Choose just one or two of these strategies and you’ll easily earn an extra $500 per month.
Here’s the brutal truth.
Most “how to make extra money” articles ask you to do ridiculous stuff like selling your plasma, or poop, or semen!
… or tell you to sign up for online survey companies that pay next to nothing.
Luckily, there are much easier (and more realistic) ways to make an extra $500 per month. We will share our top tips below.
Whether you use that money to pay down debt (hooray for your credit score!) or build up a down payment, it could transform your life for the better.
15 Practical Ways to Make Extra Money Every Month
Although an extra $500 each month might seem like an impossible dream, it is completely possible with hard work and determination. There are many different ways to earn a little bit of extra money each month to supplement your income.
Of course, you will need to put in the work in order to see the rewards. However, it can be well worth putting in a few hours a week to take some of the stress out of your finances.
Let’s dive into the best ways to put a little bit of extra money into your pocket each month.
1. Drive for Uber
If you already own a car, then driving for Uber could be a great side hustle. You can choose your own hours and take a break whenever you need to.
When you drive for Uber or Lyft, you will typically allocate a few hours each week to deliver passengers around town. Depending on where you live, you might find this to be a very lucrative side hustle.
You can maximize your earnings by choosing to be available for Uber when there are large crowds of people that need a ride. For example, you could hang around your major airport or choose to drive passengers getting out of a major event downtown.
As you start to drive for Uber, make sure to take your expenses into account. Although you might be earning a solid amount of money, you will also need to factor in gas, car insurance, and any repairs to your vehicle.
Make sure that you are coming out ahead.
2. Play with Man’s Best Friend
Do you love dogs? If you do, walking dogs could be the perfect way to supplement your income.
There are likely many people in your area that need help walking their dogs. Whether they are on vacation or can’t take a break in the middle of their workday, that is where you can help. Many pet owners are willing to pay top dollar for a dog walker that is friendly and treats their dog well.
Unless you have family and friends that might need your help, Rover is the best place to get started. You can make a profile and set your availability.
When pet owners are searching for someone to take care of their pets, they will be able to contact you. In order to get the best opportunities, make sure to have satisfied customers leave a review.
Babysitting can be an extremely lucrative gig. Although it depends on your area and the family, you could easily earn 15 to 25 dollars an hour. With a few hours each week, you can hit your goal of $500 each month.
You should start your search for babysitting clients with family and friends. It is easier to get started with people that already trust you. You can also post fliers of your services around town at coffee shops and churches. Luckily, there is no shortage of families that need help with their childcare on a regular basis.
If you are having trouble connecting with families via word of mouth, then consider creating a profile on Care.com. You may be able to connect with a family that needs your help through the site.
4. Freelance Writing ($$$)
Freelance writing can be an extremely lucrative side hustle. Whether you want to make a few hundred dollars each month or replace your income with a writing business it is completely possible.
Although you can start by simply pitching websites and magazines that seem interesting to you, you might have more success by taking a course that outlines the best practices for a freelance writer.
Earn More Writing is a course offered by Holly Johnson, an extremely successful freelance writer and good friend of ours here at FinMasters. With the course, she shows you exactly how to build a freelance writing portfolio from scratch in order to meet your income goals.
One of the best things about choosing freelance writing as a side hustle is that it is flexible. You’ll easily be able to work around your other commitments while earning extra money each month.
5. Become a Virtual Assistant
As a virtual assistant, you would help clients with various tasks that aren’t tied to a specific location. You might help create travel plans, answer emails, and more.
The type of work you will do will be dependent on the type of clients you work with. Virtual assistants have a high earning potential with a large amount of flexibility.
Although it may take some time upfront to build your portfolio, it can be possible to earn $500 each month. You shouldn’t expect to earn a large amount of money overnight, but with time you can build a successful side business.
6. Pet Waste Removal
One of the best ways to make good money is doing jobs no one else wants to do. Well check this out. It’s not glamorous, but it’s seriously easy to get a dog poop removal side business going and to earn an extra $500 per month with only a handful of clients.
Our friend, Nick Loper, at Side Hustle Nation recently interviewed a gal charging clients on average $60 per month for only 1x per week pick up. You can hear Nick’s interview with her by clicking here.
Many people are looking for tutors to help them make it through a class or prepare for a big test. If you have the skills, then you could easily earn extra income as a tutor. With flexible hours, it could be a great opportunity to suit your lifestyle.
In order to be a tutor, you’ll need to have the proper credentials for the subject. Do some research to find out what requirements there are to be a tutor in your field. In some cases, you might only need a high school diploma. In other cases, you might need an advanced degree.
Once you find out which subjects you are able to tutor, set your rates and start seeking out clients. If you live near a high school or college campus, that might be a good place to start advertising your services.
8. Rent Out Space on Airbnb
If you have some extra space in your home, then you could create an extra income stream with it. Consider renting out your spare bedroom or basement on Airbnb for extra money.
Depending on the space you have to offer and the area where you live, it is completely possible to make an extra $500 each month.
9. Other Items You Can Rent Out
Here are some of the items you may be able to rent out besides a room in your home.
- Your car – Check out Turo and Getaround. (Try FluidTruck if you own a truck).
- Space in Your Garage (for storage, not for someone to live there) – Check out neighbor.com
- Power Tools – You’ll have to offer this through Facebook or Craigslist as there’s no dedicated site for it, but be careful as you could be liable if someone gets injured with your tool.
- Your bike, snowboard or surfboard – Check out Spinlister
- Clothing – See www.rentmywardrobe.com
- A Parking Spot (if you have a dedicated parking space, check out SpotHero.com)
- Camera gear – See KitSplit
- Just about anything else (Drones, electronics, music equipment, you name it…) check out FatLlama.
10. Take All Overtime Opportunities
One of the easiest places to earn extra money is at your current job. If there are overtime opportunities available, then make sure to take them.
You’ll be able to earn some extra income without hunting down new opportunities.
11. Become a Task Rabbit
Everyone has odd jobs that they would rather avoid. Take advantage of that and complete those jobs for people that don’t have the time.
With TaskRabbit, you can connect with people in need of help around the house. You can find gigs for cleaning, home repairs, and other to-do list items. If you are relatively handy, then you might be able to pick up many tasks and earn $500 easily.
11. Become a Mystery Shopper
If you live near a big city, you can easily make $100 to $200+ per month by downloading the Field Agent app and taking the random assignments stores assign.
Examples would be taking a picture of the coffee aisle in a grocery store or commenting on the cleanliness of the bathrooms at Walmart. Most jobs pay $3 to $8. The people who hustle doing this can make about $20 per hour.
12. Sell Your Old Things
If you want to earn extra money without committing to extra work, then selling things around the house can be a good option. It will give you a chance to downsize your belongings while making a profit.
You can sell your old electronics to Gazelle for a fair price. Poshmark is a great option for any clothes that you want to get rid out. Larger items might be a good fit for Craigslist or Facebook Marketplace.
13. Teach English
You can get paid to teach English online. One of the best options is VIPKid which allows you to teach from anywhere in the world.
Generally, you will be able to earn around $22 per hour. Plus, there are incentives along the way. Depending on the hours you can commit, it is possible to earn an extra $500 each month.
In order to get started with VIPKid, you’ll need to do a short demo lesson and work with a current teacher. Once you go through the short training process, you’ll be able to start earning money right away.
AUGUST 2021 UPDATE
VIPKid stops selling foreign-based tutoring to students in China
On July 24, 2021, China issued a new regulation that bans out-of-school tutoring in core education. Soon after that, VIPKid announced it would stop selling online classes taught by foreign-based tutors in China in order to comply with this new law. You can still sign up to teach their students outside of China.
14. Host a Foreign Exchange Student
If you want a great experience for you (and perhaps your children) and to make some good money in the process, consider hosting a foreign exchange student. According to Ameristudent, you can earn $30 to $60 per day as a host family. What you typically have to be able to provide for them is a bedroom, meals, and transportation to and from school.
15. Website User Testing
Many websites will pay for you to test out their site. Usually, they give you simple tasks like can you figure out how to purchase our do-dad? or can you find how much our do-dads cost? Basically, they are just testing “user experience” and making sure users can navigate to the places they want.
The best site that allows you to make money doing this is www.usertesting.com.
The Bottom Line
Each of these options could be a way for you to earn $500 extra each month.
However, these are just the tip of the iceberg. With a little bit of creativity, you may be able to find a great side hustle that will help you make ends meet.
Once you choose your new side hustle, the important thing is to take action. Although it is fun to think through all of the possibilities, you will not start earning any extra money until you take action on these ideas.