Times in 2022 are tough, and many of us are more in need of money than ever. That is why more than 50% of millennials make extra money on the side in addition to their regular jobs.
With many not being able to even cover basic expenses like rent and food with just their day job, the notion of getting some extra cash flowing seems enticing.
Read this article to find out how to make an extra $500 a month. It is certainly no small amount of money and could go a long way to helping out your finances.
What do you need an extra $500 per month for?
There are several things you could do if you had an extra $500 a month, some are:
- Saving up for a home
- Saving up for a vacation
- Building an emergency fund
- Getting out of debt
- Paying off lingering student loans
- Paying off your credit card
Beyond these reasons, you also have to consider job security. Over the last couple of years, jobs have looked as insecure as ever. You need to have multiple sources of income to help you survive a worst-case scenario.
How many sources of income does someone need to build up their wealth?
Rich Habits, a book authored by Tom Corley, states that 65% of self-made millionaires held three or more sources of income.
Having income coming in from multiple sources allows you to diversify your sources of wealth. Doing so is crucial. If a stream suffers, others can make up for it. It is an essential tip to learning how to make an extra $500 a month.
How to make an extra $500 a month while at your job
Assuming you have a full-time job or even come in to work part-time, you can take advantage of it to earn extra money. You already know the job and are reasonably skilled at it, are on-site, and have contact with people who make decisions. The best tools for success are present here.
Do jobs others are not willing to
In any workplace environment, there are likely to be things no one wants to do. Whether it is an unwanted assignment, a difficult task, or a troublesome project; A great opportunity awaits here as you can offer to do it for a premium. Of course.
Utilize the suggestion box
Many employers will pay for valuable suggestions. Do not just keep this in the back of your head forgotten. Sit down with a pen and paper and brainstorm some great ideas.
Many companies have referral compensation programs. If you bring in new customers and increase their income, they will increase yours. Take advantage of this.
Refer new employees
Similar to customer referral, often businesses will offer bonuses for referring new employees. If you have a friend, a nephew, or a distant cousin looking for a job, you know what to do.
Volunteer to do overtime
The simplest way to up your bottom line, overtime volunteering is likely to pay reasonable amounts. Furthermore, it will put you in good graces with your boss, which can be helpful for many reasons.
Rent out the items you own
Want to know how to make an extra $500 a month? Rent things you do not need out. You are part way there already. You are likely to have many things you are unwilling to part with but are not strictly in use. Renting them out can make you some money at no actual loss.
Rent out a bicycle or a vehicle
If you are not going to be using your bicycle or vehicle, you can rent them out for the day. Or even a week, there are online sites that you can use to streamline this process.
Consider becoming a post mate.
Another way to make extra with your vehicle is by becoming a post mate. You will be delivering many things from someone’s dinner to their groceries.
Rent out your personal items
Items such as the 7th set of kitchenware or backup tools are unlikely to be doing more than gathering dust. Rent them out and get some cash.
Rent out parking space
You can rent out a parking space if you live near a station, stadium, or otherwise busy part of town. People will be happy to pay a premium if it means they can park.
Host a foreign exchange student
If you have some extra space and meet some other pretty straightforward qualifications, then you can host a foreign exchange student. Do keep in mind that they will generally send two students at once for safety reasons.
Rent out your garage
If you have a garage that you are not using, rent it out. Someone might need space to store a vehicle or put down a massive rug and have an apartment.
Become a part-time driver for companies such as Uber and Lyft
An incredibly lucrative side gig. Times with high demand, such as super bowl week, can be a great way to cash in without needing too much time investment.
Make friends with someone.
Do not go scratching your head yet. There are indeed people who will pay others to be a friend. If you are the social type, this can be a great opportunity.
Rent your house or a home
Sites like Airbnb offer a convenient way to rent out spare bedrooms or even your house if you are not at home for a while.
Most people make purchases regularly. It then only makes sense that they sell things regularly. If you want to know how to make an extra $500 a month, then getting into the habit of selling stuff you do not need is a great starting point.
Sell gadgets you do not need
Old smartphones and tablets are things people often are unwilling to part with until they are so old they are practically worthless. Do not make that mistake. Sell used gadgets if you do not need them anymore.
Do some dropshipping
You can start a side gig through drop shipping. Here you sell new items to manufacturer or distributor sites, and they ship them to customers for you.
Hold a garage sale
Chances are, you have a bunch of random stuff stored away that you do not need. Holding a garage sale will net you some cash and clear up some space.
Sell your items on eBay.
You should not need an introduction to eBay. A great site to sell used items, simple as that.
Sell your items on Amazon.
Consider becoming an Amazon Merchant. If you are successful, this can be pretty lucrative.
Sell your items on Craigslist.
It’s effectively an online garage sale. You will find a buyer for basically anything. Never throw a thing away again.
Set up a shop at a flea market
Taking your used goods to the local flea market could find you more prospective buyers. You will likely be able to sell your stuff for more than you would at a garage sale.
Return unused gift cards
If you have some unused gift cards lying around, you can sell them online or return them to where you got them.
Get into direct marketing.
Joining a direct marketing company can allow you to make money by selling products online. Far more lucrative than more rudimentary side gigs, this is worth it if you have the time.
Sell old silverware and gold jewelry.
Often old jewelry and silverware will be lying around, basically forgotten. These can net a hefty return if you sell to the right dealer.
Sell other people’s things on eBay or Craigslist.
You can offer to sell other people’s stuff online for a commission. If you have run out of things to sell yourself, this is a great idea.
Sell things to consignment shops.
If you have an excessive amount of furniture or clothing, then consider selling to a consignment shop. It might net you more than if you sold them individually.
Visit a pawnshop
Pawnshops are a great place to sell some valuables if you are in a pinch.
Get in on the online hustle.
You do not know how to make an extra $500 a month if you are not cashing in on online sources of revenue. Consider the ones below to diversify your earnings further. Some pay a premium too.
Consider tech support
All you need is an internet connection and to know how to phrase a google search—an easy way to make some extra at night and on weekends.
Start an online class.
As long as you know something, there will be people willing to pay to learn it. Take advantage of any specialized knowledge you have.
Become a profile writer on LinkedIn
If you are a skilled writer, making profiles on LinkedIn can be a fantastic source of income.
Be a virtual assistant.
Many websites allow you to offer virtual assistant services. The demands expected are relatively simple, as long as you know how to operate a computer. You can even register yourself in some virtual assistant services to get continuous work opportunities.
The same websites have room for freelancers to find a variety of gigs. Anything from writing to art, someone is willing to pay.
Filling out surveys
You can make money filling out surveys online, though you are unlikely to make a killing.
Get in on affiliate marketing.
If you have a website or a blog, you can plug a business. Every time someone visits through your link, you get a commission.
Become a YouTube personality
A hit and miss, this can work out very well for you if it does hit. Advertisements and sponsorship deals pay excellently.
Administrator on Facebook and Twitter
Being an administrator for the social media pages of large organizations can pay well and requires a minimal time investment.
Be part of a virtual jury.
Defense attorneys hire people to test their cases on websites online. A nice side gig if you meet the requirements.
Do some lending and investing.
Many sites and apps allow for peer-to-peer lending. You can earn money through interest rates, an excellent source of passive income.
The other side of knowing how to make an extra $500 a month is the offline part. While you may think that these sources are likely to be too much of a time investment, consider doing them on the weekends for some extra revenue.
People hire moving companies to do manual labor for them. You can cash in on this yourself by helping out.
People are desperate for trustworthy babysitters. If you have friends, family, or people you have connections with looking for a sitter, give them an offer.
All you need is a lawnmower and some essential landscaping tools, an excellent source of income when you can find the time for it.
In the wintertime alternative, you can make big bucks if you have a truck with a plow.
Many are too busy to do this themselves—cash in on demand for cleaners.
Donate your plasma
You make some money and help other people out; It does not take much time either. An excellent choice everyone should make.
All it takes is a couple of guides online, and you are ready to make some money recycling. You are helping the environment too.
Start painting curbs
You can paint house numbers on the street curbs. All you need is some spray paint and stencils. Show the contractor the stencils and pictures of your other work, and you have yourself a pretty penny.
An excellent weekend gig that pays well; Pizza places can never have enough deliverers.
Help with cleaning pools
A summer gig to make some on the side; People will have the equipment. All you need is determination.
Many people want someone to house-sit their summer/winter home. If you can make yourself seem reliable, this is an easy source of income.
People will need someone to take care of their dogs while they are on vacation. Being visible and friendly in the neighborhood is an excellent way to secure this gig.
If you have some painting ability and see someone painting their fence, wall, etc., offer to do it for them. They will be thankful, and you’ll make some money.
Offer a hauling service.
If you have a large vehicle such as a track or a van, you can offer to transport large items.
Be a part of medical studies.
Not as dangerous as it sounds, it is an easy way to make money without a time investment.
Doing some weekend bartending can net you hundreds of dollars for chatting up people and mixing some drinks.
Find some miscellaneous jobs on Craigslist.
You will find offers for odd jobs on Craigslist, which you can get some quick money out of.
Work on concerts and sporting events
These sorts of events need bodies for security. You can make good money per gig.
Work as a handyman
Being a handyman is not particularly hard and can be a lucrative side business.
Help set up holiday decorations.
If you enjoy decorations, then helping out with seasonal decorating is a great idea.
Not for everyone. You can make good money if you are not afraid of heights, grime, and have a ladder.
Monetizing your hobbies and skills
The last significant step to learning how to make an extra $500 a month, everyone has things they enjoy and are good at. Make money out of them.
Working with wood
A hobby that is easy to convert into a side business. Make small crafts and sell them online.
A more significant time investment, but it certainly pays. People pay good money for handmade furniture.
Run a photography booth.
You do not need to be a skilled photographer. All you need is a half-decent camera and chatting people up.
Doing some photography
If you are skilled with a camera, then this can be lucrative. People pay well to have their memories captured perfectly.
Writing or recording music online can make you very successful if you can get traction.
Take images in your free time and sell them to stock image sites—an easy source of income.
Participate in DJ events
If you have the gear, be a DJ. Find time on the weekend for events. You will make a premium per appearance.
Be a gym instructor
Part-time work at the local gym is easy to come by. Many people just want someone to encourage them through their workout.
Be a referee/umpire
Umpiring for small-scale games, whether it be baseball, football, or basketball, can be an excellent source of revenue.
Be a session musician.
You can sit in during concerts and recording sessions. If you have the talent, there will be someone who needs you.
Enjoy golf? Enjoy the outdoors? Be a Caddie. It makes good money and is surprisingly fun.
Become an extra in a movie or TV show
Look out for a significant production happening in your area. If you did well in the school play, that’s all the experience you need.
The market for handmade knit items online is on the rise. Baby items especially are great options to sell online.
A creative hobby that is excellent for artistic people; Google what people look for in scrapbooks and get to work. A well-done piece can sell well.
Make some jewelry
Handmade jewelry can go for a premium online. Get started by selling on consignment until your worth becomes clear.
Draw some caricatures
Sell caricatures at a local fair or park. You will likely need a business license, though.
You do not have to be an expert. As long as you’ve dabbled into it before, you can make simple websites and get decent sums.
Suppose you are proficient in any subject. Tutor on the weekend, as students get older, parents are willing to pay increasingly high prices to ensure their kids thrive.
Sell baked goods such as birthday cakes online. People are more receptive to what they see as handmade love.
You can create videos on YouTube or edit them for others and make a cut if you have the talent.
If you have a passion for coding, and the creativity for an app, cash in on it.
Many local businesses will ask someone to install software on their equipment. A handy side gig if you know where to look.
Start a blog
You can write about basically anything and make money through affiliates and ads if you can get traffic.
Teach people English
Many people in the world are looking to learn English. You can help them out part-time online or in person. They will mostly need conversation practice.
Repair people’s computers
Most computers are straightforward to fix. If you have experience with tech, you can make a handy side gig.
Do some bookkeeping
Not the most exciting gig. But many businesses will want someone to keep paperwork sorted.
Be a personal shopper.
If you love shopping, then consider doing it for other people who do not have time for themselves. You’ll make money out of your expensive hobby.
Doing Public Speaking
Most people cannot speak in front of others at all. Having an inspiring story with the confidence to share it can mean big bucks per gig.
If you have what others call a ‘designers eye’, then spend weekends helping with decorating homes in your neighborhood. Make a portfolio of ideas and secure gigs when you see the chance.
Event planners are highly paid and sought after. You will have to start small, think kids’ birthday parties, but you can work your way up from there.
Publish an eBook
You can combine what you wrote into an ebook if you have a blog and get some passive income going.
Bonus: The Perks of Having A Side Income
More than 44 million Americans, according to a 2017 research by Bankrate.com, have a side gig. This can vary from working on freelance assignments after work to driving for ride-sharing businesses on weekends.
Moreover, according to the report, nearly half of side hustlers who earn some extra cash from a side hustle every month earn an extra 500 dollars. Additionally, making ends meet was the primary motivator for most side hustlers. Consequently, that extra 500 a month can be one of the main reasons you need one as well.
Side jobs aren’t just important to maintain a balance. Therefore, even if you can live well on your principal income, there are various reasons to establish a great side hustle
The Feeling of Empowerment
First of all earning money itself provides us with a feeling of independence and self-sufficiency. However, we can all agree that we are always concerned about losing our job.
This is especially in the case of people who only have a single source of income. However, this is where your side hustle comes into the picture.
When you have a secondary source of income, it serves as a reassurance that you will be fine even if you have a setback at one job. Moreover, this spare time hustle acts as a pillar of support for you on harder days.
Therefore, you might have to put in a little extra effort, but it’s worth the mental and financial peace it delivers.
Paying Off Your Loans
Debts are a nightmare for a major part of the population. However, most individuals end up under the weight of significant debts anyways. Additionally, their individual income isn’t enough to manage expenses and pay off the debt consecutively.
Furthermore, with phenomena like interest, it almost seems like an impossible feat to pay back the loans.
However, having an extra bout of incoming cash can give you a critical financial boost. As a result, you can start paying off your loans in time.
Additionally, this will help reduce the interest on your loan as well.
Enhance Your Skill Pallet
Even if you’ve always loved to write or think you know your needle and thread, side hustles will invariably expand your skill set. Thus, you’ll surely mature or develop as your company expands, since you’ll be venturing into the uncharted areas.
For instance, your side hustle may need you to learn how to build a webpage or manage your company’s social media network. Thus, whatever the talent, it’s a set of qualities that may help you advance professionally in a variety of ways.
Plus, through your side business, you’ll most likely be able to boost your resume or get access to additional duties at your day job.
Great Networking Opportunity
Expanding your network is one of the most effective strategies to advance professionally and extend your career.
Furthermore, we frequently engage ourselves with like-minded individuals at our workplaces or within our departments. Consequently, this can sometimes stifle our professional advancement.
However, having a side business allows you to expand your network and meet new individuals.
Moreover, your side hustle takes you places you wouldn’t otherwise go, allowing you to meet individuals you wouldn’t normally meet. So, a side business may let you connect with a diverse group of individuals, whether it’s through customers or vendors.
If you have read through the whole article, you now know how to make an extra $500 a month. The real challenge is applying these ideas.
A couple of tips for doing so; First, do not procrastinate or put things off, get started immediately, make plans, and put them into action.
Second, do not lay off the pedal. You should not just be looking to pay off debt or balance expenses. Think higher, diversify your income, and raise your standard of living.