a certain amount before withdrawal so unless you’re dedicated, it might not be worth your time.
Renting out property
If you own a property you’re not using, or maybe even have an extra room in your home, you can earn some money by renting it out. You can either use platforms like Airbnb to rent it out temporarily throughout the year, or you could rent it out to tenants for a regular stream of income. Doing this could potentially earn you some serious money if you live in a high demand area. Doing this successfully will mean you look after your property well and make sure that guests/tenants are happy with their home.
Teaching is another avenue you could consider. If you have expertise in a particular area, then passing that knowledge on can be a great way to make some more money. And, thanks to today’s technology, that doesn’t necessarily mean in the classroom either because you can teach using online sessions. Subjects like English, Math and Science are often high in demand, so why not give it a go?
Asking family and friends
Finally, while it might not be something you want to do, if you really need money then another option would be to turn to family members and friends. Loaning money from people you care about can be tricky, but if you’re really stuck, be open and honest with them and ask for a loan. The great thing about it is that you can avoid interest rates and as long as you’re honest at all times, you can pay back when you can afford it.