If you’ve been following moneysmartmillennials.com for a while or you’ve read Money-Smart Millennials: How to Be Financially Stable in Your Twenties and Early Thirties, you’ve realized that I am a huge proponent of entrepreneurship. It is in my opinion, one of the surest ways to be in control of your finances. Yes, it takes hard work and yes patience and endurance may be required, but in the long run it is so rewarding.
I am also aware that on the way to financial stability, there are times when we need extra cash. The job doesn’t cut it and even when it does, some extra for fun wouldn’t hurt. Whether it is a new fun toy, a vacation, some tools for the garage or for gardening or some extra cash for rainy days, it is nice to have it.
The first step is to write a strict budget that allows you to understand your money patterns, the ins and the outs. You’ll need to know exactly how much you’re making; how much is spent and how much is saved or not saved. In some cases, you’ll realize that you do make enough money and all you need is some discipline. But what happens when you’re trying to write a budget and the numbers just don’t add up? You’ve calculated the costs, stripped your budget back to the bone, and it’s still going to take you a while to save a certain amount or buy what you need (want).
You’ve got two options here, you can either accept it and just stick to your savings plan or you can find ways to supplement your income. If you choose the latter, these are some creative, unconventional ways to earn extra money.
Website testing is a simple way to earn a little bit of extra money in your spare time. There are plenty of sites that will pay you to test websites for businesses and they pay well. They’ll pay you somewhere between $10 and $20 per test and they can take anywhere from 15 minutes up to an hour. Most of the time, you download an app on your computer that will record your screen as you use the site. Then you’ll be given certain tasks to complete and you simply have to follow the instructions and then comment on how easy the site is to navigate and whether there is anything that could benefit from some improvement. It’s easy to do at home in the evenings and all of that extra money can go straight into savings. The work isn’t always that regular but if you sign up to a few different sites, you can boost your savings quite a bit.
If you’ve got a car and a driving license, you could consider becoming an Uber driver. It’s a great way to earn extra money in the evenings and it’s completely flexible so you can get out and do a few pickups when you’ve got the time and put the money straight into your savings account. The registration process is fairly simple, you just need to prove that you’re legally allowed to drive and that your car is safe. Once you’re certified, you can start taking on work right away. If you are going to drive for Uber, it’s important that you remember to get Uber insurance to cover you in the event of an accident. So many people make the mistake of thinking that they’re covered by their normal insurance. It is a possibility but usually, they aren’t. As soon as you start using your car to earn money, your normal insurance may not apply, so you’ll need specific insurance.
Rent Out Your Parking Space
If you don’t drive but you’ve got a parking space at your place, you could use that to make money as well, especially if you live in an area where parking is difficult. There are some great sites like CurbFlip where you simply upload a photo of the space and the location and they will advertise it to drivers. Often, you’ll get people that work nearby but struggle to find parking and they will rent it out from you. You don’t earn loads but if you find somebody that parks there 5 days a week while they’re at work, it’s a good way to get a regular increase to your savings.
Yes, these are very unconventional, and they probably will not boost your savings by thousands of dollars. Nonetheless, for a nice dinner every once in a while, they could be of great help.