11 Ways to Earn Extra Money - Inspired Budget (2024)

Are you short on money each month? If you dread checking the mail for fear of another bill, then it might be time to start earning extra money on top of your current job.

Below are 11 options for how you can earn extra money to help cover loans, bills, or just rack up some serious savings. Try one way or try them all and track just how much extra money you’ve earned by the end of the year!

1. Teach Online

If you have a college degree then you can become a teacher on VipKid. It’s an online company that pays you to teach English to children in China. You’ll need a computer, camera, and headset. You can make anywhere from $14-$22 per hour and it can be done in the mornings or evenings after your kids go to sleep. Not only are you making money, but you’re helping children learn!

2. Try Out Swagbucks

Online websites like Swagbucks will pay you just for searching online, watching videos, shopping, playing games, and taking online surveys. You’ll earn money in the form of gift cards so you can do your grocery shopping or buy new clothes with a gift card that you pick out.

Try to spend just 15 minutes each day earning Swagbucks and then you’ll be well on your way to your first gift card!

3. Donate Plasma

If you have time on your hands then you can earn anywhere between $20-$50 each time you donate plasma. Some places let you donate twice a week which can add up quick. Each donation can take up to 2 hours so bring a book, try your best to relax, and earn some extra money.

4. Sell Your Old Clothes

Every few months I go through my closet and take anything I haven’t worn in a while out and put it in a bag. If I don’t miss the clothing items, then I figure out what I’m going to sell vs. donate. If it’s in good condition then take your clothes to Clothes Mentor or Plato’s Closet and get cash straight back in your hands. You can also list your clothes on Facebook resale sites.

5. Sell Household Items

Chances are likely that you can take an afternoon and go through some of your old or unwanted household items, sell them, and make some easy extra money. Look through all your books, movies, and gadgets. If you haven’t used it in a year, then consider selling it online or in a store. You can list items on Craigslist, eBay, or local Facebook sites or you can bring books and movies to resale shops. Just a few months ago our family made an extra $200 by selling some baby items that we no longer needed. My husband was happy to have the extra attic space and I was happy to buy my son a new back to school wardrobe.

6. Dog Sit and House Sit

People with pets who love them like children are willing to pay someone to stay at their house just so that their dog or cat doesn’t have to be boarded overnight. I don’t blame them! I know that my dog would hate to be in a kennel overnight and not have free reign of our house. Market yourself as someone that will care for pets like they are your own and will keep intruders away from their house.

7. Ask for Extra Hours

If you’re ready and willing, then ask your employer if you can work extra hours or overtime. Most people will jump at the chance to have their hard-working and reliable employees stay later to get a job done. Don’t be hesitant to ask. Besides, the worst they can say is no.

8. Become a Virtual Assistant

If you’re a stay at home mom or just have extra hours in your day, then you can easily become a virtual assistant. Once you’ve established yourself, you can make anywhere from $20-$50+ each hour. The best part is that you can work from home in your pajamas! To learn more about becoming a virtual assistant, check out Amy’s article HERE.

9. Airbnb your Home

If you have an extra room in your home then there’s potential to make money! My brother and sister-in-law have an empty guest room in their home that they rent out for $65 each night. Not a bad way to earn money to help cover house bills like utilities and any home repairs.

10. Ask for a raise

If you’ve been at your job for a while and you know that you are performing well, then it might be time to ask for a raise. Before you head straight to your boss’ office, prepare what you’re going to say and how much of a raise you want. Read more about how to ask (and get) a raise HERE.

11. Get a Part-Time Job

Money doesn’t grow on trees. If you are ready to sacrifice to win with money, then consider getting a part-time job in addition to your full-time job. Find a job that will be flexible with your current schedule. If possible, stick with a job that is in your same career field. You won’t have to learn something completely new and you’ll have confidence when you first start out. Remember that part-time jobs don’t last forever. So if it’s just for a short time then the season of sacrifice will end eventually!

The Bottom Line

Once you start earning extra money, remember to set goals for what you plan to do with your new income. Your financial success all comes back to budgeting and spending, so try not to change your lifestyle and send any extra penny you earn to bills or savings.

If you’ve ever earned extra money on the side let me know in the comments. I’d love to hear what you did and if the extra money was worth your time.

11 Ways to Earn Extra Money - Inspired Budget (2024)

FAQs

What is the 70 20 10 rule money? ›

The 70-20-10 budget formula divides your after-tax income into three buckets: 70% for living expenses, 20% for savings and debt, and 10% for additional savings and donations. By allocating your available income into these three distinct categories, you can better manage your money on a daily basis.

What is the 50 20 30 method? ›

One of the most common types of percentage-based budgets is the 50/30/20 rule. The idea is to divide your income into three categories, spending 50% on needs, 30% on wants, and 20% on savings. Learn more about the 50/30/20 budget rule and if it's right for you.

What is the 60 20 20 rule? ›

If you have a large amount of debt that you need to pay off, you can modify your percentage-based budget and follow the 60/20/20 rule. Put 60% of your income towards your needs (including debts), 20% towards your wants, and 20% towards your savings.

How can I find extra money in my budget? ›

8 tips for finding discretionary money in a tight budget
  1. Make a list before you grocery shop. ...
  2. Consider a side hustle. ...
  3. Save any cash you're gifted. ...
  4. Re-evaluate recurring expenses. ...
  5. Pay attention to your credit cards. ...
  6. Use a rewards credit card. ...
  7. Reassess your bills. ...
  8. Implement a monthly spending cleanse.

What is the 10 rule of money? ›

In his book, 'I Will Teach You to Be Rich,' Sethi suggests saving 5-10% and investing 5-10% as part of a Conscious Spending Plan (aka budget). So why are his money rules different? You need to increase the amounts you save and invest as you earn more money, he suggests.

What is the 70 10 10 10 method? ›

This principle says for each dollar you earn or are given, you should save 10%, share 10%, invest 10% and spend 70%.

What is the 40 40 20 budget? ›

The 40/40/20 rule comes in during the saving phase of his wealth creation formula. Cardone says that from your gross income, 40% should be set aside for taxes, 40% should be saved, and you should live off of the remaining 20%.

How to do the envelope method? ›

You just take the exact amount of cash you've budgeted for each category and stick it in individual envelopes. Then throughout the month, you check your envelopes to see what's left to spend—because you'll see the literal amount in cash.

What is the 30 savings method? ›

Our 50/30/20 calculator divides your take-home income into suggested spending in three categories: 50% of net pay for needs, 30% for wants and 20% for savings and debt repayment. Find out how this budgeting approach applies to your money.

What is the 80-20 rule in strategy? ›

The Pareto principle states that for many outcomes, roughly 80% of consequences come from 20% of causes. In other words, a small percentage of causes have an outsized effect. This concept is important to understand because it can help you identify which initiatives to prioritize so you can make the most impact.

What is the 80-20 rule strategy? ›

What's the 80-20 Rule? The 80-20 rule is a principle that states 80% of all outcomes are derived from 20% of causes. It's used to determine the factors (typically, in a business situation) that are most responsible for success and then focus on them to improve results.

How do you do the 80-20 rule? ›

When applied to work, it means that approximately 20 percent of your efforts produce 80 percent of the results. Learning to recognize and then focus on that 20 percent is the key to making the most effective use of your time.

How to live off one paycheck a month? ›

Tips for Making One Income Work
  1. Update your budget. ...
  2. Make savings work for you. ...
  3. Reduce monthly bill amounts. ...
  4. Look into unemployment benefits. ...
  5. Pay down debt. ...
  6. Seek out low-cost activities. ...
  7. Plan meals to cut food costs. ...
  8. Tap into your emergency fund.

What are the four walls? ›

Personal finance expert Dave Ramsey says if you're going through a tough financial period, you should budget for the “Four Walls” first above anything else. In a series of tweets, Ramsey suggested budgeting for food, utilities, shelter and transportation — in that specific order.

What is your biggest wealth building tool? ›

“Your most powerful wealth-building tool is your income. And when you spend your whole life sending loan payments to banks and credit card companies, you end up with less money to save and invest for your future.

What is the 70 20 10 model with examples? ›

With the 70:20:10 model you learn 70% from on the job experience and from doing. You learn 20% from others in the way of observing, coaching and mentoring. 10% is down to formal training like courses, reading and online learning.

What is an example of a 70 20 10 budget? ›

70 20 10 Budget example

Let's say your income is $5,000 a month after taxes. By this rule, $3,500, 70% of your income, would be for all expenses. Then 20%, or $1,000, is for saving. Last, $500, or 10%, is for giving or debt payoff.

What is the 40 40 20 budget rule? ›

The 40/40/20 rule comes in during the saving phase of his wealth creation formula. Cardone says that from your gross income, 40% should be set aside for taxes, 40% should be saved, and you should live off of the remaining 20%.

Does the 70 20 10 rule work? ›

The 70-20-10 learning model is considered to be of greatest value as a general guideline for organizations seeking to maximize the effectiveness of their learning, and development programs through other activities and inputs. The model continues to be widely employed by organizations throughout the world.

Top Articles
Latest Posts
Article information

Author: Sen. Emmett Berge

Last Updated:

Views: 6035

Rating: 5 / 5 (80 voted)

Reviews: 95% of readers found this page helpful

Author information

Name: Sen. Emmett Berge

Birthday: 1993-06-17

Address: 787 Elvis Divide, Port Brice, OH 24507-6802

Phone: +9779049645255

Job: Senior Healthcare Specialist

Hobby: Cycling, Model building, Kitesurfing, Origami, Lapidary, Dance, Basketball

Introduction: My name is Sen. Emmett Berge, I am a funny, vast, charming, courageous, enthusiastic, jolly, famous person who loves writing and wants to share my knowledge and understanding with you.