Unemployment 6 Ways to Find Extra Income (video) Read the Article Open Share Drawer Share this:Click to share on Twitter (Opens in new window)Click to share on Facebook (Opens in new window)Click to share on Tumblr (Opens in new window)Click to share on Pinterest (Opens in new window)Click to share on LinkedIn (Opens in new window) Written by Dan Miller Published Aug 7, 2020 - [Updated Apr 26, 2022] 4 min read Advertising Disclosure The views expressed on this blog are those of the bloggers, and not necessarily those of Intuit. Third-party blogger may have received compensation for their time and services. Click here to read full disclosure on third-party bloggers. This blog does not provide legal, financial, accounting or tax advice. The content on this blog is "as is" and carries no warranties. Intuit does not warrant or guarantee the accuracy, reliability, and completeness of the content on this blog. After 20 days, comments are closed on posts. Intuit may, but has no obligation to, monitor comments. Comments that include profanity or abusive language will not be posted. Click here to read full Terms of Service. http://https://youtu.be/1h8sJY5MSmU Living within your means is an important component of having strong and healthy finances. Creating a budget can be a great first step to making sure your financial house is in order. As you look through your monthly expenses, there are two different ways that you can improve your monthly cash flow. The first is to cut your expenses – look for ways that you can spend less each month. When you first start tracking your expenses (like with one of our free monthly budget templates), you’ll likely find a few areas to cut back on. Over time, however, you’ll probably run out of ways to cut your expenses. After all, there are so many extra lattes and gym memberships that you don’t use! The other way you can increase your savings rate is to find extra income. In this article, we’ll look through a few side hustles and other ways to find extra income. Sell things you aren’t using and don’t need Most people always have things lying around the house that they no longer use. Take a look around with a discerning eye and decide which things you could do without. Of course, this is not something that you can do every day, but at the rate that most people gather things, you can probably find $100 or more in items once or twice per year. Look for electronics, clothes, toys or other things and sell on Craigslist, local barter groups or on eBay. Capitalize on your talent The first item we’ll talk about is dependent on YOU. What makes you special? What kind of skills do you have that might be able to bring in extra income? Many of the other things on this list are more short-term or one-time ideas. Maybe you can start a blog or online business? Or do you have a skill that you could provide to others as a service? It may take some short-term capital to get your business up and running, but the long-term gains from investing in yourself are usually worth it. Make sure your savings dollars are working for you Another way that you can find some additional money each month is by making sure that your savings dollars are invested in the right place. If you have extra money already stored up, you’ll want to make sure it isn’t sitting under your mattress or in a checking account earning next to no interest. For money that you don’t expect to need any time soon, consider opening a retirement account. Historically and with a long-term perspective, the stock market has been one of the best avenues for investments. If you have an emergency fund or other money, you won’t want to put it in the stock market. Because the stock market can be more volatile, any money that you want to have easier access to should be kept in something that is more liquid. But if you still have your money in a savings account at your local bank, you might be leaving tens to hundreds of dollars on the table each month. Many online savings accounts generally offer savings rates 10 to 20 times as much as the rates you’ll get from your local bank. Open a new bank account Speaking of bank accounts, many banks have incentives for opening a new account. And they’re often better gifts than the stereotypical toaster. A typical bank bonus might be between $200 and $500, depending on the requirements involved. You can find these bonuses by either searching online or looking at local and national banks to see what they might be offering. Three things to keep in mind with bank account bonuses. The first is that many of these bank bonuses have requirements like setting up a direct deposit or keeping your money in for a certain period of time. Another is that many of these accounts have fees, which would offset some of the bonuses. Finally, the bonus you earn from this account is taxable; you’ll get a 1099 tax form at the end of the year. Weigh all these factors to decide if the bonus is worth it to you. Maximize your credit card rewards Another way to get some extra income is to make sure that you are maximizing your credit card rewards. Credit card rewards can be a good source of extra income depending on your spending levels. In addition to the cashback or rewards you get from ongoing spending, look at signing up for a new credit card. Many cards offer signup bonuses anywhere from $150 to $500 or more. This can be a great source of additional income. Join the gig economy Depending on how much free time you have, there are many companies out there that are looking for workers. Some ideas would be: Rent out part of your house with Airbnb Drive for Uber or Lyft Make deliveries with DoorDash or Postmates Many of these companies also offer new hire incentives that might make the gig seem more attractive at first. Hopefully, these ideas to get extra income will help spark you as you look for ways to earn more money, balance your budget and get yourself set on the road to financial success! Previous Post Navigating the Current Job Market and Empowering Workers Next Post How to Negotiate Salary Increases and Promotions Written by Dan Miller Dan Miller is a freelance writer and founder of PointsWithACrew.com, a site that helps families to travel for free / cheap. His home base is in Cincinnati, but he tries to travel the world as much as possible with his wife and 6 kids. More from Dan Miller Follow Dan Miller on Facebook. Follow Dan Miller on Twitter. Browse Related Articles Mint App News Intuit Credit Karma welcomes all Minters! Retirement 101 5 Things the SECURE 2.0 Act changes about retirement Home Buying 101 What Are Homeowners Association (HOA) Fees and What Do … Financial Planning What Are Tax Deductions and Credits? 20 Ways To Save on… Financial Planning What Is Income Tax and How Is It Calculated? Investing 101 The 15 Best Investments for 2023 Investing 101 How To Buy Stocks: A Beginner’s Guide Investing 101 What Is Real Estate Wholesaling? Life What Is A Brushing Scam? Financial Planning WTFinance: Annuities vs Life Insurance