7 Great Ways to Make Extra Income
Everyone has dreams, but not many people take action to make the dream a reality.
Your goal may be to start a business, pull money together for a down payment on a better car, or maybe to make a home repair.
It may be a bigger house, or a particular vacation spot.
If you need more money to reach your goal, you may need a side hustle, a part-time job, or another income source. Use these ideas to make extra income and to fund your goal.
If you’ve had a financial setback, this article may help you.
Contents
Most Important: Get Your Financial House in Order
Getting your personal finances in order is the first- and most important step- for finding more available dollars.
Action Steps To Consider
- Create a budget, even if that budget is simply on notebook paper.
- Separate your expenses between fixed and variable, and take a hard look at your variable spending.
- Take steps to cut your variable expenses each month and put the amount you save into a separate savings account.
- Consider using a budgeting app to monitor your spending
- Save 5% of your monthly gross income
If you start implementing these strategies, you can reduce your spending, save money, and fund a special need.
Many freelancers and business owners may have times when cash flow is a problem. Use this site to apply for a loan Find My Rate at Social Finance in order to cash flow your business until you can collect receivables from customers.
#1- Become A Driver
If you have time to pick up extra work and can drive a car, then companies like Uber and Lyft offer a great opportunity to make some quick cash. You’ll need a clean driving record, a relatively new car, and the authorization to work wherever it is that you live.
Driving offers great flexibility, because you can control the number of hours you work, and when you drive. You can increase or decrease your hours (and your income), based on your personal needs.
Use this site to apply for a loan Find My Rate at Social Finance Pay off credit cards or invest in a major purchase
#2- Take Advantage of Promotions, Discounts
Spending less money is another smart way to fund your dream project, so think before you spend.
Before you shop for groceries, household items, or even spending on meals and entertainment, look for promotions and discounts that can save you money.
For example, check with your bank to see if they’re giving away cash bonuses for opening up accounts. Banks often run promotions and can mean you get a quick $50 or $100 when you need it.
#3- Do Market Research
Market research participation is relatively quick money for not a lot of work.
Businesses who are looking for consumers’ opinions on a variety of products and services will put you in a room just to get your opinion, and that’s it. It might involve answering polls or surveys, breaking off in a discussion group or writing or stating your opinion. Either way, it’s something you can rely on it from time to time. Check out Focusgroup.com for more information.
#4- Sell Sell Sell
Amazon is a great place to list and sell old books, games, and devices on its marketplace. You can make more than just a few pennies if you have pricey textbooks from a university. Just make sure that the books are in good condition as you’ll get negative reviews if you attempt to sell books that are falling apart or games that don’t work. Remember, be upfront about any defects, no matter how small they might be and no matter how few people might readily notice it.
#5- Borrow From Yourself
Can you refinance your mortgage? Release cash equity or borrow against annuity? Check with your tax accountant and a financial advisor, so that you understand both the risks and rewards of these strategies.
#6- Do Tasks
TaskRabbit lets you tap into an existing marketplace of people looking for help locally with chores; it could be anything from helping people with their ironing to home renovations or helping them to move house. Amazon is also getting in on the action with Amazon Home Services. The services listed range from minimal repairs to more extensive and more involved tasks that would take considerably more effort.
#7- Get a Small Microloan
You can get a small business loan on Fundera, or Prosper if you’re looking for a very small personal loan. While it will depend on your credit, financial and employment situations, but it is possible to secure up to a few thousand dollars from loans like this.
There are a number of platforms that offer these small microloans, but it can help you out in the short term.
You Can Do It!
Use these ideas to fund that dream project- you can do it!
Ken Boyd
Author: Cost Accounting for Dummies, Accounting All-In-One for Dummies, The CPA Exam for Dummies and 1,001 Accounting Questions for Dummies
(amazon author page) amazon.com/author/kenboyd
(email) ken@stltest.net
(website and blog) https://www.accountingaccidentally.com/