Oh extra income…
Whenever I publish any of my extra income posts, I usually receive e-mails like crazy. I mean multiple e-mails every hour, and probably over 20 in one day.
I love all of your questions and many of you have reasons for why you want extra income. Not all of you have a blog but today I’ll be talking about the different ways I make extra money. In future posts, I will be talking about more of a variety as well.
Currently, before taxes and expenses, I am making around $5,000 in EXTRA income per month. I am on track to make around that this month as well. I’m using my extra income mainly to pay down my $38,000 student loan debt as quickly as I can, and after April of this year, I will probably throw most of it towards savings.
I can only dream of where that might go one day. Just last year I was making a couple hundred per month in extra income – and I was ECSTATIC at that time with that. Now my goals keep increasing.
I am big on diversifying how you make your money, whether it be your extra income or your main form of income. This way, if anything does happen, you are more prepared. Also, try not to use your extra income as a way to Keep up with the Joneses! Use it for what you truly what to do with it.
There are many things that you can do to earn extra income. However, there are also many factors to think about:
- How much time do you have? Do you have 1 hour each day or 5 hours each day? Maybe you’re only free on the weekends?
- How much are you trying to earn? Is your goal $50 a month or $5,000 a month?
- Can you do this and also work at the same time? Will your work be sacrificed and therefore you might lose your main source of income?
- Do you want to also have fun while making your extra income?
Below are some possible ways for you to earn extra income. This will be a multiple series post as of course there are TONS of things that can be done to make extra income. I plan on making more in-depth posts on these individual methods soon, so watch out for those also 🙂 :
Having a Blog
Having a blog is always a great way to make extra money, as long as you have the time for it and put effort into it. They always say that the first year of blogging is the hardest, and if you can make it past that, then you will probably make it. Having a blog is good because it makes it easier for people to see your writing (such as if you want to be a freelance writer) and it makes it easier for people to get in contact with you.
If you are interested in signing up for a blog, you can read my free tutorial here. Anyone can start their own blog in just a matter of minutes. It’s easy to do!
If you do sign up for a blog, click my affiliate link to get your domain and hosting here (you will get a free domain and discounted pricing through my link). And once you have your domain and hosting, also make sure to start an e-mail list. AWeber is great and very easy to use. Not having an e-mail list for so long is something that I definitely regret, but I am glad that I’m finally starting with this so be on the lookout for the signup soon!
Direct advertising, Google Adsense and affiliate links are the main ways that bloggers make their income online.
Here are some posts written by me that relate to having a blog:
- How To Start A WordPress Blog On Bluehost
- Blogger or WordPress – Tips on How to Move
- Tips For Beginner Bloggers Part 1 – The Basics
- How To Make Money Blogging
Renting out an extra room
We have four bedrooms in our house and we only use one. So when my sister needed a place to live, we of course invited her to live with us. It’s been working out greatly. She’s been living with us since May of 2012 and pays around $325 per month. She is hardly home so we haven’t really noticed an increase in any of our bills also.
Now, I don’t think we’ll be adding any more roommates. My sister is great (and we all get along very well), but we have definitely had our share of roommate disasters. Someone also lived with us over the summer for a total of two days before we had to kick him out. That was a mistake that I don’t even want to think about again.
A couple of other bloggers rent out their spare bedrooms as well (it honestly isn’t that bad sharing space, I promise!), such as Crystal at Budgeting in The Fun Stuff. She talked about her roommate situation the other day, go check it out!
I do think that if you have room and don’t mind the extra money, then you might want to try renting out your spare rooms. The money for me is easy, so why not?
Related: Become an Uber driver – Spending your spare time by driving others around can be a great money maker. Read more about this in my post – How To Become An Uber Or Lyft Driver.
Mystery Shopping
Mystery shopping (click on the link to learn more about it in a post that I wrote) is something that I used to do a great deal of. I don’t do it a whole lot anymore mainly because of time constraints. I always loved doing the food and cosmetics shops though.
Getting free food and makeup? I’M IN! I use Bestmark for mystery shopping and I highly recommend them.
Selling on eBay
I know, I know. I told some of you that I would make a post on selling on eBay. I still need to do that. Anyways, over the summer I sold a lot of things that were in my closet on eBay. I made over $1,000 by selling stuff online.
It doesn’t need to be just eBay, it could be Craigslist (my friend does this and has a lot of success) or specialized websites such as Bag Borrow or Steal (I sold one of my purses to them).
Freelance Writing
In the Fall of 2012, I found myself staff writing for many websites and blogs. I have recently cut this down a bit and now only write for 3 blogs because it was a lot to handle. However, if you have time, go for it!
I now write for two personal finance blogs and for one hotel in the Caribbean. Read my post So You Want to Be a Freelance Writer?
Becoming a Virtual Assistant
This is something that I recently started doing. It doesn’t comprise a LARGE percentage of my extra income, but it is there. I like to be diversified just in case anything does happen to one of my other extra income streams (yes I realize that I am not fully diversified because a lot of my extra income is earned online – just in different ways).
There are many things that you can do as a virtual assistant. You can manage the social media of a business, website, etc. (Facebook, Pinterest, Twitter, and everything else), handle the newsletter, work on the website, proofread and edit, do market research, handle emails, and so on. The list is really endless.
Read my posts What Does a Virtual Assistant Do and How To Become a Virtual Assistant.
If you are interested in learning about even more ways, please check out my post 75+ Ways To Make Extra Money.
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Which one is the most fun though (income aside)?
Definitely blogging for me!
My main side income is from spreadsheet consulting. I want to make it to pay down debt, save more, and to have extra income for things I want to do.
My recent post $1000 Cash Giveaway – Structured Settlement Edition
Do you mind if I ask how much you make from that? I'm sure everyone is interested.
Thanks for sharing Michelle! How much time would you say you devote to being a VA on average? I've thought about doing it myself as well as hiring out to have someone do something for me. I am making some side income from advertising on the blog, and am really looking to get in to some Freelance writing myself.
I don't do a whole ton of VA. Just a couple of hours a week.
Thanks for sharing! I can’t wait to hear more in depth about freelance writing or staff writing and how you made those connections to do so. Did you approach the websites/companies or did they come to you? I would love to get into this!
I was approached and also advertised my services on a personal finance community/website called Yakezie 🙂
Could you possibly write a post more specifically about HOW and WHERE to find these staff writing opportunities? I'm a writer for a living and do freelance writing too, but most of it is unpaid. :\ I find it so hard to find legit, reliable freelance writing gigs! Thanks
My recent post When Women are Monsters
Haha everyone is asking this! I was approached and also advertised my services on a personal finance community/website called Yakezie 🙂
I do plan on going more in-depth on this in a post that is 100% dedicated to freelance writing. It will be going live next week most likely.
Great job! We make extra income in cimilar ways that you do. Our blog has recently been making a considerable amount of money. We each have staff writing gigs (mine at Get Rich Slowly and Greg's is at another pf blog) that pay rather well. I wish I had more time to do other things to make more money…but with the two kids almost every hour of my day is taken up!
That's great about your staff writing gigs! I love staff writing and being able to write about other topics.
I earn extra income from my blog mostly. I want to earn extra income to help my girlfriend pay off her student loans and to rely less on traditional sources of income.
Need to diversify Lance! 🙂
I would love to earn more side income 🙂 I am working on transitioning my blog to self host. And hopefully will find ways to make money online.
What hosting service do you use by the way? Was the transition to self host easy? Did you do it yourself?
Yes go to self host! For this blog I use Andrea at Nuts and Bolts Media for my hosting. She transferred it and made it all super easy.
I also have another secret blog (no one knows the name!) and I use Bluehost for that. Please use my affiliate link if you want to do that! 🙂 http://www.bluehost.com/track/senseofcents
My PT job is fun, but it's taking up entirely too much of my time, so not a lot of money. After working 40 hours a week – in the same building – it's hard to come back in the evenings and on weekends for minimum wage. I've toyed with the idea of finding a different PT job, to gain different skills and work with different people, but scheduling is always an issue.
Looking forward to Part 2 of this post to see if it sparks any ideas 🙂
I hope Part 2 is helpful! 🙂
Honestly, I'd love to be able to do so many "side" gigs that I make enough to pay my bills so I don't have to get some crappy minimum wage job. I mean if I could earn enough through freelance writing and blogging to make as much as I'd make at a minimum wage job…I'd never have to work a crappy job again. That would be amazing.
My recent post A not-that-nice confession.
C, I hope one day this is very possible for you 🙂
I'm investigating all kinds of ways to make extra money for this year as it's a huge financial focus for my goals. Staff writing and VA-type tasks are what I'm targeting now. I'm also a huge fan of sponsored posts/links in old posts and hope to have more in the coming months!
I'm definitely with you on all of this!
The blog is my main source of side income-don't know how I'd do without it!
Same here!
I get most of my extra income via real estate (used to rent 2 rooms in my flat then I moved out and rented the third as well) and online income, on the blog or writing for travel and expat websites. I like to be diversified, as nothing is certain from one month to another.
My recent post $1000 giveaway! What are structured settlements?
I agree, i like to be diversified and I'm really working on this.
These are great ways to earn extra income Michelle! Can't wait to read more of this series 🙂
Thanks! Part 2 shouldn't take too long.
Great post, 5 grand in extra income is a lot. I would like to know how much time is devoted to making this and if there is a lot of pressure associated with the extra effort to make it.
My recent post Millionaires
There is definitely a lot of time devoted to it. I wake up about an hour early each day and devote this to my extra income, devote almost my whole lunch time, and then work on it after work.
However, no, there is not a ton of pressure.
I was wondering this same question as Rich– about how much time do you put into your blog? Here is another similar question: About how many entries do you try to write each week? I put minimal time into my blog and only write about one entry per week; I am definitely not making any income from it.