Running low on funds is an unfortunate problem that happens to almost everyone at some point. Panicking may be unnecessary because there are ways to generate a little extra money. Someone who knows how to run a “side hustle” might find those extra dollars may reduce financial stress.
#1 – Part-Time Jobs and Tips
A part-time job that only involves four or six hours per week could help generate some extra income. However, waiting two weeks or a month for the first paycheck may be challenging. One way around that minor problem involves looking for a part-time job that pays tips. With cash tips, a worker goes home every night with a little extra cash in their pocket. That extra money to cover some expenses until the actual paycheck arrives.
Mastering customer service could help someone rely on tips. Those willing to go the proverbial extra mile for customers may receive cash rewards.
#2 – Explore Options in the Gig Economy
Jumping into the tech world’s gig economy shares similarities with finding a part-time job, but gig work often comes with added benefits. For one, they are faster to access thanks to a streamlined hiring process that mainly relies on background checks.
Gig economy jobs generally involve downloading and installing an app onto a smartphone and applying through the program. Rideshare and food delivery jobs are more popular gig economy options for those interested in hustling for extra money. Gig workers won’t usually find themselves locked into minimum weekly work requirements and may access opportunities 24/7. The flexibility could open doors to maximizing extra income.
#3 – Start Selling Assets
Selling assets stands as a simple way to make extra money. Thanks to online auction sites and retail hubs, people may clean out their homes of old, unwanted items. Selling several old books and unwanted clothing may bring a few dollars into the budget.
Other items could sell for more money, such as jewelry. Numerous “We Buy Gold” services could be willing to pay the market price on precious metals and collectibles. Would-be sellers should check to see if now is the right time to get a reasonable price on old gold.
For those looking to liquidate costly assets or make significant changes in their life, selling a home might be the right option. For example, searching online for a service proclaiming, “We buy houses in San Antonio,” could allow a property owner to unload real estate and receive an acceptable sale price.
#4 – Online Freelance WFH Jobs
Work-from-home (WFH) freelancing is nothing new, as such opportunities started appearing during the early days of the Internet’s growth. Available options range from data entry to contact creation to transcription and more. Some might even take advantage of filling out surveys and other available opportunities.
#5 – Make Money from a Hobby
Earning money from a hobby is another option. Not everyone realizes they may access the earning potential of things they enjoy doing for fun. For example, someone who dedicates much of their time to fitness could explore personal training and other related jobs.
Musicians could play at local events on weekends. Painters could sell custom portraits. Some may even post about their hobbies on social media and monetize the contact. Hobbyists may discover the ability to earn extra money is more significant than they assumed.
#6 – Saving Your Money
Cutting expenses is a way to increase net worth and liquid capital. In other words, anything a person saves becomes extra cash that otherwise would’ve gone to unnecessary purchases.
Over a person’s lifetime, cutting back on unnecessary expenses may add up to a significant amount of money. Imagine how much someone’s net worth becomes when saved funds go towards long-term safe investments.
And who says the process must entirely be a long-term one? Someone who wastes six dollars a day purchasing coffee and donuts for breakfast at a convenience store spends $180 a month. Buying three dollars worth of oatmeal each week and $20 worth of coffee mix at the supermarket may result in more money available in a savings account.
No one likes to be short on funds, but it happens. Exploring ways to make money when in a bind could present a solution. Sometimes, combining different plans may maximize earnings.