There are many reasons why people find themselves without financial margin and needing more money. You want to pay down your student loan debt but don’t have the extra money to do so. You want to save for the future, but there is very little left over at the end of the month. Or maybe you’re simply struggling to pay your monthly rent.
Sometimes, the answer to our financial stresses lies on the expense side of the money equation—reduce debt and eliminate unnecessary spending to increase financial margin. But there are also times when there’s little left to do on the expense side of the equation. You’re already living off a bare bones budget and cutting the budget is no longer cutting it. You need to focus on the income side of the money equation. You need to find more money.
Fortunately, there has never been a better time to make additional income outside of your regular, full-time job. Approximately 57 million Americans are a part of the gig economy. So, if you need to find more money, there is a good chance that you can increase your income by getting a side gig. Here are some top side gigs many are using to find more money.
1. Rideshare driving
Do you have a car and enjoy meeting different people? Rideshare driving may be a good side gig for you. Ridesharing offers an alternative to a service traditionally provided by taxis. You’re probably familiar with Uber and Lyft. These are the most popular ridesharing companies. To get started, simply go to either or both companies’ sites and fill out an application. Many are drivers for both Uber and Lyft to increase their chances of finding riders. You can do this side gig whenever your schedule allows. Once you become an approved driver, just get in your car, turn on the app and go make money.
2. Food and grocery delivery
Do you know your way around the grocery store or know where to grab a meal? You can make money by delivering food and groceries. Shipt and Instacart are two major players in grocery delivery. With both, you pick the items out at the store and then deliver the groceries to the customer. You can also apply to deliver food for a company like Grubhub, Seamless or UberEats. With these, customers place a food order, you pick it up at the restaurant and then deliver it to them. People who don’t like driving people around might prefer to transport food instead.
3. Home Repairs
Are people regularly asking you to help out with things around their homes? It might be time to start making money off that desired skill set using one of several companies that connect handymen and handywomen to potential customers. TaskRabbit, Takl and Thumbtack are some examples of companies like this. You can set your price and take as many or as few projects as you desire. Customers rate and review the people they hired, so the more and better reviews you receive, the more opportunities you will have to generate income.
4. Online tutoring
Do you enjoy teaching a particular subject? Online tutoring is a growing way for those who love to teach to make money outside of their full-time job.VIPKid, Tutor.com and Wyzant connect teachers with tutoring opportunities. Many of the companies offer English language tutoring to students in China and other countries, so you can work early mornings, late nights or whenever is convenient for you.
Understandably, not everyone is qualified to tutor students. To ensure quality teaching, many companies require prospective tutors to take a series of tests. But those who pass their examinations get an opportunity to make money while helping students perform well at school.
5. Buy low, sell high
Are you really skilled at finding good deals? If so, you may want to consider flipping. Flipping is when you purchase an item at a lower price and sell it for a higher price. You’ve likely heard of flipping homes, but they’re not the only thing this applies to. Craigslist, eBay and Facebook Marketplace are great places to find a variety of items to flip. You may even run across some free items that just need a little TLC. Clean them up and put them back out on the market. But remember: Flipping does not guarantee income. In fact, if you do it poorly, you could lose money. Be smart about it.
Financial stress can hit anyone. If you are needing to find more money to pay bills, reduce debt or save for future expenses, there is good news for you. Never before have there been more opportunities for side gigs. Start searching for your side gig today.