In this economy, making money online or part-time is an
attractive proposition. It may seem intimidating at first, but don't
worry -- you needn't be a design maven, crochet whiz or computer savant
to earn a little extra on the side. Here are a few ways to turn what you
currently have (stuff, skills, un-skills) into a little extra cash.
Plug your money leaks
emember that while
cutting back on expenses definitely helps your budget, the easiest way
to save money is to make more. Still, we'll start off with some easy
tips to stop bleeding money where it doesn't actually help much.
1. Refinance your mortgage
Interest rates
are at an all time low, and many families are considering refinancing
their home to save on monthly mortgage payments. Determine whether or
not refinancing will save you money in the long term by following
this guide.
2. Switch providers
Don't assume that your
cable, phone and Internet bills are locked into a slow but inexorable
climb. Taking the first provider that comes along is a great way to
waste money that can be saved elsewhere. Once you reach the terms of
your contract, get on the phone or in an office and negotiate your bill
down - or at least get a few perks thrown in for free.
3. Get rid of cable
Cable can rack up a
hefty bill over a year, especially when you keep pay-per-view, premium
channel, and miscellaneous costs in mind. Opt for online providers like or
Hulu Plus that let you stream shows directly onto your computer, mobile device, or TV.
Pro tip: Switch between 30-day trial periods of Netflix, Hulu Plus and
Amazon Prime to get a full season of free watching.
4. Use credit cards with the best rewards
The
best parts about credit cards are the perks and rewards that come with
them. By using a card with shoddy rewards or cash back, you are doing
yourself and your budget a disservice. Find a credit card that rewards
wherever you spend the most, whether that's travel, gas, groceries, or
(ohmigod) shoes -- the
NerdWallet credit card tool makes personalized recommendations based on your own spending habits.
Pro tip: Use the calculator button to further customize your recommendation.
5. Invest wisely
You're never too young to
start investing -- in fact, the time to have an aggressive (high risk,
high reward) profile is when you're younger, and you don't plan to use
the money for a couple decades. But there's no reason to pay top dollar
for actively managed mutual funds. Despite the prestige and high fees,
active funds outperform the market
only 24% of the time.
You're much better with an index fund, which has much lower fees and
will probably get you a better return for your money. Stop paying to
lose money!
6. Pay off your debt
You know how I just
told you to invest? Paying off high-interest debt is the best investment
you can make. It's virtually impossible to get a guaranteed 12% return
on your investments -- unless you're getting rid of credit card debt.
Get in the black first before you start looking for babies that talk
about stocks. Check out our in-depth article on getting rid of debt for
guidelines and ways to lower the interest on your debts.
7. Improve your credit score
This one is a no-brainer. There are multiple sites that let you check your credit score
for free. After finding out where you stand, work on
improving your score and contact your credit card, personal loan or other issuer to negotiate a lower interest rate.
8. Maximize your tax returns
A great way to
boost your income part time happens during a particular part of the
year. Take advantage of tax loopholes and exceptions to
maximize your long-anticipated tax refund check.
9. Use rewards malls and cashback websites
Little-known
fact: You can earn cash back for the money you spend online anyway,
just by clicking through another website first. Your credit card
probably has a rewards mall that offers 5% back or more on everything
from Expedia to Macy's to Zales, and even if it doesn't, you can use
straight-up cash-back sites like eBates or Upromise to get an automatic
discount on online purchases.
10. Take advantage of rebates and coupons
Often,
stores will advertise that they'll beat the lowest price offered by any
other competitor. Many credit cards also give price match guarantees,
paying the difference if the price drops below a certain amount after
you've made the purchase. Check your card's fine print for details.
Also, use
coupon comparison tools to score quick deals without scouring the Internet or pawing through your neighbors' mail.
11. Consider a flexible savings account (FSA)
Your
employer may offer an FSA, which allows you to cover medical expenses
not paid by insurance tax-free. This can be anything from out-of-pocket
costs to prescriptions to
dependent coverage.
Because it's tax-advantaged, you'll save up to 30% on medical expenses.
Keep in mind, though, that you lose any funds you don't spend at the
end of the year, so you need to know your budget well. If you have a
high-deductible insurance plan, you can also contribute to a health
savings account (HSA), which doesn't lose money at year-end.
Turn money into more money
You can set policies in place to grow your existing money further.
Someone pretty smart once
said that compounding is the greatest force in the universe. Keep in
mind that both of the following techniques compound, meaning that taking
action now will yield even larger benefits in the future.
12. Max out your IRA and 401(k)
Max out
your 401(k) and IRA contributions every year -- not only will you
receive a tax benefit, but given the low interest-rate environment,
you're much better putting your money in the markets than sticking it
into a savings account that doesn't beat inflation. A 22-year-old who
invests $5,000 in an IRA and never invests again will enjoy $137,000 at
retirement, compared to just $101,000 if she invested in a regular
savings account.
It doesn't matter how old you are -- unless you're paying off debt, the time to start saving for retirement is now.
13. Ask for a raise
Like we said, saving money is all well and good, but making more money is
even better.
Try negotiating for a raise -- even in a tough job economy, sitting
down at the bargaining table with politeness, confidence and respect for
yourself and the organization can have its benefits. Here's a great
flow chart scripting a possible conversation -- preparation is key.
Pro tip: Catch your boss when she's in a good mood, but
don't let her know you know she's in a good mood.
Mo' money, less clutter
Okay, let's be
honest. Chances are, you have too much stuff. If you can identify
high-value items and present them well, you can have a cleaner, more
simple living space as well as money to spend on what you really want.
14. Have a garage sale
Wipe off the dust,
clear out the storage closet, and set up a garage sale. Put some effort
into presentation: Items lovingly arrayed on a plastic tablecloth will
sell better than those chucked into a cardboard box. If you don't have
enough clutter to warrant a garage sale on your own, rope a few other
neighbors into a neighborhood-wide sale.
15. Value your antiques and collectibles
Dig
into storage, sell off what is valuable and throw away the rest. Before
you sell indiscriminately, get your collectibles, antiques, and
heirlooms appraised. You may be selling rare valuable items at
underpriced rates otherwise. After you've consulted with an expert, do a
gut check by looking at eBay and similar websites to see if the price
is reasonable.
16. Free and flea market flipping
Browse
the "free" section on Craigslist or your local flea market for
interesting items. Add your own special touches, restore the items, and
resell for a profit. Buy interesting items both online and at your local
flea market and restore them and resell for a profit. Flea Market Flips
offers some
great ideas for trash-to-treasure projects.
17. Sell your old mobile phone
Given the
rate at which we churn through cell phones these days, you probably have
an old cell phone lying around. Amazon offers gift cards for fully
functional iPhones, while specialty sites like
Gazelle and
Swappa specialize in cash for cell phones.
18. Turn in printer cartridges
Many
office supply stores, from Staples to Office Depot, will offer credits
for empty printer cartridges. Not only is it good for your wallet, but
it's good for the environment.
Take part in the share economy
If you have
an extra anything, chances are there's someone who'd like to borrow it
from you. As the so-called "share economy" grows, you have an increasing
opportunity to get cash for your idling machines and empty space.
19. Rent out an underused parking spot
Parking
spots can be a hot commodity, particularly in crowded cities. If you
happen to be holding on to a coveted spot that you do not use all the
time, put it up for rent on Craigslist. If your landlord or building
offers you parking at a discount rate, consider seeing whether you can
rent it out for a higher price -- assuming you're allowed to do so, of
course.
20. Rent out a spare bedroom
If that extra
guest bedroom in your midtown Manhattan walk-up is left unused, consider
renting it out on Airbnb.com or other vacation rental sites. Make sure
that everything is kosher with your rental agreement beforehand.
Pro tip: Even if you don't have a spare bedroom, chances are there's a
college kid willing to pay for four walls, a door, an air mattress, a
shower and more privacy than a hostel affords.
21. Rent out your car
Don't need your car on the weekend or during the day? Going on a trip? Services like
Getaround and
RelayRides let you rent out your car by the hour, while
FlightCar arranges for an incoming traveler to rent your car rather than you having to pay for airport parking and letting it sit idle.
Turn talent into a paycheck
22. Crafty? Crochet away!
Have a penchant
for crocheting, jewelry-making or embroidery? Sell your goods on
Etsy.com. Etsy is the go-to site for artisans and simply impassioned
folk selling home goods, paintings, and knickknacks.
Pro tip: Offer to make personalized products -- not only does it
establish an emotional connection with the customer, but it often brings
in more income.
23. Become a freelance writer
Sites like
eHow and Livestrong will pay by the article for content on anything from
business to tech to how to fart. While they say you'll need
"professional experience" or a degree or certification, honestly,
there's not much you'll be asked to write that a quick tour of Google
can't make you an expert on.
24. Take up a skilled freelance gig
Websites
like TaskRabbit, Odesk, and Craigslist offer opportunities to avid
freelancers to pick up programming, design, and marketing jobs on the
side. Working on a per-project basis lets your balance your side job
with your current one. Sites like
Freelancer.com can also offer a leg up.
25. Small-scale catering
Fancy yourself to
be the next Iron Chef? Take those skills to the marketplace by setting
up your own catering business that you can run out of your own kitchen
on the weekend. Cook for dinners, birthday parties and friends' events;
or just bake a bunch of cookies and stand outside the nearest bar at 2
a.m.
Heads up: Be careful to comply with
food safety laws.
26. Become an online travel agent
Have a
knack for finding the best deals on Expedia? Hawk your services as a
low-cost alternative to full service travel agencies. You can earn a
pretty commission by doing what you love.
27. Bartend
The great thing about nightlife
is that it doesn't conflict with day life. Pick up late-night or
weekend shifts to earn some extra income without sacrificing hours at
your current job or studies.
28. Tutor
If you were an SAT whiz, there is
a huge market for competitive parents and children looking for private
tutors. Join a large company like Kaplan or Princeton Review, or tutor
at your own schedule by
going private.
29. Affiliate marketing
Do you write emails
to your friends and family that actually get read? Are you blessed with
a silver tongue, razor wit or keen eye for society? Write it up. Join
an affiliate network (
Amazon has a good one) to earn money whenever someone buys the product by going through your website or blog.
Turn lack of talent into a paycheck
You
don't need to be a master craftsman, mixologist or Iron Chef to earn
supplementary income. Here are some income boosters that don't require
specialized skills.
30. Get paid to be a reviewer
Although you
may fancy your Yelp Elite status, all those reviews really did not pay
for much but a fancy badge and a few exclusive invites. Take your review
skills to the marketplace and earn $1-$50 per review, depending on
quality and technical knowledge required.
31. Sell your photos
Stock photo websites
like iStockPhoto purchase images from everyday people. Even if you
aren't Ansel Adams, the most commonly requested (and often overlooked)
photos often include everyday images like stop signs, coffee cups and
other everyday objects.
32. Resell food
True story: In college,
Zappos founder Tony Hseih bought pizza from a parlor down the road and
resold it at a profit in his college dorm room. His friend Alfred Lin
would always buy two pizzas a night -- Hseih assumed he was just hungry.
Turns out Lin was actually taking the pizzas upstairs and selling them
at a slice for an even tidier profit. He later went on to become the
Zappos COO.
Anyway, long story short, you can probably find lazy, hungry college
kids and young adults outside of bars and in parks. They will happily
buy pizza, beer and water by the unit and pay handsomely for the
convenience.
Heads up: This is not exactly FDA-approved.
33. Referrals
Services as diverse as your
cable company to your orthodontist will pay a nice little gift for both
referrer and referred. Small businesses and companies just getting off
the ground are often the most likely to give referral bonuses.
Pro tip: Your employer might well give referral bonuses, too, so
scour your personal networks to see if you know a good fit for open
positions.
34. Survey websites
Although those posters
on the side of the road may overshoot how much you can potentially make
by simply answering surveys online, generating a side income from online
surveys is still possible and profitable.
35. You must be good at babysitting
Get yourself registered on a reliable
sitter search website and get to work. Babysitters can make great pay and get some benefits like free Wi-Fi thrown in as well.
36. You aren't? Are you good at petsitting?
Most
pet owners actually cannot afford a luxury weekend for their pet at the
kennel. Price your rates competitively during your stint as a pet
sitter and make sure your place allows for multiple pets. Many sites,
such as Care.com, offer job boards for pet sitters and those looking for
animal care.
37. Really? Still? Okay, how about house-sitting?
Even if you hate kids and animals, you can look for house-sitting gigs through personal referrals, Craigslist, or websites like
Mind My House.
Pro tip: Double up the income by renting our your own domicile while house-sitting.
38. Participate in clinical research
Hospitals and academic medical centers live, breathe, and thrive on clinical trials. Most participants are paid a
good amount of money for
their dedication to research and the trial. Do not overload on this
option, as being enrolled in too many trials with conflicting
pharmaceutical regiments may lead to skewed results and a medically
unhappy you.
39. Engage in market research
Market research is the bread and butter of advertisement agencies. Many large ad agencies will conduct
large focus groups to better tailor their strategies. Contact a local or large market research firm and secure your spot in a future group.
40. Become a tour guide
If you happen to
know a bit more history concerning the old town square than the average
citizen (or if you can just Wikipedia it), consider running your own
personal tour guide business. Walking tours are en vogue, and you can
advertise your services on TripAdvisor for tourists looking for an
insider's perspective.
41. Find seasonal work
Snow shoveling,
amusement park work, holiday staffing and lifeguarding are all seasonal
work options that are low commitment and can be done sparingly according
to your schedule. You want flexibility, employers want flexibility --
it works.
42. Become a part-time care taker
With the
baby boomer generation retiring, many older folk in your community will
require the services of a caretaker to help them around the house and
with chores. Make a side income at a job that helps you contribute to
your local community.
43. Host a foreign exchange student
Hosting
an exchange student can be a source of cultural, as well as material,
enrichment. Check out the number of hosting sites online, or contact
your local high school or college for international student programs.
44. Data entry
Pick up administrative and
data entry jobs that can be done by telecommuting, on Craigslist, or at
your college campus's career center.
45. Become an on-site manager or landlord
Earn
a spot to live rent-free while making a side income as an on-site
manager for apartment building owners that live outside of town.
46. Garden
Turn your passion for all things
green into a side business by offering landscaping and gardening
tutorials to fellow flower aficionados.
47. Donate plasma, sperm or blood
These
three precious bodily liquids are always in demand, and you can often
get paid for the service. Be careful, though: Only go with reputable
organizations that won't leave you in an ice-filled bathtub minus a
kidney.
Heads up: The Red Cross recommends waiting 28 days between plasma
donations and 56 between blood donations, and not exceeding 13 plasma
donations a year.
48. Become a mystery shopper
Yes, they
really do exist. Market research firms and companies doing internal
audits often want to see how their stores perform from a customer's
perspective, so
sign up to become their eyes and ears.
49. Micro-task
Services such as
Amazon Mechanical Turk connect
businesses with a cohort of individuals looking to make a little cash
on the side (i.e., you), in order to crowdsource small tasks. You can
walk away with a nice check or gift card for a few hours of work.
50. Join a car service
The taxicab industry used to be limited to a handful of licensed professionals. Now, companies like
Sidecar,
Lyft and
Flightcar allow
anyone with a license to perform the same functions as a taxi driver,
but with greater flexibility, and sometimes better pay.