In today’s world where rising prices significantly increase the cost of living, many people, even those with full-time jobs, feel financial pressure and find it challenging to save for retirement. As a result, earning extra income has become increasingly popular.
Having additional income can help you pay off loans, cover rent, purchase long-awaited expensive items, increase savings, or alleviate financial stress.
There are countless ways to make money, some requiring professional expertise and a level of challenge, while others are quite straightforward.
According to a summary by U.S. News & World Report, here are six simple ways to earn extra cash:
During your leisure time, you can explore flea markets and thrift stores, where you might find valuable items to clean up and sell online for profit.
You can also declutter your closet, your children’s toy box, and clothing, and sell items you no longer need.
Based on OfferUp’s “2024 Recommerce Report,” 60% of sellers reported using the income from reselling to pay bills or daily expenses, and half said reselling had become a reliable source of extra income or a side hustle.
“We aim to make it easier for individuals to showcase their goods to buyers,” said Ken Murphy, Senior Vice President of Products at OfferUp. “For many, this is a great way to earn extra income. Some have found that scaling up can significantly increase their earnings.”
If you have extra cash sitting in a savings account earning minimal interest, it might be a good time to consider opening a high-yield Certificate of Deposit (CD). Simply let the CD mature and earn profits upon maturity without needing to do anything.
For instance, opening a 12-month CD with a 4.10% annual return and depositing $10,000 would earn you $410. This is a secure way to make money using savings you currently do not intend to use.
Renting out items like sports equipment, lawnmowers, and boats can bring in additional income. By registering on a rental platform, you can lease them to others as needed.
Punsri Aberywickrema, Founder and CEO of online rental platform Cloud of Goods, noted that renting sought-after items like electric scooters can make the rental business very lucrative. Renting out a scooter for seven days can fetch around $150.
“If you make three transactions in a day, you can earn a considerable amount of money,” Aberywickrema said. “Many moms are turning this into a family business.”
Alexei Morgado, Realtor in Hialeah, Florida, and CEO and Founder of Lexawise Real Estate Exam Prep, suggested leveraging your house creatively to earn money.
For example, if your house has distinctive features, you can rent it out to production companies through websites like Peerspace. Another option is converting spare rooms into shared workspaces.
“Shared workspace is popular now, especially in towns like Dallas,” Morgado said.
If your yard features a beautiful swimming pool or garden, you can rent them out for private parties.
“It’s one of the rental categories urban residents need since they have almost no open green spaces,” he added.
Chad Harmer, Founder and Financial Planner at Harmer Wealth Management in Ontario, Canada, recommended sharing your unique skills with the community.
If you excel in a specific area, from cooking to coding, you can earn money by teaching classes online or in person.
You can market and sell your courses on platforms like Teachable or your local community council, list your services on platforms like Upwork, Fiverr, and TaskRabbit, where customers can contact you to negotiate prices.
Annie Cole, Founder of Money Essentials for Women in Vancouver, Washington, suggested one of the simplest ways to earn extra income is by signing up for online surveys and interviews on platforms such as Respondent and User Interviews.
Registration is free, requiring only creating a profile to participate in studies or focus groups of interest.
“After signing up, if there are research opportunities matching your expertise, you will receive notifications,” Cole explained.
The income potential is substantial. Respondent platform states that participants can share their opinions on a product remotely or in person to earn money, with an average earning of around $100.