How to Make an Extra $1,000 a Month for Student Loan Payments

How-to-make-an-extra-1000-a-month

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

Ridesharing

If you’re a driver with an encyclopedic knowledge of your city (or a good Maps app on your phone), you may be interested in driving for ridesharing services such as Uber or Lyft.

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.

Glassdoor estimates Uber drivers, for instance, average about $15 per hour. Ultimately, driving for a major ridesharing service can earn you anywhere from $10 to $30 per hour, depending on your location.

Shopping services

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.

Freelancing services

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.

Car shares

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!

Room shares

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!

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