While spending less is often the best thing to do financially, sometimes it’s good to earn more money if it means it will push you closer to your financial dreams faster.
But before you get excited about the idea of earning more money, it’s important to make sure you manage the money you already have well. If you’re financially strapped, there’s no point in earning extra cash if you’re just going to spend more money for short term satisfaction. Focus on getting a monthly budget figured out and learn how to maximize the money you already have before you go out and try to make more money.
Once you have that out of the way, you can read these ideas to help you earn extra money:
Earn money from your hobbies
I’m sure many of you have a hobby that you enjoy and are quite good at! Why not turn that hobby into extra income? Here are some ideas to get you thinking:
- Teach coupon classes
- Sell your photos if you’re into photography
- Teach art classes, either privately or at a local craft store
- Sell your work at craft shows or on etsy
- Design pieces on commission
- Sell your baking during coffee breaks to local businesses
- Enter your work in contests with cash prizes
- Paint business windows for the holidays
Sell things you no longer need
Clear up some space in your home by selling things you no longer need or care for. Have a garage sale or try selling items on Kijiji, Craigslist, or eBay. Or give a Buy & Sell group on Facebook a try.
Rent out your space
If your home has an extra bedroom or empty space, you could become a landlord. Students and recent graduates are often especially eager for affordable and small spaces to call “home”. Your extra garage space might also be perfect for someone needing to store their collector car, for example.
Try a paper route
Earn a bit of extra money by doing a paper route. Get some fresh air and exercise while you’re at it!
Offer to babysit
Give some friends or even neighbourhood families some time away from the kids so they can go on a date or get errands done by offering your services as a babysitter.
Start a part-time business
If you have a bit of time to devote to money making, why not consider starting a part-time business from home? You could try these ideas on for size:
- Start a blog
- Dog walking
- Baking/Meal provider
- Music lessons
- Errand runner
- Personal shopper
- Graphic design work
- Mow neighborhood lawns/shovel snow
- Life/Business Coaching – are people always asking your advice on a particular subject? Consider charging a fee for your advice.
All in all, get creative or meet a need you see around you to earn a bit of extra money you can put towards reaching your financial goals!
What are your ideas for earning extra money? Do you have any stories to share about how you’re currently earning extra cash? Please share in the comments!