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(From Financial Literacy Blog) – Whether you’re paying down debt, building up an emergency fund, or simply splurging on something you haven’t budgeted for, it’s always nice to have a little extra money. However, according to U.S. News, nearly 8 in 10 Americans live paycheck to paycheck. If your current income doesn’t leave much room for any additional saving or spending, consider supplementing your income with these five options:
Cash in on Your Talent
If you have a hobby that requires some specialized skills, there’s a good chance you can make some money doing it. For example, if you have a decent camera and enjoy taking photographs, you could submit your pictures to local media outlets in exchange for a small reward. If you’re looking for an even more lucrative opportunity, you could become a part-time wedding photographer. If illustration is your hobby, you could consider freelance graphic design work. If you’re great with numbers, try your hand at being a math tutor. Whatever your talent is, there may be an opportunity to turn your skills into dollar bills.
Sell Something
Do you have a lot of stuff in your house you’re simply not using? Try turning the clutter in your closet into cash. There are a number of ways you could sell your unwanted belongings, including hosting a yard sale, listing items on a buy-and-sell website, or selling directly to a store. You’ll be paid different prices depending on what type of store you sell to. A consignment store may yield a large return on your item. Some consignment stores will pay you up front, but others will take your item and you’ll get a percentage of the sale price when the item sells. It may take longer to sell, but when it does, you may get more for the item than you would at a yard sale, where people are expecting a bargain. You’ll also likely get more than you would on a buy-and-sell website like eBay, as you have to pay to list the item. Plus, eBay will ultimately take 10% of the final sale price. To make the most off your item, follow NBC’s selling guide.
Get Paid for Your Opinion
If you like sharing your opinion, why not get paid for it? If you fit the demographic they’re after, companies will pay you for your thoughts on their products or services. By participating in a company’s focus group, you can be paid $50 to $100 an hour for simply offering feedback. You’ll typically spend a couple hours in a room, where you’ll answer questions from a moderator with a group of other consumers. Keep an eye out in your local paper for focus group listings or check the official website and search for your location.
Take Advantage of Credit Union Perks
Because they’re member-owned, credit unions can help save you money with better rates and lower fees. Most of Maine’s credit unions are also a part of SURF, the state’s largest surcharge-free ATM network. If you’re a frequent ATM user, not having to pay a fee every time you access your own money can turn into quite a bit of savings. In addition to saving, you have the potential to make money just by making purchases as usual. Reach out to your local credit union and ask if they offer a rewards program. Some programs offer cash back or increased dividends on your account balance for meeting some simple requirements. If you’re planning to make a purchase anyway, why not enroll in rewards and earn some money back?
Ask for a Raise
A famous quote by Wayne Gretzky states, “You miss 100% of the shots you don’t take.” If your current income doesn’t allow you to pay down debt or build up your savings, ask for a raise. Set aside some time to talk to your boss about all the wins that you’ve brought to the company. You’ll have a better chance of securing the raise you’re looking for if you can back the request up with results. You’ll never know if you could be earning more unless you ask, right?