Inflation and higher prices of good and services are still affecting many consumer’s wallets. According to a recent report, nearly 39% of Americans have a side hustle, or a second job that’s used for supplemental income. And, for many of these Americans, their side hustle isn’t for fun money, but instead the profit is used to help them make ends meet. Fortunately, if you’re looking for some ways to bring in extra cash, there are numerous ways to boost your income.
1. Delivering for food or grocery services
An easy way to bring in extra money is to start delivering groceries or food. There are no set schedules, so you’re able to choose when you want to work and how long you want to work. This is ideal for people who have fluctuating schedules or just need the flexibility due to other commitments. Be sure you’re aware of any requirements necessary before signing up and any taxes you may be responsible for paying. Also, verify with your auto insurance provider that your coverage will cover you when you are delivering.
2. Freelancing
Are you a writer, a designer, or do you know multiple languages? Consider freelancing. Just like the first option, you’ll be in control of your schedule and can work around prior commitments you might already have. You’ll also have the ability to choose your clients, determine how much you want to charge for your services, and you can practically work from anywhere. Similar to food and grocery delivery services, you’ll want to make sure you understand how taxes work and what you’ll be responsible for in terms of equipment or other expenses.
3. Upcycling
Upcycling, also known as creative reuse, is great for those who like to restore or modify things, like old furniture and then sell them for profit. Things like end tables, chairs, home décor, or ever clothes are all things that can be upcycled. Ideally, these things should be items that you’ve given a refreshed look to – whether that’s re-sanding a surface and giving it a fresh coat of paint, replacing something that’s broken or torn, and even dying clothing or turning into something else, like a blanket, quilt, or tote.
To learn more about upcycling, click here.
4. Drop shipping
Another common side gig that many people pick up is drop shipping. Typically, when an order comes in, they refer the order to a third-party business that ships the goods directly to the customer. They usually don’t have any stock on hand and handle orders as they come in. People who drop ship typically build an online store and accept customer orders through an online form without owning a physical business storefront. Make sure you’re aware of any liability during shipping as well taxes that you’ll be responsible to pay at the end of the year.
5. Ride-hailing services
For people who don’t mind driving, providing ride-hailing services is another option to consider. You’ll be working under a ridesharing company who accepts ride requests through a mobile app or a website. Once these requests come in, you’ll be able to view each request in your working area and determine whether you want to accept or decline. Once you accept a request, you’ll drive to pick the passengers up from their current location and then take them to their desired location. This is different from ridesharing as there are no stops in between the pick-up location and the drop-off location. Again, like the other side jobs mentioned, you aren’t tied to a set schedule, giving you the flexibility to choose when you want to work and for how long.
For information on how to best use the extra funds, read 5 Ways Gig Workers Can Start Saving Today.
Other ways to bring in money include hosting a yard or garage sale to get rid of things you no longer need or want or selling crafts that you make online. For more information on how First Bank can help you meet your financial goals, contact a trusted First Bank representative.