How To Make Extra Income and Boost Your Savings
Could you use some extra income to help boost your savings? If you’re in the process of repairing your credit, you’re probably looking for ways to pay down your debt more quickly. We understand that cutting back on expenses can start to feel very restrictive after a while. For this reason, earning some extra income on the side is a very smart financial move and will get you that much closer to your savings goal.
Have you been wondering how you can bring in more money, even when you’re already working a full-time job? In this article, we share our favorite tips for making more money and increasing your savings.
Take Advantage of the Gig Economy to help boost your savings
[Photo by ELEVATE from Pexels]
Today, there are so many opportunities for ambitious, hard-working people to boost their savings with a side-hustle. According to a survey by Bankrate.com, 4 in 10 or 37% of Americans have a side job. Even better, you can find a part-time job in the gig economy that’s aligned with your interests. For example, if you like to drive, then you can become a rideshare driver with a service like Uber or Lyft. Are you a social butterfly? A server position in a restaurant can be a good fit. If you like writing or graphic design, you can offer your freelance services on a site like Upwork. Or, if you are handy, you can offer your services through a service like TaskRabbit.
Whatever you choose to do, the most important part is the money you will be able to put aside in your savings account. Just make sure you allocate the funds correctly. You want to make your emergency fund and retirement priorities but if you have debt, you need to budget that in as well. That may mean less goes into your emergency fund so you have what you need to put towards any debt.
Start Your Own Side Hustle
Have you always wanted to start your own business? If you have the time and energy in the evenings, you can begin laying the foundation for a side hustle that can help you earn extra money and boost your savings. What’s a talent or skill you have that you think other people would find useful? Do you have an idea for an invention or other helpful product? Are your friends and family members always asking for your advice or assistance with something? Answering these questions can help guide you toward your own business idea.
[Photo by Startup Stock Photos from Pexels]
If you already have a creative outlet, why not try monetizing it? For example, if you really enjoy creative writing in your spare time, you can finally finish writing a novel – and then sell it on Amazon. Be the designated photographer for all your friends’ events and milestones. If you love painting, then put some of your masterpieces on Etsy and see what happens! Start an Instagram account to showcase your embroidery or your nail art. Or, you can even make and decorate cakes for special events. You get the picture. The idea is that you can boost your savings by taking your creativity a step further.
Find something you like to do on Fiverr
Fiverr is for everything freelance. We are talking anything from recording your voice for a greeting to designing a logo for someone to writing a blog post. There is just about every side income idea you can think of on there so you shouldn’t have a hard time finding something. Name your price and go from there.
Put some effort and boost your savings
Whether you are in the process of repairing your credit or not, earning extra money to help you pay off your debt more quickly is a good idea. It will require some thought and planning, but the benefits will outweigh the effort. Which one of these examples sounds like it would work best with your personality and resources?
What are some other methods you’ve tried in the past? Let us know in the comments below.