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 2020!
|Lender||Variable APR||Eligible Degrees|
|1.99% – 5.64%1||Undergrad & Graduate|
|1.89% – 5.90%2||Undergrad & Graduate|
|2.25% – 6.09%3||Undergrad & Graduate|
|1.89% – 6.77%4||Undergrad & Graduate|
|2.39% – 6.01%||Undergrad |
|1.99% – 5.41%5||Undergrad & Graduate|
|Check out the testimonials and our in-depth reviews! |
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 2.98% APR (with Auto Pay) to 5.79% APR (with Auto Pay). Variable rate loan rates range from 1.99% APR (with Auto Pay) to 5.64% 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 July 31, 2020, 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 7/31/2020. 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 [email protected], or call 888-601-2801 for more information on our student loan refinance product.
© 2020 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
All credit products are subject to credit approval.
Laurel Road began originating student loans in 2013 and has since helped thousands of professionals with undergraduate and postgraduate degrees consolidate and refinance more than $4 billion in federal and private school loans. Laurel Road also offers a suite of online graduate school loan products and personal loans that help simplify lending through customized technology and personalized service. In April 2019, Laurel Road was acquired by KeyBank, one of the nation’s largest bank-based financial services companies. Laurel Road is a brand of KeyBank National Association offering online lending products in all 50 U.S. states, Washington, D.C., and Puerto Rico. All loans are provided by KeyBank National Association, a nationally chartered bank. Member FDIC. For more information, visit www.laurelroad.com.
As used throughout these Terms & Conditions, the term “Lender” refers to KeyBank National Association and its affiliates, agents, guaranty insurers, investors, assigns, and successors in interest.
Assumptions: Repayment examples above assume a loan amount of $10,000 with repayment beginning immediately following disbursement. Repayment examples do not include the 0.25% AutoPay Discount.
Annual Percentage Rate (“APR”): This term represents the actual cost of financing to the borrower over the life of the loan expressed as a yearly rate.
Interest Rate: A simple annual rate that is applied to an unpaid balance.
Variable Rates: The current index for variable rate loans is derived from the one-month London Interbank Offered Rate (“LIBOR”) and changes in the LIBOR index may cause your monthly payment to increase. Borrowers who take out a term of 5, 7, or 10 years will have a maximum interest rate of 9%, those who take out a 15 or 20-year variable loan will have a maximum interest rate of 10%.
KEYBANK NATIONAL ASSOCIATION RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE.
This information is current as of September 9, 2020. Information and rates are subject to change without notice.
3 Important Disclosures for SoFi.
4 Important Disclosures for Splash Financial.
Splash Financial Disclosures
Terms and Conditions apply. Splash reserves the right to modify or discontinue products and benefits at any time without notice. Rates and terms are also subject to change at any time without notice. Offers are subject to credit approval. To qualify, a borrower must be a U.S. citizen or permanent resident in an eligible state and meet applicable underwriting requirements. Not all borrowers receive the lowest rate. Lowest rates are reserved for the highest qualified borrowers. If approved, your actual rate will be within a range of rates and will depend on a variety of factors, including term of loan, a responsible financial history, income and other factors. Refinancing or consolidating private and federal student loans may not be the right decision for everyone. Federal loans carry special benefits not available for loans made through Splash Financial, for example, public service loan forgiveness and economic hardship programs, fee waivers and rebates on the principal, which may not be accessible to you after you refinance. The rates displayed may include a 0.25% autopay discount.
The information you provide to us is an inquiry to determine whether we or our lenders can make a loan offer that meets your needs. If we or any of our lending partners has an available loan offer for you, you will be invited to submit a loan application to the lender for its review. We do not guarantee that you will receive any loan offers or that your loan application will be approved. Offers are subject to credit approval and are available only to U.S. citizens or permanent residents who meet applicable underwriting requirements. Not all borrowers will receive the lowest rates, which are available to the most qualified borrowers. Participating lenders, rates and terms are subject to change at any time without notice.
To check the rates and terms you qualify for, Splash Financial conducts a soft credit pull that will not affect your credit score. However, if you choose a product and continue your application, the lender will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit pull and may affect your credit.
Splash Financial and our lending partners reserve the right to modify or discontinue products and benefits at any time without notice. To qualify, a borrower must be a U.S. citizen and meet our lending partner’s underwriting requirements. Lowest rates are reserved for the highest qualified borrowers. This information is current as of September 10, 2020.
5 Important Disclosures for CommonBond.
Offered terms are subject to change and state law restriction. Loans are offered by CommonBond Lending, LLC (NMLS # 1175900), NMLS Consumer Access. If you are approved for a loan, the interest rate offered will depend on your credit profile, your application, the loan term selected and will be within the ranges of rates shown. All Annual Percentage Rates (APRs) displayed assume borrowers enroll in auto pay and account for the 0.25% reduction in interest rate. All variable rates are based on a 1-month LIBOR assumption of 0.16% effective August 10, 2020.