Living on a tight budget and limited by the monthly income from your first job out of college? We all know that feeling. Here are some ways you can augment your income and stretch your purchasing power a bit:
Capitalize on your talent
Do you have a particular talent you are proud of? Painting, sculpting, sketching, or making paper crafts are some hobbies that you can capitalize on. If you are good at painting, you may want to setup painting lessons for young kids in the community. If you are good at crafts, you can have your creations sold at the community store or have them displayed online. If you are good at sketching, you can accept commissions from people wanting a sketch of their portraits. If you love driving, apply as driving instructor in your local driving school. These are things you can do on your spare time. You love doing them and you get to earn income from doing what you love. Isn’t that great?
Get a part time job
If you have extra time after working your day job, you may want to get a part time job or a freelance job. There are a variety of websites online offering freelance job opportunities: from clerical work such as uploading and encoding jobs, to more complicated jobs like video editing, thesis writing, and even programming. You may also want to check out local listings for pet walking, babysitting, and other odd jobs on the side that will give you a little more income without taking so much of your time.
Rent a spare room
You have a big house with vacant rooms, why not put a few up for rent? It is easy to create a spare bedroom, just add a single bed, a small desk and you’re good to go. Renting a spare room is the most viable option it provides you with extra income without spending more time working. You are letting your property or your investment to work for you. This option is most effective if you live in a highly-populated area where real estate prices are high and demand for lodgings is equally high.
If you have random things strewn around the house that you no longer need nor use, maybe it’s high time you sell them so someone else can use them. By doing so, you dispose of some clutter in your house and you earn extra income too. Post them in Craigslist or eBay where people are always looking for knick knacks to buy.
Invest in passive investments. Passive investments are investments opportunities that allow you to augment your income without actively managing your money. Some passive investment options include investing in shares of stocks or mutual funds. If you invest in shares of stocks, you have to put in a bit of time and effort to spread your investment across several companies so as to counter any losses. However, if you invest in mutual funds, the investment firm can manage your investment for you. They will invest your money in several stock options and other types of investment options to counter any losses from any of the others. You need not exert any effort to manage your money as the investment firm will do it for you, for a fee, which is usually a small percentage of the invested amount.
This post is a collaboration.