There are plenty of reasons most of us could use a little extra cash, but figuring out a way to get it is a completely different story. If you’re reading this article you already know what your financial needs are and you simply want to know one simple thing: how can I bring in the extra money I need without sacrificing my quality of life? And to that end, we’ve gathered together 5 of our favorite tips for making extra money in the modern economy.
Finding some part-time work on the side is the most obvious and dependable way of putting extra cash in your wallet. But it has just as obvious a downside: you’ll have to work twice as hard as you are now, and unfortunately, there simply isn’t a way of getting around that. There a variety of part-time jobs you can get find, and depending on your situation some will fit you better than others. Look for a job that you enjoy that also offers you the flexibility you need.
If you don’t have the time to devote to a second job, another option is to work a side hustle. A side hustle is a form of income that can be derived from freelance work to residual checks from a book you’ve authored. Basically, any way you can make a few extra bucks in your spare time constitutes a side hustle, which means the possibilities really are almost endless.
Some popular side gigs include pet sitting, tutoring, freelancing, or blogging. Identify what skills you have to offer that others are willing to pay for and find the best place to market those talents: Fiverr is a good option for freelancing, Wyzant connects tutors with students, and tapping friends and family is a great way to get your foot in the door for a house sitting service.
More than just a short-term way of fattening your wallet, a cash advance from a credit card or an installment loan can give you the extra cash you need to help your financial situation moving forward. Is there an investment you know will pay off, but you don’t have the cash to take advantage of it? Are you in school and don’t have the funds to cover your tuition? Do you need to cover pressing expenses between paychecks?
If you’re reading this article, you probably have a job and receive a tax refund from the government each year. To make sure you get all the money you are owed means filling your tax forms out properly and not accidentally making a mistake that delays your return or even gets you audited.
Luckily, you don’t need to hire an accountant to make sure you get back all the money you’ve got coming. Simple online programs like Turbotax will walk you through every step of the filing process and automatically check for all deductions that you qualify for. Just be sure not to wait until the last minute to do your taxes and have to rush through the process.
While all of the above ways have focused on how to add money to your wallet, this is one that’ll keep it from deflating each month. If you’re the type of person who enjoys organizing, then budgeting is something that will naturally appeal to you. Even if you’re not, don’t worry, because in today’s era of online convenience there are a multitude of handy apps out there that will automate the process for you.
Either way, use a simple budget to identify areas where you’re spending too much, places where you can cut back, and set expenses that you can’t trim. Believe it or not, effective budgeting could be the simple solution to freeing up the extra cash you need without having to take on more work.