Time is tough and inflation is eating up every dollar it seems. While getting a promotion seems hard, there are various way to make extra income, ranging from online surveys and freelancing with potential monthly earnings between $50 and $5,000, to creative endeavors like selling handmade products or running a blog or YouTube channel with variable income. Additionally, you can generate income by renting out spaces and assets, such as rooms on Airbnb, your car, or storage space, each with their own monthly averages. Participating in market research studies, becoming a virtual assistant, or engaging in mystery shopping also offer opportunities, while clinical trials and ride-sharing can provide substantial earnings. Finally, renting out outdoor spaces and parking spots can yield additional income, making it essential to explore the options that best align with your goals and resources.
|Ways to Make Extra Money||Potential Monthly Earnings|
|Online Surveys||$50 - $200|
|Freelancing||$1,000 - $5,000|
|Selling Handmade Products Online||Avg. $3,667|
|Renting Out a Room on Airbnb||Avg. $797|
|Renting Out Your Car||Avg. $539|
|Dog Walking and Pet Sitting||Few hundreds to thousands|
|Participating in Market Research Studies||Varies widely, $1 - $50 per survey|
|Selling Unused Items||Varies widely|
|Renting Out Equipment or Tools||Avg. $120|
|Becoming a Virtual Assistant||$800 - $2,246|
|Renting Out Storage Space||$50 - $350|
|Starting a Blog or YouTube Channel||Varies widely|
|Mystery Shopping||Few hundreds|
|Renting Out Space for Events or Photoshoots||$50 - $500 per hour/event|
|Becoming a Tasker on TaskRabbit||Avg. $35 per hour, up to $3,000|
|Selling Stock Photos or Artwork||$1,500 (estimate)|
|Renting Out Your Parking Space||$1,200 - $4,800|
|Participating in Clinical Trials or Medical Research Studies||$2,400 per year (estimate)|
|Becoming a Driver for a Ride-sharing Service||Over $3,000|
|Renting Out Your Outdoor Space for Events or Storage||$100 - $1,000|
1.Online Surveys: A Flexible and Easy Way to Make Extra Cash
Online surveys offer a simple way for individuals to earn extra money in their spare time, with the added benefit of flexibility and ease. Participants can take surveys at any time and place, making it an appealing option for those with busy schedules. However, the pay per survey can be relatively low, ranging from $0.50 to $5, and survey availability may fluctuate. On average, participants can expect to earn around $50 to $200 per month, depending on the number of surveys completed and the platforms used.
Despite these limitations, online surveys are an accessible and convenient option for those looking to make some extra cash without investing significant time or resources.
2. Freelancing: A Project-Based Income Opportunity for Skilled Individuals
Freelancing is a viable income-earning method for individuals with specific skills or expertise, allowing them to work on a project basis. It offers the benefits of flexibility, scalability, and independence, enabling individuals to set their work hours, rates, and clientele.
According to Payoneer's Global Gig Economy Index, freelancers can earn an average of $21 per hour, with potential monthly earnings of $1,000 to $5,000 or more depending on their specialization and client base. However, freelancing can be competitive, requires self-promotion, and may involve unstable income. Despite these challenges, freelancing is an attractive option for skilled individuals looking to capitalize on their expertise and create a sustainable source of extra income.
3. Selling Handmade Products Online: A Creative E-Commerce Opportunity
For creative individuals, selling handmade products online presents an opportunity to merge their passion for craftsmanship with the potential for financial gain. Platforms like Etsy, Amazon Handmade, and Shopify allow artisans to showcase their products to a global audience, resulting in increased exposure and sales potential. However, selling handmade products online also involves upfront costs, such as materials, shipping, and platform fees, as well as the time and effort required to create and market the products.
According to a study by CNBC, the average Etsy seller earns about $44,000 per year, equating to approximately $3,667 per month. While earnings can vary significantly depending on the creator's niche, dedication, and marketing efforts, selling handmade products online can be a fulfilling and financially rewarding endeavor for those with a creative flair and e-commerce skills.
4. Renting Out a Room or Property on Airbnb
One of the easiest ways to make extra money is by renting out a room or property on Airbnb. This option is best suited for homeowners or individuals with extra space who are comfortable hosting guests. The average annual earnings of an Airbnb host in the United States is around $9,570. However, the potential earnings vary depending on factors such as location and the size of the rented space.
Some benefits of renting out a room or property on Airbnb include a flexible schedule, meeting new people, and earning passive income. On the downside, this option may involve extra work in preparing the space for guests, handling reservations, and dealing with any potential issues that may arise during a guest's stay.
5. Renting Out Your Car
Another way to make extra money is by renting out your car to others through platforms such as Turo or Getaround. This option is best for car owners who don't use their vehicles frequently and are comfortable with others driving it. The average car owner earns approximately $539 per month by renting their car. However, similar to Airbnb, the potential earnings vary depending on the car's make, model, and location.
Renting out your car has its pros and cons. Some benefits include generating passive income and potentially offsetting the costs of car ownership. However, there are also risks involved, such as potential damage to the vehicle and increased wear and tear.
6. Dog Walking and Pet Sitting
For animal lovers who have free time during the day and can handle pets responsibly, dog walking and pet sitting is an excellent option for making extra money. According to Rover, dog walkers can earn an average of $20 per walk, while pet sitters can make up to $40 per night. Potential earnings per month can range from a few hundred to a few thousand dollars, depending on the number of clients and services provided.
Pros of dog walking and pet sitting include flexible working hours, the opportunity to exercise and be outdoors, and the enjoyment of spending time with animals. However, some cons are that it can be physically demanding, requires a high level of responsibility, and may involve dealing with difficult pets or pet owners.
7. Participating in Market Research Studies
Market research studies offer an easy way to make extra money by sharing your opinions and trying new products. The potential earnings per hour and per month from participating in these studies can be substantial, depending on the number of studies you qualify for and their compensation rates. However, there are both pros and cons to consider before diving into this opportunity.
Pros of participating in market research studies include flexible schedules, a variety of available topics, and the potential for high pay rates. According to a study by Survey Police, you can earn an average of $1 to $50 per survey, with some specialized studies offering even higher rewards. Cons include possible privacy concerns, the potential for scams, and the selective nature of some research studies, which may limit your eligibility.
8. Selling Unused Items
Selling unused items is an excellent way to declutter your home while making some extra money. This method can provide a steady stream of income, depending on the number and value of items you have to sell. However, there are pros and cons to consider before diving in.
Pros of selling unused items include the ability to set your own prices, the potential for quick cash, and the satisfaction of clearing out clutter. According to a survey by Decluttr, Americans have an average of $199 worth of unused items in their homes. Cons include the time investment required to list and sell items, the potential for low resale value, and the possible emotional attachment to belongings.
9. Renting Out Equipment or Tools
Renting out specialized equipment or tools that are in demand can be a lucrative way to make extra money. The potential earnings per hour and per month from renting out equipment or tools will vary depending on the demand, rental fees, and the number of items you have available. However, there are pros and cons to consider before diving into this opportunity.
Pros of renting out equipment or tools include generating passive income, capitalizing on items you already own, and the potential for high returns. According to a study by Fat Llama, the average lender on their platform earns $120 per month, with some earning as much as $5,000. Cons include the potential for damage or theft of your belongings, maintenance costs, and the possible need for insurance coverage.
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10. Becoming a Virtual Assistant
Virtual assisting is an increasingly popular option for making extra money, especially for those who are well-organized and possess strong administrative skills. As a virtual assistant, you can work remotely, offering flexibility and the opportunity to balance multiple clients or projects.
Pros of becoming a virtual assistant include the ability to work from anywhere, set your own hours, and choose your clients. Cons to consider are potential difficulty in finding clients, fluctuating income, and possible isolation if you're not used to working remotely. According to Payscale, virtual assistants can potentially earn between $10.23 and $28.15 per hour, with the average hourly rate being $16.07. This means, if a virtual assistant works 20 hours per week, they can potentially earn between $800 and $2,246 per month.
11. Renting Out Storage Space
Renting out storage space is an easy way to make extra money, especially if you have extra space available and are willing to store other people's belongings.
Pros of renting out storage space include passive income and the ability to utilize unused spaces in your home or property. Cons include potential damage to your property, dealing with late or non-payment from renters, and possible legal issues if problems arise. According to Neighbor.com, the average monthly earnings for renting out storage space range from $50 to $350, depending on the size and location of the space.
12. Starting a Blog or YouTube Channel
Starting a blog or YouTube channel can be an enjoyable and potentially lucrative way to make extra money, particularly for individuals with a passion for writing or creating video content and building an audience.
Pros of starting a blog or YouTube channel include the potential for passive income, creative freedom, and the ability to work from anywhere. Cons include the time and effort required to produce quality content, the need to build an audience, and the potentially slow process of earning revenue. According to Glassdoor, bloggers can earn an average of $32,801 per year, while YouTubers' earnings can vary widely, ranging from a few dollars per month to thousands, depending on factors like views, subscribers, and advertising revenue.
13. Mystery Shopping
Mystery shopping can be a fun and flexible way to make extra money, especially for those who enjoy shopping and dining out.
Pros of mystery shopping include the ability to choose your assignments, potentially free products or meals, and the opportunity to improve customer service. Cons may involve inconsistent work, the possibility of scams, and the need for detailed report-writing. According to the Mystery Shopping Providers Association, mystery shoppers can earn between $5 and $100 per assignment, leading to potential earnings of a few hundred dollars per month if several assignments are completed each week.
14. Renting Out Your Space for Events or Photoshoots
If you have a unique and visually appealing space, renting it out for events or photoshoots can be a lucrative side hustle. Pros include the ability to generate passive income, meet interesting people, and showcase your space. On the other hand, cons may involve potential damages, liability issues, and the need to manage bookings and coordinate schedules. Depending on the location, size, and appeal of your space, you can earn between $50 and $500 per hour or event, potentially generating thousands of dollars per month if your space is in high demand.
15. Becoming a Tasker on TaskRabbit
TaskRabbit is an online platform that allows users to outsource various tasks to local professionals, known as "Taskers." Becoming a Tasker can be an excellent way to make extra money if you have a wide range of skills. Some advantages of TaskRabbit include flexible scheduling, the ability to choose your tasks and rates, and the potential to build a client base. However, drawbacks may involve competition with other Taskers, possible fees, and the need to provide your own tools and supplies. According to TaskRabbit, the average hourly rate for Taskers is around $35, with some Taskers earning up to $3,000 per month.
16. Selling Stock Photos or Artwork
Selling stock photos or artwork is a viable way to earn additional income, especially for photographers and artists with a portfolio of high-quality images or artwork. According to data gathered from Adobe Stock, a prominent platform for selling stock photos, sellers can earn up to 33% in royalties for each image sold. However, the downside is the highly competitive nature of the platform, with millions of images available for purchase.
The potential earnings vary widely, depending on the quality and uniqueness of the photographs or artwork, and the demand for such images. For example, a sellable stock photo can earn you anywhere from $0.25 to $120 per image. Assuming a conservative estimate of selling 10 images per day at an average price of $5 per image, one could potentially earn $1,500 per month.
This revenue stream is best suited for photographers and artists who already have a collection of high-quality images or artwork and are looking for ways to monetize their portfolio. However, it requires a commitment to producing and uploading new content regularly to stay competitive.
17. Renting Out Your Parking Space
If you have a spare or unused parking space, especially in high-demand areas, renting it out can be an easy way to make extra money. Websites like JustPark and YourParkingSpace have made it easier for individuals to rent out their parking spaces. However, the downsides include potential liability issues and possible damage to your property.
The potential earnings from renting out a parking space mainly depend on the location and demand. In high-demand areas, such as city centers or near stadiums, you can earn anywhere from $5 to $20 per hour. If rented out for eight hours a day, this could translate to between $1,200 and $4,800 per month.
This income-generating opportunity is ideal for individuals with an underutilized parking space in high-demand areas. It offers an easy way to make extra money with minimal effort. However, it is important to consider potential liability and insurance issues before diving in.
18. Participating in Clinical Trials or Medical Research Studies
Participating in clinical trials or medical research studies is another way to make extra money. These studies often pay volunteers for their time and involvement. According to the U.S. National Library of Medicine, payments can range from $20 to $950 per day, depending on the nature of the study. However, participants should be aware of the potential health risks and side effects associated with these studies.
The potential earnings per month largely depend on the frequency and duration of the trials or studies. Assuming an average payment of $200 per day and participation in one study per month, one could potentially earn $2,400 per year.
This opportunity is best suited for individuals who are in good health and are willing to take on potential risks for the sake of medical advancements. It is highly recommended to fully understand the risks involved and consult with a healthcare professional before participating in any clinical trial or medical research study.
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19. Becoming a Driver for a Ride-Sharing Service
The rise of ride-sharing services such as Uber and Lyft has provided a viable income option for many individuals. However, like any side hustle, there are pros and cons. On the positive side, these services offer flexibility, allowing drivers to set their own hours and work as much or as little as they like. This independence can be a major advantage for those juggling other commitments. On the downside, there are costs involved, including fuel, car maintenance, and insurance, which need to be factored into any potential earnings.
In terms of potential earnings, data from Comparably, Uber drivers can generate $40,000 in residual income after costs per year or over $3000 per month.. Drivers for Lyft, on the other hand, earn a median monthly income of similar figures. These earnings, however, can vary widely depending on factors such as location, hours worked, and the individual’s driving style.
This side gig is best suited for individuals with a reliable vehicle who enjoy driving and interacting with others. It offers an opportunity to make money from an activity that many people do on a daily basis while also providing a chance to meet a diverse range of people.
20. Renting Out Your Outdoor Space for Events or Storage
Another relatively easy way to earn extra income is by renting out your outdoor space for events or storage. This can be particularly profitable if you live in a high-demand area. The main advantage of this side hustle is the relatively low level of effort required. Once you have set up your space, the income can be quite passive. However, there are also potential issues to consider. These include potential damage to your property, liability issues, and the need to deal with a variety of different people and requests.
Earnings for this type of venture can vary greatly, depending on factors such as location, size, and desirability of the space. However, data from Spacer suggests that you could earn anywhere from $100 to $1000 per month by renting out your backyard.
This side hustle is ideal for those who have underutilized outdoor spaces and are willing to invest some time and effort into making it attractive for potential renters. It provides an opportunity to make use of a space that might otherwise go wasted, while also earning a passive income.
Frequently Asked Questions
How do I choose the best method for making extra money?
Selecting the most suitable method to earn extra money depends on various factors such as your skills, interests, available time, and financial goals. About 37% of adults in America engage in gig work, mostly driven by financial needs or to earn extra income.
How much time do I need to invest in these methods to earn a significant amount of money?
The time investment greatly varies based on the chosen method for making extra money. For instance, individuals in the gig economy spent an average of 12 hours per week on their gigs. The more hours spent, the higher the earnings.
Are there any risks or safety concerns associated with these methods?
Yes, there are risks and safety concerns associated with different ways of making extra money. For example, in the realm of online work, data privacy and online scams are significant concerns. Online purchase scams are the riskiest form of scam, with employment scams following closely behind.
Can I combine multiple methods to maximize my earnings?
Absolutely, combining different methods can be a strategic way to maximize earnings. 30% of independent workers engage in multiple activities to earn income.
Are there any legal or tax considerations I should be aware of?
Yes, earning extra money can come with specific legal and tax implications. For instance, in the U.S, the Internal Revenue Service (IRS) requires individuals to report all income earned, including money from side hustles or gig work. It's important to familiarize yourself with such regulations to avoid potential legal pitfalls
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