Earning enough money can be an issue when you have debt to pay off. Sure, you can make ends meet, but that leaves precious little for making extra payments (or ever going on a vacation).
With middle class incomes shrinking, many have turned to the so-called “sharing economy” to put their skills (and entrepreneurial spirit) to work for them. Through gig jobs, there are a number of ways to earn extra income – and the earnings can be substantial.
How to make an extra $1,000 a month with gig jobs
The question of how to make $1,000 in a month might seem daunting. It actually isn’t as hard as it you might think, so long as you budget your work schedule accordingly.
And the benefits can be huge. Think of it this way: if you earn a $50,000 salary, adding an extra $1,000 to your monthly income would raise your total income to $62,000. That’s like getting a nearly 25 percent raise!
A person earning $50,000 earns about $960 per week, before taxes, for approximately 40 hours’ worth of work. That’s about $24 per hour. A side-hustle that paid the same hourly rate would require working less than 11 additional hours each week to reach an extra $1,000 per month.
And the truth is, a lot of gig work won’t even feel like work. For example, if you enjoy shopping, there is a gig site out there for you. Love driving? There’s one for you, too. Even people who love writing and editing can find gigs out there for them.
Here are just a few of our favorite sites for finding gig work. Use them and be on your way to an extra $1,000 per week quickly and easily.
Best side jobs for extra income
As with many gig jobs, you get what you give with taxi services. You can drive for 18 hours a day and earn a lot of money, or you can drive for only a couple of hours a week and earn a small amount.
Ultimately, driving for a major ridesharing service can earn you anywhere from $10 to $30 per hour, depending on your location.
If you’re someone who enjoys crossing off items from your grocery store shopping list, Instacart could be a great gig job for you. Working on a principle similar to Uber and Lyft, Instacart shoppers receive orders via an app, do their client’s shopping, and deliver it to their preferred address.
Unlike Uber and Lyft, however, you don’t make a set salary with Instacart. Instead, you get a percentage of the order’s total, plus tip. And tipping is where you have the opportunity to make a HUGE amount – particularly for prompt service, carrying bags up stairs, etc.
Just because you work a white-collar job doesn’t mean you have endless amount of money. But it also means that performing menial work, say, a tasker on TaskRabbit, may not necessarily be ideal.
What you may be looking for is a place where you can use your professional skills, like marketing, web design, or writing. Welcome to the wonderful world of freelancing.
While many people are full-time freelancers, it’s also a great way to make a few hundred bucks a week on the side. Websites like UpWork and HourlyNerd allow you to take on projects such as writing blog posts, updating social media accounts, or developing apps. If you’re more on the technical or administrative side of a business, these types of side hustles may be perfect for you.
Do you live in an urban area in which you rarely use your car? Imagine getting paid to let other people drive it. Services like Turo and Getaround allow you to rent your car to users at daily rates. You set the price and the times available.
This is particularly useful to those who work but don’t use commute with their cars. If you’re a biker, a public transit customer, or a carpooler, you may find renting your car to be a snap. In fact, if you rented your car for $25 per day, five days a week, you could make $500 each month doing absolutely nothing!
If you travel a lot for work, have an extra unused bedroom, or have simply always loved the idea of hosting a hostel in your living room, room share sites like Airbnb and HomeAway may be the perfect way to raise a little extra cash every month.
Here’s how it works: you list your place (whether it’s a shared room, a private room, or an entire house) and set the price per night. Users then contact you to rent it.
Depending on your area and schedule, you may be able to make a substantial sum off this. If, for example, you know you’re going to be out of your apartment three days a week, you could rent it for, say, $100 per night. For three nights per week, that comes to $300 – $1,200 by the end of the month. Users will appreciate staying somewhere authentic while paying less than they would at a hotel, and you’ll love having extra cash flow.
Making money in the new online economy doesn’t have to be complex. By maximizing your talent and space, you can make a good deal of money side-hustling – and be well on your way to making $1,000 extra every month!
Interested in refinancing student loans?Here are the top 6 lenders of 2018!
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1 Important Disclosures for Earnest.
To qualify, you must be a U.S. citizen or possess a 10-year (non-conditional) Permanent Resident Card, reside in a state Earnest lends in, and satisfy our minimum eligibility criteria. You may find more information on loan eligibility here: https://www.earnest.com/eligibility. Not all applicants will be approved for a loan, and not all applicants will qualify for the lowest rate. Approval and interest rate depend on the review of a complete application.
Earnest fixed rate loan rates range from 3.89% APR (with Auto Pay) to 6.97% APR (with Auto Pay). Variable rate loan rates range from 2.47% APR (with Auto Pay) to 6.23% APR (with Auto Pay). For variable rate loans, although the interest rate will vary after you are approved, the interest rate will never exceed 8.95% for loan terms 10 years or less. For loan terms of 10 years to 15 years, the interest rate will never exceed 9.95%. For loan terms over 15 years, the interest rate will never exceed 11.95% (the maximum rates for these loans). Earnest variable interest rate loans are based on a publicly available index, the one month London Interbank Offered Rate (LIBOR). Your rate will be calculated each month by adding a margin between 1.82% and 5.50% to the one month LIBOR. The rate will not increase more than once per month. Earnest rate ranges are current as of Month/Day/Year, and are subject to change based on market conditions and borrower eligibility.
Auto Pay discount: If you make monthly principal and interest payments by an automatic, monthly deduction from a savings or checking account, your rate will be reduced by one quarter of one percent (0.25%) for so long as you continue to make automatic, electronic monthly payments. This benefit is suspended during periods of deferment and forbearance.
The information provided on this page is updated as of 08/21/18. Earnest reserves the right to change, pause, or terminate product offerings at any time without notice. Earnest loans are originated by Earnest Operations LLC. California Finance Lender License 6054788. NMLS # 1204917. Earnest Operations LLC is located at 302 2nd Street, Suite 401N, San Francisco, CA 94107. Terms and Conditions apply. Visit https://www.earnest.com/terms-of-service, email us at firstname.lastname@example.org, or call 888-601-2801 for more information on ourstudent loan refinance product.
© 2018 Earnest LLC. All rights reserved. Earnest LLC and its subsidiaries, including Earnest Operations LLC, are not sponsored by or agencies of the United States of America.
2 Important Disclosures for Laurel Road.
Laurel Road Disclosures
Savings example: average savings calculated based on single loans refinanced from 9/2013 to 12/2017 where borrowers’ previous rates were disclosed. Assumes same loan terms for previous and refinanced loans, and payments made to maturity with no prepayments. Actual savings for individual loans vary based on loan balance, interest rates, and other factors.
Application detail: 5 minutes indicates typical time it takes to complete application with applicant information readily available. It does not include time taken to provide underwriting decision or funding of the loan.
Instant rates mean a delivery of personalized rates for those individuals who provide sufficient information to return a rate. For instant rates a soft credit pull will be conducted, which will not affect your credit score. To proceed with an application, a hard credit pull will be required, which may affect your credit score.
Total savings calculated by aggregating individual average savings across total borrower population from 9/2013 to 12/2017. Individual average savings calculation based on single loans refinanced from 9/2013 to 12/2017 where borrowers’ previous rates were provided. Assumes same loan terms for previous and refinanced loans, and payments made to maturity with no prepayments. Actual savings for individual loans vary based on loan balance, interest rates, and other factors.
3 Important Disclosures for SoFi.
4 Important Disclosures for LendKey.
Refinancing via LendKey.com is only available for applicants with qualified private education loans from an eligible institution. Loans that were used for exam preparation classes, including, but not limited to, loans for LSAT, MCAT, GMAT, and GRE preparation, are not eligible for refinancing with a lender via LendKey.com. If you currently have any of these exam preparation loans, you should not include them in an application to refinance your student loans on this website. Applicants must be either U.S. citizens or Permanent Residents in an eligible state to qualify for a loan. Certain membership requirements (including the opening of a share account and any applicable association fees in connection with membership) may apply in the event that an applicant wishes to accept a loan offer from a credit union lender. Lenders participating on LendKey.com reserve the right to modify or discontinue the products, terms, and benefits offered on this website at any time without notice. LendKey Technologies, Inc. is not affiliated with, nor does it endorse, any educational institution.
5 Important Disclosures for CommonBond.
6 Important Disclosures for Citizens Bank.
Citizens Bank Disclosures
|2.47% – 6.99%3||Undergrad & Graduate||Visit SoFi|
|2.47% – 6.23%1||Undergrad & Graduate||Visit Earnest|
|2.47% – 8.03%4||Undergrad & Graduate||Visit Lendkey|
|2.95% – 6.37%2||Undergrad & Graduate||Visit Laurel Road|
|2.48% – 6.25%5||Undergrad & Graduate||Visit CommonBond|
|2.72% – 8.32%6||Undergrad & Graduate||Visit Citizens|