When you have student loans or credit card debt, making ends meet can be difficult — especially when the average student loan payment is $351. When combined with the cost of rent, groceries, utilities, and other essentials, high monthly expenses might have you desperate for new ideas to make money.
If you want to improve your finances, cutting expenses can only do so much. If you’ve already trimmed your budget to the bone and still struggle to make ends meet, you need to increase your income. Higher earnings are essential for your financial security and future.
If a raise from your full-time job is unlikely, a side gig can be a great way to boost your cash flow.
What the best side hustles have in common
When looking for side hustle ideas, there are several things to consider before signing up:
Scalability
Some side gigs, such as working in retail, require a steady commitment and regular hours. You might have to keep the same shifts every week, but your earnings would be consistent.
If you have many commitments, scalability is a big factor to consider. Some side gigs, including Uber and Turo, allow you to set your own schedule and decide when you want to work.
For example, if you have an expensive car repair and money is tight, you can work extra hours and take on more jobs to boost your income. When you’re stressed at work or don’t need the additional income, you can reduce your workload with your side gig or take a break.
Side gigs that allow you to scale your hours up and down can be a useful tool in managing your debt or boosting your savings while still enjoying a decent work-life balance. Keep in mind that if you take on a gig that’s too rigid and doesn’t allow you to take breaks, you might get burned out.
Earning potential
Side hustles vary in earning potential. Some pay just $10 an hour, while others can pay over $50 an hour.
There are a few side gigs where the lower wage may work for you. For example, petsitting often pays about $10 an hour. But if you love animals, the extra cash is an easy income resource that doesn’t require a lot of work from you.
Alternatively, other side gigs require a lot of dedication and effort. Freelance writing, for example, can be a lucrative side business, but you have to meet tight deadlines and handle demanding clients.
Decide what your time is worth and how much stress you’re willing to take on. Then, limit your search to jobs that pay accordingly.
Scheduling
Consider your schedule before choosing a side hustle. Some gigs allow you to work early mornings, late nights, and weekends. Others require more of a commitment.
Think about when you will have free time on a regular basis. If you can only work weekends, focus your search on jobs that offer more flexibility.
Making money with side hustle apps
While you can start a side gig on your own, the process can be time consuming. It can take a while to build up your clientele and become profitable. If you’re already tight on money, startup funds can be a huge drain on your resources.
Instead, consider working a side gig using a ready-made app. Companies that hire contractors connect you with customers and allow you to start making money right away. The apps handle marketing, customer outreach, and invoicing. This eliminates overhead costs and administrative tasks so you can focus your efforts on your side hustle.
Top 10 side hustle ideas to make money
Ready to start earning extra cash? Here are some of the best side gigs to help you earn more money:
Uber
• Make money by driving people around town
• Earn up to $19 an hour (or more in some states), plus tips
• Set your own hours and availability
• If you don’t have your own car, you can rent through Uber
• Must pass a background check and have a clean driving record
Turo
• Rent out your car as a passive income source
• Make up to $600 a month
• Set your own rates and your car’s availability
• Turo provides comprehensive insurance coverage
Amazon Flex
• Deliver packages for Amazon AMZN, -1.17% for extra money
• Pays $18 to $25 an hour
• Set your own schedule and work whenever you want
• You must have a smartphone and your own vehicle
• Must pass a background check
Postmates
• Deliver food, office supplies, and more to customers in your area
• Earn up to $25 an hour
• Set your own availability (only required to make one delivery every 90 days)
• You must have a smartphone and your own vehicle
DoorDash
• Earn money by delivering restaurant food to customers
• Earn over $10 an hour
• Set your own schedule, including working early mornings or late nights
• You need an Android or iOS smartphone
• Must pass a background check
Shipt
• Shop and deliver groceries for customers
• You can make an average of $15 to $25 an hour
• Work whenever is convenient for you and take a vacation when you want
• Must have reliable transportation
• Must pass a background check
VRBO
• Rent a spare bed or your whole house
• Top owners who use VRBO to rent out their properties make up to $60,000 a year
• Set your own rates and room availability
• Rent whenever it is convenient for you
Handy
• Great side gig for professional cleaners and handymen
• Earn up to $22 and $45 an hour, depending on the task
• Payments are directly deposited after each job
• Determine your own availability and work schedule
Dolly
• If you’re capable of moving large items like furniture, you can make up to $15 an hour as a mover
• If you have a truck or cargo van, you can make even more money (workers who provide a vehicle and labor can make up to $30 an hour)
• Must be able to lift at least 75 pounds
• Using the app, you can accept gigs that fit your schedule
Zeel
• Must be a licensed massage therapist
• Perform in-home massages and keep 75% of the booking fee
• Zeel automatically adds 18% gratuity to the bill, which you keep
• Accept jobs when it’s convenient for you
Launch a side hustle today
Starting your own side business can be a great idea, but it takes time and money before it becomes profitable. Instead, consider working with an established service to start making money within one week.
If you’re looking to increase your income immediately, these ideas may help.
This article originally appeared on Student Loan Hero and was reprinted with permission.
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