Financially getting by is a shared experience for countless Americans, and the Wall Street Journal reported that stagnant wages are not keeping up with inflation. With a little effort or creativity, you can earn another $500 to $1,000 every month.
If you can’t find a higher-paying job or a raise at your current job isn’t an option, the following five ideas can help you earn extra cash or provide significant savings.
Sell anything you’re not using
Old clothes, unused electronics, and various books are popular items that can command decent money on websites such as eBay. Also, go to flea markets and garage sales to make a profit on items people are getting rid of.
Lynn Dralle claims to have sold more than $100,000 worth of items on eBay last year on her Queen of Auctions website. Entrepreneur Magazine reported that one item Dralle found during her recent garage sale canvassing was a $2 wood carving of a bird that ultimately sold for $2,052.
Flip other people’s items
Find a good deal on something, such as an appliance, upgrade it and sell it for a profit.
People who are eager to rid objects and clutter from their home resort to Craigslist to make sales and extra cash. In a Lifehacker blog post, Ryan Finley described how he turned buying and selling appliances on Craigslist into a career and made between $75 and $200 on each appliance he sells.
Become a rental service
If you have a vacant guest bedroom in your house, rent the room out to tourists through Airbnb.com or another vacation site. If you don’t need your car during the day or on the weekends, use a service such as Relay Rides or Getaround that rents your car out by the hour.
Research “share economy” options that provide opportunities for borrowing from people who are willing to pay. Business Insider reports one woman rented out her bedroom and even her couch to finance the start-up of her own company. She netted more than $28,000 in one year by using Airbnb.
Adjust your monthly bills
Observe your budget and re-allocate your regular expenditures to reduce spending.
For example, save money on insurance by raising your deductibles, and eliminate overlooked expenses, such as mortgage insurance or credit card insurance. Also, look at alternative car insurance, cell phone, and cable providers to see if you can save money by switching. Even threatening to drop services could cause your current providers to lower your rates.
Use talents to start your own business
Channel your hobby or expertise into a marketable and profitable business. Richard Schaeffer Liquid Holdings Group, LLC was founded after spending nearly two decades in executive capacities with the New York Mercantile Exchange Inc.
When the finance executive offered asset and fund managers an integrated trading platform, the group was established. Whether your secret skill is cooking or computer repair, an investment could lead to monetary enhancements — and maybe even a new career.