Whether you want to build up an emergency fund or pay down your debt, learning how to make extra money can help you achieve your goals faster. There are many ways to boost your income in your spare time; here are a few ideas to help you get started.
If you own your home, you can earn cash in the following ways:
Rent out a bedroom: If you have an extra bedroom or garage apartment, you can rent out that space to travelers on Airbnb or VRBO. According to Airbnb, the typical host earned over $13,800 in a year.
Loan out your garage: If you have an unused garage, basement or closet, you can rent it out on Neighbor.com to people looking for a place to park their cars or store their belongings. Earnings vary based on your space and location, but spaces generally rent for $100 to $600 per month.
Let neighbors use your pool: If you have a pool, you can rent out that space on Swimply to people looking for a place to hold parties or that just want a nice spot to relax and unwind. Prices start at about $40 per hour.
If you love animals, you can earn money in your spare time as a pet sitter or dog walker. You can get paid to take pets on walks, feed them their meals, and play with them. You can find pet-sitting jobs through Care.com, Rover or Wag!
According to Wag!, pet sitters make up to $500 per month caring for three dogs a week.
If you spend time on social media, you can earn extra cash through affiliate marketing by referring products and services to your friends and followers. If you join affiliate networks like ShareASale, Amazon Associates, or Commission Junction, you can earn money every time someone makes a purchase through a link you share. Depending on your following, you could earn $1,000 per month (or more!)
Companies are always looking for feedback on their products, and will pay people to participate in focus groups. You can join FocusGroup.com or Respondent.io to find out about opportunities near you. Generally, these studies involve talking about a product or service in exchange for cash. Typical pay varies, but some participants can earn as much as $100 per hour.
If you're looking for a way to work from home without needing special skills, another option is to complete online surveys. There are dozens of sites that will pay you for your opinions, including InboxDollars, SurveyJunkie, MyPoints, and Toluna.
Pay for filling out surveys is generally low; You can generally earn anywhere from $0.50 to $5 per survey, depending on how long it takes you to complete it. But completing surveys can be a great way to make money while watching TV or during your spare time.
If you have a car that isn’t used every day, you can rent it out to locals and tourists that need a rental car to get around town. Platforms like Turo, GetAround, and HyreCar can connect you to renters in your area.
Rates vary based on your location, type of vehicle, and the time of year, but according to Turo, the average annual income is $10,516 for hosts with one vehicle.
Investing can help your money grow for a future goal, but it can be hard to get started. Acorns is an investing app that lets you start with as little as $5, and will automatically invest your spare change in a portfolio of ETFs. Over time, your investments have the opportunity to grow without you needing to actively manage your portfolio.
With Acorns Earn, you can help your money grow even faster. You can earn bonus investments when you shop with Acorns partners through the app or with the Earn browser extension.
Similar to affiliate marketing, some companies will pay you to recommend their services to friends. If you send a referral link to a friend and they redeem it, you could earn money. For example, you can sign up for Acorns’ referral program. For every friend that you invite that opens an account, you both can earn a $5 referral bonus that’s deposited into your Acorns investment portfolio.
If you have upgraded your phone or laptop lately, don't let your old one gather dust! Instead, make money by selling your old devices on Gazelle, Decluttr, Flipsy or eBay. Prices vary by device, but according to Decluttr, the average household has $264 in unused electronics in their homes.
Through platforms like QKids and VIPKid, you can make money by teaching English to children online. You don’t need prior teaching experience; All you need is a college degree, a webcam, and reliable internet access. Depending on how much time you put in, you can earn between $14 and $22 per hour.
For most people, the idea of spending an afternoon assembling an Ikea TV stand sounds like a nightmare. But if you have a knack for deciphering diagrams and putting together furniture, it can be a lucrative side gig. You can find people that need your help on Handy or TaskRabbit. Pay varies by location, but you can earn more than $30 per hour assembling furniture.
If you have unused gift cards sitting in a junk drawer, don't let them go to waste. You can sell them online on gift card marketplaces like Raise and CardCash. How much you can get is dependent on the type of gift card you have, but you can get up to 95% of the card's face value.
Whether you have a top of the line DSLR or simply make the most of your smartphone’s camera, you can turn your photos into cash by selling them as stock photos on platforms like Foap or DepositPhotos. Pricing varies, but with Foap, you can earn $5 per photo sold.
Selling stock photos can be an excellent source of passive income; once you upload a photo on the platform, it can sell many times, allowing you to earn money from a single picture.
The views expressed are generalized and may not be appropriate for all investors. Investing involves risk, including the loss of principal. Carefully consider your financial situation, including investment objective, time horizon, risk tolerance, and fees prior to making any investment decisions.