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.
Technically you don’t have a 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 that day job income. If your side hustle turns into a full-blown business, your business could eventually earn you multiple times the income you earn from your day job.
Here’s a list of some of our favorite side hustles, ideas for a way to boost your savings rate or simply earn some extra money to enjoy a few luxuries. If you make money using one of these side hustles and want to share your story, reach out to us. We’re looking to feature side hustlers on the blog and will link their stories to the side hustle ideas below as they’re added.
Selling or Reselling Physical Items
One great way to earn some extra cash is selling or reselling physical items. Whether you just want to get rid of the stuff in your home that you haven’t used forever or you want to create 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 ship your physical products after selling them online 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 things to the next level. Essentially, you buy items locally at a low price then sell the items online at a higher price. You can usually find items at garage sales or on clearance at big box stores. The key is knowing your market so you can pounce when you find a good deal.
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.
- Event planning
- Home inspections
- Travel agent services
- Fitness or nutrition coaching
- Painting parties
- Petsitting or dog walking
- Mobile notary
- Babysitting or nannying
You can create a website to advertise your services in detail and use local Facebook groups, as well as word of mouth, to get people to your website to book your services. Just make sure you’re following any laws that may apply to the service you provide.
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. If you live in a tourism destination, you could rent out your property on a short-term basis.
If you have an extra room or two in your home, you could rent it out on AirBnB to earn some extra cash. If you have a car, you could rent your car out or drive for a service like Uber or Lyft. If you don’t feel like driving people around, you could deliver food through UberEats or deliver groceries through other delivery services.
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!
Earn Money Online
Earning money online is totally possible. Whether you want to start a blog or start a YouTube channel, 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, offering website or graphic development services or by teaching English as a second language through VIPKid.
You could develop specialized skills and become a virtual assistant or simply test websites through UserTesting. If you already have expertise that 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. For instance, MK Williams self-publishes books to earn some extra cash.
Consider a 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. If you’re available to work during the day, consider being a substitute teacher.
Help Others Medically
If you’re willing to help others out medically, you could consider donating your plasma on a regular basis to earn a bit of extra cash. Alternatively, you could take part in medical trials. While this sounds risky, many times medical trials need control group participants that don’t receive treatment to compare to those that actually receive the test treatment.
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 a lot of upside for very little downside in my book.
If you have a side hustle that isn’t included in the list above or want to be featured as a side hustler, let us know.
Want to read more from Lance? Check out the rest of his articles here.