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With the costs of living going up each year, it becomes harder and harder for most of us to sustain our desired lifestyle without getting ourselves into some sort of debt or financial trouble.
I’m sure we could agree on that, right? 😉
Fortunately, these 50+ clever money saving tips along with finding ways to make extra money has allowed us to stay financially afloat for the last 8 years since we started taking our personal finances seriously!
For more tips on how you can earn more money and increase your income, I recommend going through my make extra money posts here. They are my readers’ top picks on my blog!
If you’ve been following my blog for over a year, you’ll notice that I also enjoy talking about the methods and strategies I use to make money with my blog!
If you’re interested in learning how I started this blog for extra money, feel free to dive into my blogging archive here.
I logged my beginning journey to show readers that making money online as a side hustle is possible! I went from earning a few hundred dollars to over several thousands of dollars online each month while working a full-time job.
And because a lot of my readers are young millennials looking for ways to save money and make money, I have a guest post today written by Andee S. who would love to share some easy ways for millennials to make extra money!
I hope you all enjoy this post! 🙂
You can take it away, Andee!
Pin or save this for later!
Easy Ways To Make Extra Money For Millennials
Not all work is created equal.
Some jobs we love, some jobs we hate, and some jobs aren’t worth the money you’re paid.
If you are working today, you’ve probably wished you made more money.
More and more people are striving toward the goal of financial independence. This means having enough money to live on without having to work.
If you haven’t heard of this movement, take a moment and imagine the freedom and relaxation of not being tied to a desk from 9-5. But in order for us to reach that independence, we must get down to the nitty-gritty of personal finance.
The good news is, once you have the basics down, the goal can finally feel attainable.
Check out some of the ways that you can increase your income streams and earn extra money to improve your financial situation.
Related posts on the best side hustles for millennials:
Get Familiar with Budgeting
Learning to budget is the first and easiest step to better manage your finances.
There are oodles of resources out there so you can relax if you’ve never used a budget before.
You should track all your expenses, from big-ticket items like rent to smaller items like your monthly Netflix subscription.
To begin, determine your income (after tax) and start adding up the money you are currently spending and where you are spending it.
Then determine what is an ideal amount to be spending and an ideal amount to be saving.
Here is where you can build a starter budget.
Begin adding these numbers into a budget template spreadsheet or online calculator, it’s much easier to stay organized when you can clearly see the numbers in front of you. Now is your chance to make corrections and adjustments to create a plan that works for you and your needs.
Money Off the Clock
Did you know it’s possible to make money without going through an interview process or commuting?
This is what is called passive income and is ideal if you have hopes of reaching financial independence.
Money that comes from your full-time job — or your primary income — is an example of active income because it’s income you are actively working for.
Passive income, in contrast, is money you earn without actively working.
However, it does require some upfront investment and maintenance.
Creating multiple passive income streams strengthens your financial situation with relatively little work on your part.
Some examples of multiple streams of income can include renting out a property (including a room or your car), peer-to-peer lending, affiliate marketing, earning credit card rewards, dividend stocks, depositing money into a high-yield savings account, etc.
Passive income can require some creative measures and savvy decisions to yield the best results.
These intermediate banking decisions can feel a little intimidating when you are a finance novice, so let’s break it down:
Intro to Investing
The basic definition of investing is to put money into a project with the expectation of reaping a profit at a later date. While there are plenty of complexities, one of the best ways to learn about investing is to actually start investing. Become acquainted with basic investing and the financial jargon by playing with a user-friendly investment app such as:
You don’t need to throw all your money into investing, but educate yourself on the four main classes of investing and determine which, if any, method is right for you. If you are investing for retirement, the most important thing is to start early. Work with a brokerage if you want more assistance.
Intro to Savings
After you have created your budget, you should have a good idea of how much money you are capable of saving.
But what does it mean to save?
There’s certainly a difference between letting your savings sit under a mattress and keeping money at your local bank.
Not only is your cash physically protected and insured, but it also has the potential to be earning even more.
Banks use the money that is in your account and pay you back with interest.
Here’s where you can get smart. Avoid keeping all of your money in a simple checking account, and if you want to capitalize on interest, there are certain account types that deliver more.
High-yield savings accounts differ from traditional banks, and you guessed it, they deliver a higher yield of interest. This is a simple change that can take your savings from .6% interest to a whopping 2.35% in some cases.
It may not sound like a lot, but this increase can impact your finances in a big way over time.
An Argument for Side Hustles
Jobs that require you to punch a clock and adhere to a schedule work fine for your full-time job, but if you feel you could take on (and take home) a little more, a side hustle may be right for you.
A side hustle is any job you do on top of your regular full-time work that may lead to supplemental income.
A good side job is the one that requires little investment and allows you to make use of things you already own, like your car or your computer, on your own schedule.
Don’t know where to start? Check out these options:
– Sell items on eBay, OfferUp, or Craigslist
– Take your neighborhood dogs for a walk
– Pick up a gig on TaskRabbit
– Sell your skills on Fiverr
– Become a Rideshare driver (Lyft, Uber)
– Drive for food delivery apps
– Freelance web design
– Drive for food delivery apps
– Take paid surveys online (membership is 100% FREE)
– Freelance web design
Once 5 o’clock hits, doing more work may be the last thing on your mind.
However, the extra income provided can give you that extra energy boost to get it done.
An added bonus is having full control over how much or how little of your time goes towards your side hustle.
The work can be temporary if you choose.
Maybe you just want to earn enough for that down payment on a car or to pay off your credit cards. With side hustles, you have the option to stop at any time.
It may also be nice to have something to fall back on in the event of a layoff. For many people, picking up a side hustle helped alleviate the stress of relying solely on one full-time job for income.
Doing it for the Dream
For many millennials, making extra money may just be the means to an end, but for many of us, making extra now can lead to a more secure financial future.
Maybe your goal is to retire early, or maybe you want to live debt free, whatever drives you there are options to make those dreams a reality.
If you can pick up that side gig, start investing in passive income streams, and control your budget, you can easily come out on top.
With the knowledge and skills, making a few extra sacrifices now will allow you to reap the benefits later.
Let’s make it happen!
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