No matter how hard you try, you can only save so much by cutting back your expenses. While living a frugal lifestyle will go a long way to help boost your savings rate, there is another option that could result in a drastic increase in your savings rate.Side hustles such as selling physical products, providing services in your community, and renting out your stuff are just a few of the ways you can earn the extra cash you need now.
Side Hustle Ideas For Making Extra Cash
You see, there's no limit to the amount of income you can earn. While you may be limited to earning a certain amount at your day job, starting a side hustle could earn you a few hundred dollars per month in addition to your salary.
If your side hustle turns into a full-blown business, your business could eventually earn you many times the income you earn from your day job.
Here are some ideas for side hustles that can help you increase your income and put you that much closer to your financial goals.
Related: How To Calculate Your Savings Rate
1. Selling Or Reselling Physical Items
One great way to earn some extra cash is by selling or reselling physical items. For instance, you could sell the sports equipment or electronic items you've got lying around your house.
Or, you could use a gift you have for creating and sell something like custom furniture. Selling physical items can be quite profitable if you know what you’re doing.
You’ll want to focus on selling popular items that have a high-profit margin to get the biggest bang for your buck. If what you sell is small, you might be able to sell your physical products on websites like eBay, Etsy or even through Amazon.
If your items are larger, you’ll probably want to sell locally to avoid shipping costs. This is especially true if you want to flip or refinish furniture. You could even flip cars if you’re great at assessing the mechanical condition of a car or can fix it yourself. Just make sure you abide by any dealer laws in your state. Websites like Craigslist and Facebook marketplace can help connect you with potential buyers.
You can try your hand at retail arbitrage if you want to take selling things to the next level. Essentially, retail arbitrage means you buy items locally at a low price then sell the items online at a higher price.
Some examples of great retail arbitrage items include:
- Clothing, shoes, and accessories
- Kitchen and home items
- Sports equipment
- Electronic items
Some of the best places to find items for retail arbitrage include garage sales or clearance shelves at big box stores. The key is knowing your market so you can pounce when you find a good deal.
Bonus tip: Would you rather sell stuff without having to deal with inventory? Why not sell an eCourse? How about writing an eBook? Or design t-shirts and sell them on Redbubble? Or, maybe you'd rather create and sell downloadable, printable wall art on Etsy.
2. Provide Services To Your Local Community
Selling products isn’t for everyone. Luckily, there are plenty of services you could provide your local community to earn a bit of extra cash. Here’s a great list of ideas to get your creative juices flowing.
Do you have a skill for taking great pictures? Consider advertising your services for graduation pictures, wedding pictures or family photos.
People everywhere hire disc jockeys for weddings, bar mitzvahs, and other celebrations. If you've got a gift for entertaining people, this could be the side hustle for you. In today's world, you don't need to cart CDs around to be a DJ. You can use streaming services like Spotify for an endless music library.
Do you have a gift for throwing a great party? Why not take that gift and start working as an event planner in your area?
If you have a love for cooking, baking, and feeding people, you could start a catering business. You can specialize in the type of food you do best, and provide meals or snacks for events, office meetings and more.
Are you detail-oriented? Do you know a thing or two about houses? How about starting a business as a home inspector? You can typically complete training in less than a month, and solicit local real estate offices for business.
Some other ideas include:
- Fitness or nutrition coaching
- Painting parties
- Pet sitting or dog walking
- Mobile notary
You can create a website to advertise your services in detail and use local Facebook groups. Or use word of mouth and let people know what you're offering. Just make sure you’re following any state and local laws that may apply to the service you provide.
3. Use Assets To Generate Income
If you have certain assets, you may be able to use them to earn extra money through a side hustle. In particular, you could become a landlord and rent out properties on a long-term basis. Or you could try house hacking to make some extra cash.
If you live in a tourism destination, you could rent out your property (or a room in your house) on a short-term basis through a site such as Airbnb.
If you have a car, you could rent your car out a site like Turo or drive for a service like Uber or Lyft. What if you don’t feel like driving people around? How about delivering food through companies such as UberEats or DoorDash, or delivering groceries through Instacart or Postmates.
Think of ways you can use the assets you already own to start generating some additional income. Have an RV you aren’t always using? You could probably rent it out through a site like Outdoorsy.
4. Earn Money Online
Earning money online is totally possible. One option for earning money online is to start a blog or start a YouTube channel. However, it's important to realize these types of online income take time to build up.
If you want a more immediate stream of income, consider providing a service. You could make money freelance writing, editing, or offering website or graphic development services. You can find jobs on sites like Upwork. Or, you could make money by teaching English as a second language through VIPKid.
Another option is to make money through stock photography. Sites like iStockphoto let you upload photos for commercial use. When someone buys the rights to use your photo, iStockphoto gives you a commission.
You could develop specialized skills and become a virtual assistant. Virtual assistants help people with a variety of tasks to make life easier. As a virtual assistant, you might help a blog owner manage his or her blog site. Or you might help a company manage their social media accounts.
Another idea is to become a website tester for a company like UserTesting. As a website tester, you perform short tests on websites and report your results. The goal is to help companies see where their websites might need improvement.
If you already have the expertise you could use to answer questions for others, such as being a lawyer or accountant, you may want to consider answering questions for money on sites like JustAnswer.
Making money online isn’t always intuitive or easy, but there are plenty of ways to make a ton of money if you learn the industry and put your mind to it.
5. Care For Others
Caring for others can be a great way to earn some extra cash on your own terms. If you have little ones, babysitting is a great way to make money while still spending a lot of time with your kids. If you aren't up for a full-time babysitting position before and after school care is often needed for school-aged kids. Letting your friends know you are up for babysitting for date nights is also a way to bring in some extra cash without a ton of commitment.
If kids aren't your thing, you can provide services for the elderly. And it doesn't have to be medical assistance either, although it can be. Elderly people often need rides, help around the house, or even just someone to check in on them and visit for a while.
You could also care for pets if that's more your speed. Dog sitting and walking services are an often-used service for those who work full time, or travel frequently. You can care for pets in your home or theirs.
6. Get Part-Time Work
Side hustling doesn’t have to be about starting your own business. You could easily make some extra cash by picking up a part-time job in the evenings or on the weekends.
One great thing about part-time jobs is that there is a variety of them available to accommodate nearly any schedule. For instance, if you’re available to work during the day, you could consider being a substitute teacher. Here are some other ideas for working part-time near you:
- Work as a server at a local restaurant
- Get a job as a cashier or stock person at a retail store
- Deliver pizzas
- Work at night cleaning offices
- Clean houses during the day
- Work as a brand ambassador on weekends
All of these jobs typically have a variety of positions available in most larger towns and cities. Visit businesses near you for more information, or check Craiglist's part-time job section. Online job sites such as Indeed often advertise part-time jobs too.
Side hustling is awesome because there are endless options to pick from and your income is technically unlimited. You can use this money to send your savings rate to the stratosphere so you can retire even earlier. You may even find something you love doing that pays extremely well in the process.
In the worst-case scenario, you might try out a side hustle and decide you don’t like it. If you don’t like it, you can try something else. That’s the great thing about side hustling: there are hundreds of side hustles ideas to choose from.
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