With the ongoing economic uncertainty affecting the cost of living, many people are looking for ways to make money on the side. The recent massive layoffs from world-renowned companies or the desire to build up our savings push many of us to look for a side hustle. It can be a great way to increase your income and achieve your financial goals.
A considerable increase in the cost of living, even in the wealthiest countries, drives the need for multiple sources of income to make ends meet. People have many options to make money, such as online gig work, freelancing, starting a small business, using passive income apps like Honeygain, and many more.
Each option has its benefits and different profitability. If you need to diversify your income streams, especially when the job market is uncertain, you should research and choose the best option for you. Here are six smart ways to make money on the side that is both flexible and profitable.
1. Freelancing
Freelancing is one of the most popular ways to make money on the side. Many people even managed to make it their full-time job! In recent years, the gig economy gained momentum as the demand for skilled professionals increased, and companies often sought outsourcing work. Nowadays, freelancing is a profitable side hustle enabling people to supplement their income and pursue their passions.
Doing freelance work is flexible — you can be your own boss, set your schedule, and work from the comfort of your home. If you’re already a working professional, you can utilize your skills doing gigs. Whether you’re a designer, developer, writer, or consultant, you’ll find some contract work!
Nevertheless, you have to manage your time and remain disciplined when being a freelancer. It can be hard to meet the deadlines of your projects if you’re procrastinating. Make sure you’re on top of your work and pocket your pay by spending several hours weekly doing gig work!
Don’t forget to update your portfolio to increase your hourly rate. A well-devised portfolio showcases your skills, experience, and ability to be adaptable to your clients. It can be an excellent way to market yourself!
2. Completing Online Surveys
If you’re willing to give honest feedback about the products or services you try, you’ll enjoy completing online surveys and making easy money on the side. You can complete most surveys in a couple of minutes anywhere you like — the bus stop, dining table, or even your bed! You can make a couple of dollars for each survey and get some spare change for your everyday expenses.
There are designated survey websites such as Survey Junkie and Swagbucks that are easy to navigate and allow you to cash out in fiat currency or even choose gift cards as an option. While online surveys won’t make you a millionaire, they’re a great way to earn extra cash on the side with minimal effort.
Also, it’s accessible to almost anyone worldwide, and you can complete as many surveys as you want! There are various topics you can choose from ranging from your favorite toothpaste brand to a popular fast-food restaurant. Try it out if you want to experiment with different money-making options!
3. Using Passive Income Apps
If you want to earn extra cash without much effort, try out the latest technological advancement — passive income apps. One of the most popular passive income apps is Honeygain. You can share your Internet connection with the Honeygain network and get paid depending on the amount of traffic you gather.
Usually, you’ll get $3 for every 10GB but there are ways to boost your earnings. Honeygain’s referral program offers a permanent 10% bonus equal to your referral’s daily earnings. Also, your friend that you referred will get $5 as a starting gift.
By using passive income apps, you’re able to earn money and continue your daily online activities such as browsing, shopping, listening to music, and more. It’s worth noting that these apps won’t make you a millionaire but it’s a great income stream for small expenses.
4. Working Overtime
While most workers prefer to keep their workdays short, you could work overtime to clock in more money to supplement your salary. If you're employed and your company or employer offers overtime work, this can be a great way to earn extra money. The additional time you work can help you stay on top of your work and help you reach your financial goals.
Nevertheless, keep in mind that working overtime can lead to tiredness and will affect your work-life balance if you do it often. It shouldn’t become your day-to-day requirement to work additional hours, so discuss it with your manager and arrange a suitable schedule. Notably, your company’s overtime policy must comply with the labor laws of your country!
5. Tutoring Online
As the COVID-19 pandemic forced the majority of the workforce and academics to turn to online communication platforms, students who require additional help with their schoolwork have easier access to tutors online. Some studies show that online tutoring can be a great way for those behind on learning materials to catch up and stay on track with their peers.
Additionally, it’s an excellent way to make money for people who have a specific skill set or knowledge of teaching subjects. You can teach maths, science, languages, and help with test preparation. It’s a flexible side hustle which allows people to set their schedule and work from home.
You should have a strong understanding of the subject, so your students can rely on you for help. The more experience you have with teaching, the higher your rate will be and you’ll earn more money for doing less work. If you can explain complex concepts in simple terms, online tutoring can be a great way to make money on the side!
6. Selling Your Stuff
Selling your stuff can be a great way to declutter and make money at the same time. There are various online marketplaces where you can list the things you want to sell and even more people looking for second-hand items! Make sure your things are clean and working to get a higher price. You can sell anything from clothes, furniture, electronics, and more.
Snap a picture of your goodies and list it on a marketplace. Then you can connect with potential clients, send your things and pocket the money! Make sure to price your items competitively, so you can sell your items fast.
Conclusion
There are many ways to make money on the side, from completing online surveys, using passive income apps like Honeygain, or selling your stuff at Facebook Marketplace. You can easily supplement your income or save up for a big purchase. It’s an excellent way to diversify your income streams and get a chance to pursue your passions!