The traditional 9am to 5pm full-time grind is quickly becoming a thing of the past. More and more individuals in the work force, especially those who belong to generation Y and Z, have eschewed the traditional full-time work hours for a mix of part time jobs and “side hustles.”
With the continuing growth of the economy, the ability to supplement your income and make extra cash has become easier than ever. If you want to make extra cash, even if you have a full-time job, you can plan to supplement your income through a variety of channels.
There are plenty of reasons why you might need to make extra cash. Even if you have a solid, full-time job with a great salary and great benefits, there will always be a reason to supplement your income.
Common Reasons To Make Extra Cash
- Unexpected medical bills
- Buying gifts
- Purchasing a new car
- Saving for a vacation
- Planning for retirement
Whatever reason why you want supplement your income, there are a plethora of options at your fingertips to help you make extra cash. Read the tips below to start your journey towards greater financial independence.
One of the most popular ways to supplement your income is to become a driver for a ride sharing company. The best thing about working as a ride sharing driver—in terms of it being a way to make extra cash on the side—is the ability to work as much or as little as you like. Depending on how much you need to supplement your income and how much time you have to do so, you can decide to make hundreds or thousands of dollars a month.
Driving for ride sharing companies to make extra cash is an especially attractive option when you enjoy talking to diverse people and driving. If you do not think you are suited to this type of work environment, there are plenty of other ways you can supplement your income.
Airbnb, like ride sharing apps, is one of the most popular and effective ways to supplement your income. In theory, using Airbnb to help you make extra cash is a straightforward process. If you have an extra unused room or the ability to rent out your apartment/home for long stretches of time, you can turn that unused space into cash. In practice, renting out your home through Airbnb can be a daunting prospect for many people looking to cash in on their extra space.
The first hurdle you must deal with is the legality and contractual commitments associated with your domicile. Many rental/lease agreements do not allow for tenants to turn their homes into an Airbnb. Even if you own your own home, HOAs might have similar rules.
Additionally, sharing your apartment with strangers might be difficult to deal with. Airbnb has good insurance and will assist their users when issues arise, but you still face the risk of accidental damage to your property and belongings. With these risks in mind, if your home is in an area that people are keen to visit, Airbnb can offer a steady source of income that will be sure to make your life easier in the long run.
Freelancing has exploded in popularity in recent years. There are tons of freelancers working from home who earn enough just from that job. Prior to the these easy to use freelance hubs, supplementing your income through freelance work relied heavily on establishing a large network of clients through word of mouth and cold calling.
Luckily, online freelance sites do most of the networking for you. All you have to do is make a profile demonstrating what type of freelancing opportunities you can complete, and your profile will become visible to thousands of businesses and individuals in need of your particular skill set.
Like traditional freelancing jobs, it can be difficult to attract a wide range of clients when you are getting your start. Clients are more likely to hire freelancers with established profiles and references from other clients extolling the quality of your work. However, once your profile is established, you can make a hefty chunk of change on the side—granted, you must have in demand skills.
Loans might not be considered a “side hustle” in the same way freelancing or working for a ride share company is. However, it is certainly an effective way to supplement your income when you need extra cash.
Loans, unlike the other options listed in this article, are best used to supplement your income when you face an unexpected expense that needs to be paid quickly and in full. When you need extra money, there are a variety of loan options to explore. Secured and unsecured personal loans, car title loans, payday loans, and new lines of credit are just some of the loan types that are available.
When choosing a loan, pay attention to the eligibility requirements, terms, and conditions of the different options in order to decide which loan will work best for you. A loan will give you an immediate influx of money that you can use to spend on pressing expenses. You can then use your other supplemental income to pay off the loan quickly in order to avoid high interest rates. Use a business expense tracker to ensure that you you can pay off your loan in a timely manner. That way, you can make more cash and avoid creating a poor financial future for yourself.
Pick The Best Option For You
Because the traditional employment and working structure has shifted over the past few years, the ability to make extra cash on the side has become an easier prospect. With that being said, not every source of supplemental income will necessarily be right for you. With the list above, you can weigh the pros and cons on the different ways to supplement your income and find the option that best fits with your lifestyle.