Ready to make more money this year? Earning extra cash doesn’t have to be a chore, as long as you’ve got a plan and the right resources.
Whether you’re looking to pay off a debt faster, save more for retirement or plan for a nice vacation later in the year, boosting your income could be the solution. Fortunately, there are plenty of ways to do so without switching jobs or significantly changing your lifestyle.
If you’ve got an evening or weekend to spare, you can try these creative ways to make a few extra bucks.
1. Rent a room or home to travelers through sites like Airbnb.com and VRBO.com
Do you like meeting new people? Do you have a flexible work schedule? If so, you might want to think about renting out a room or even renting your whole home. But this method of making more money won’t work if you’re particular about the upkeep in your home, don’t adapt easily to new people and situations, or get anxious having strangers nearby.
Tips for maximizing profits: Investing in rental property is a great way to make more money, but being a landlord isn’t for everyone. Renting out extra space through sites like AIRBNB or VRBO gives you an opportunity to try this experience out without risking too much money. To keep your operating costs low, consider handling the cleaning and check-in process yourself. Look at other properties for rent in your neighborhood to get an idea of what your spare bedrooms are worth. A spare room that’s nicely decorated, for example, could bring in more money than a room with only a futon and side table.
Additionally, before you rent a room to a potential guest, check his or her reviews from past visits to be sure the person is rent-worthy. If they’ve left many bad reviews of other properties, the problem could be with the person, not the properties. Be sure to read up on the insurance coverage and policies of the company you choose to work with so you know your rights.
You should also check your area’s landlord-tenant laws before deciding to go this route because every municipality’s laws about rental properties are different. Your local government’s website should have the information you need.
2. Provide services through sites like Elance, Taskrabbit or Amazon’s Mechanical Turk
This type of work is best for people who can fit in small amounts of work throughout their days and evenings or who have work skills that are in demand online, such as writing, marketing, web development or coding.
Tips for maximizing profits: Setting a price for your work is difficult, especially if this is your first experience with a side hustle. Research what other people with your skills earn and use that information to set a fair price. Although you might get more jobs if you’re cheaper than your competition, you may not make enough money for it to be worth your time. If you don’t have marketing or coding skills, Taskrabbit and similar “gig economy” side jobs give you a chance to earn more by driving for others in your area or completing simple tasks like assembling furniture. With a few spare hours each week, you could be making extra money with the skills and tools you already have.
3. Hold a garage sale
Garage sales are often a great way to make more money, whether you hold them for yourself or organize a larger neighborhood garage sale. It’s easy enough to manage the cash transactions alone but lugging the items out and back inside at the end of the day is another story, so you may want to organize a few extra pair of hands to help out.
Tips for maximizing profits: Start your sale on a Friday morning and continue it on Saturday. The earlier you can get your sale started, the better chance you’ll have of catching those shoppers looking to be first in line for deals. Do your research on the value of certain items well before the sale so you know what to charge. It could help you avoid over-pricing and turning buyers away – or under-pricing valuable pieces and missing out.
4. Sell items online through sites like Craigslist and eBay
Do you like to shop online? A lot of other folks do as well. If you’ve got things to sell, creating a shop on eBay or selling through Craigslist might help raise some extra cash.
Tips for maximizing profits: Plenty of people earn money through these sites by finding valuable items at garage sales or thrift stores and flipping them for profit, but if you already have inventory – whether inherited from a relative or accumulated over the years – the hardest part is pricing these items and prepping them for sale. Keep notes over time about what sells best and tweak your offerings to increase your profits.
Making more money doesn’t have to be exhausting. Find something you enjoy and look for ways to make it work for you. Whether it’s refurbishing old furniture or simply writing copy for a website, there are plenty of ways to make extra cash. Be sure you have a goal and a plan for this extra money so that you stay motivated and use these funds to improve your overall finances.