How to Earn Extra Cash

Practical Money Making Ideas

Mar 3, 2009 Wei Yin Wong

Those strapped for cash can make more money by securing a second job, renting out spare rooms, getting the best interest rates and selling unwanted items.

Need more money? There are ways to earn extra cash. But be forewarned. It does take some effort, patience and commitment. Here are some practical money making ideas.

Second Jobs

In the United States, it is estimated that about 5% of workers have more than one job. Holding a second job is tiring but it’s something worth considering if there is an urgent need for more money. Ideally, make use of an existing skill such as photography, modeling, music or art when embarking on a second job. No skills? Try casual work at restaurants, supermarkets or retail shops. Night shift jobs also pay quite well. Working from home is another option. Data entry work, book-keeping, writing and tutoring all can be done from home.

The Home as a Source of Revenue

Consider using the home as a source of revenue. If there are spare rooms, lease them out to tenants. Do consider that this may cause some inconvenience and privacy issues. Photo and movie studios are also often on the lookout for unique and charming houses for photo and movie shoots. In Australia, those who think their homes fit the bill can use FilmSite to list their property for filming purposes.

Additionally, the home can be the base to run a small business such as an Internet-based business, registered child care center, hair salon or pet grooming shop. A more drastic money making measure would be to lease out the entire house and rent another smaller and cheaper house.

Best Interest Rates

Putting money in the bank is always the right thing to do. However, to maximize returns, it’s important to find the best interest rates offered by banks and finance companies. Shop around for the best interest rates. When comparing accounts between banks, find out how regularly interest is paid. Some pay monthly while others quarterly. Opt for interest paid regularly to enjoy the benefit of compound interest, which is interest paid on interest. The difference is significance if the account holder has a substantial amount of money.

Unwanted Items for Sale

There is no better way of getting rid of unwanted items than to sell them! Successfully sold items give you extra cash and remove clutter from the house. Look through wardrobes, cabinets, storage boxes and the garage for old but usable items. There are bound to be heaps of books, CDs or DVDs, children’s clothing, furniture and electrical items that are collecting dust. Clean them and arrange them properly in boxes for sale. A garage sale is a good idea. So is arranging a time at the office (make sure management has no problem with it first) or selling the items on eBay.

There are many ways to make more money. Consider getting a second job, using the house as a source of revenue, searching for the best interest rates and selling unwanted items. Just be prepared for some hard work and patience.

Those who find this article useful may also like to read How to Reduce Debt, Low Income Living and Credit Card Guide.

References:

Maria Bekiaris. “Five Ways to Make Extra Cash” in Money magazine. Australia: ACP Magazines, May 2008.

Understanding Money Website

The copyright of the article How to Earn Extra Cash in Personal Budgeting/Finance is owned by Wei Yin Wong. Permission to republish How to Earn Extra Cash in print or online must be granted by the author in writing.

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