How can I earn extra money?
Earning extra money in your spare time has numerous benefits. The obvious reason to do this is to have extra cash to pay off debt or build up savings. Other benefits include the opportunity to earn money doing something you love and staying busy to avoid wasting your money. So how do you go about starting to earn extra money?
Earn more at your current job
The best place to start with earning extra money is to find a way to earn more at your current job. Ask for a raise. Request overtime hours. Look for new positions within the company that allow you to earn more. Maximize your earning potential at your place of business.
Apply for a part-time job
The quickest way for most people to begin earning extra money is to take on a second job in addition to their main source of income. If your goal for earning extra money is to increase your cash flow, then a part-time job is a great option. You will immediately begin earning more money and you won't have the time to spend it so it's simple to save up a target amount with a part time job.
Leading options for part-time jobs include:
- Seasonal positions. Holiday staffing and local special events can bring in money in a short period of time without requiring any long-term commitment.
- Cash-based jobs. Customer-contact positions such as waiting tables and bartending allow you to earn
cash quickly through tips.
- Service-oriented part-time jobs. Apply for a job cleaning houses, walking dogs or doing part-time landscaping.
- Night jobs. Security jobs and overnight work in hospitals and group homes are options to consider if you already have a full-time day job.
Start working from home
Many people abhor the idea of having to take a second job where yet another boss directs their time. If you're one of these people, then you may prefer to start earning extra money from home. This requires a lot of hard work and doesn't result in quick profits. However, it can be a great long-term solution for earning extra income over time. Additionally, it can be a way to turn your hobbies into profits .
Leading options for working from home include:
- Freelance work. Writing, web design, digital photography and consulting are all jobs that can be done from home as a freelancer.
- Arts and crafts. Make items and sell them through eBay, Etsy and your own website to earn extra income.
- Launch a service-based business. Start an in-home daycare or a catering business and market yourself to local customers.
Make your extra money work for you
Put your extra earnings in a high-interest savings account so it works harder for you. Earn extra income using the savings that you have already accrued. For long term savings, look online for the best CD rates. Consider earning interest as a lender via a social lending site such as Lending Club. Use rewards checking accounts. Invest wisely. Be smart with your savings.
How have you successfully earned extra money? Share your experiences in the comments!