Photo Credit: Karolina Grabowska/Pexels
The days of working one job and relying on one steady paycheck are likely over. Almost 70% of Americans say they need extra cash to make ends meet. Whether you’re looking to save, pay off debt, or cover a large expense, earning extra money can help you reach your financial goals sooner.
My husband and I bought our first home in 2018. Since then, we’ve had several home maintenance costs arise, such as getting the trees trimmed outside and forking over $1,800 for work on the foundation.
Luckily, there are several ways to bring in extra money. Here are some of my favorite streams of extra income:
Sell Items Online
Start an Etsy Shop
Etsy is a great place to sell handmade creations and décor, but did you know you can also sell digital items? If you know how to create digital downloads such as worksheets, printable quotations, and other graphics, you can sell those in an Etsy shop.
Cash In on Your Skills
Consider leveraging your experience by offering your skills as a freelancer (a contract worker responsible for covering their own taxes and expenses). As a freelancer, you have more flexibility in deciding how much to charge and you choose your clients.
If you like to write, consider getting paid to write articles online. If you’re good at taking photos, offer to take professional portraits and family photos for people. Are you an excellent proofreader? Offer to proofread other people’s content or an author’s book for extra cash. Have you been playing the piano for several years? Offer piano lessons to adults and children for a fee. The list goes on and on.
Another great way to earn extra money is by teaching and tutoring students online. If you like to teach or if you excel in a particular subject, consider getting started with sites like VIPKid, Education First, or Chegg Tutors — all of which offer flexible hours and a competitive rate.
Do you love animals? You could earn money as a pet sitter. People busy with work, school, errands, and traveling often need help with their pets. You don’t need to have a lot of prospects to get started. Consider creating a profile on sites like Rover, Fetch, and Dog Vacay to connect with people in your area who may be interested in hiring you.
The Importance of Diversifying Your Income
Diversifying your income is important if you don’t want to have all your eggs in one basket. If your primary source of income gets reduced or eliminated, you can have secondary income streams to fall back on. Plus, diversifying your streams of income gives you an overall income increase so your budget won’t be as tight as it was before.