If your budget is feeling tight, you might be looking for ways to increase your income quickly. Below are a few ways to put extra money in your pocket by capitalizing on your talents and smarts without putting in any overtime at your job.
Start a side hustle. Practically a rite of passage for millennials, a side hustle is a second job you take up outside of your full-time job to earn extra money. The best side hustles come from monetizing a hobby or skill, such as freelance writing or tutoring a certain subject or language. You can also find temporary or part-time jobs on websites like Craiglist and Kijiji, such as bartending or serving, deliveries, administrative work, or construction/labour.
Take advantage of the sharing economy. If you have a car, try driving for Uber by picking up shifts whenever your schedule allows. If you have a spare room in your home or will be away for an extended period of time, rent it out on Airbnb to put a little extra cash in your pocket on your schedule. Likewise, trading, swapping or bartering the exchange of items and services can spare you having to spend money on these things.
Sell items you don’t need. If there are clothes in your closet that are still in good condition but that you haven’t worn or thought about in over a year, take them to a consignment store. This will put money in your pocket and help de-clutter your home. Likewise, someone’s trash is another person’s treasure: old housewares, furniture, electronics, jewelry, and collectibles can be sold to secondhand shops or online through websites like eBay and Kijiji.
Use a cash-back credit card. One of the easiest ways to “earn” money is to get a small return on your regular spending. Using one of the best cash-back credit cards to pay for everyday purchases like gas and groceries can help save you money by giving you a rebate on a percentage of every dollar spent on the card.
The key is choosing the card that best aligns with your spending habits. The SimplyCash Card from American Express is a great no-fee option that gives you 5% cash back on eligible gas, grocery, and restaurant purchases for the first six months (up to $250), and 1.25% cash back on everything else, with no limit on the amount of cash back you can earn at that rate. The Scotia Momentum Visa Infinite has a $99 annual fee, but pays you up to 4% cash back on gas and groceries, 2% back on drugstore purchases and recurring bills, and 1% back on everything else.
When it comes to increasing your income, there is a number of ways to do it without necessarily working more. Getting creative with your hobbies, skills, and spending can help boost your budget without burning yourself out.
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Writer: Jelani Smith
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