What would you do with an extra $500 a month?
It could help you:
- Get out of debt quicker
- Buy your first house
- Pay off student loans
- Save money to travel
A huge 45% of Americans have a side income. That’s roughly 70 million people who make extra money every month while keeping their day jobs.
How to make an extra $500 a month
Everyone wants to earn more money, right? Let us inspire you with these six side income ideas. The only difficult decision you’ll need to make is which one to try first.
1. Renting out your possessions
If you’ve got assets that you don’t use all of the time, renting them out is an easy way to make an extra $500 a month.
You can rent out just about anything you own, including your:
Property: a popular side hustle is renting out your spare room for regular income. You can either rent out on a long-term basis or just during the week. Renting out your spare room for storage space is another option.
Garden: allotment spaces typically have long waiting lists, which means people will happily pay to rent a section of your garden to grow their fruit and vegetables.
Parking space: use the demand for parking spaces to make extra money by renting out your driveway or garage. If you live in a prime transport location you could charge even more.
Car: if your car spends most of its time in the garage, use it to make a regular side income. Make sure your car meets the requirements to rent it out such as being no more than 12 years old and less than 200,000 kilometers on the clock.
Clothes and accessories: if you own designer items, why not earn money from them by renting them out? Check out StyleLend to see how much your items can make.
Electronics: renting out electronics such as a camera, video game consoles or video projectors can be a nice little sideline. You won’t earn mega money, but you will be on your way to making an extra $500 a month.
Don’t forget to take out the relevant insurances to protect your assets when renting them out.
2. Run a photo booth business
If you want to start your own business as a side hustle, a photo booth rental is a fun and lucrative option. Photo booths are becoming a must-have item at parties, weddings, movie theaters, concerts, and all kinds of events.
So how can you make money from a photo booth business? You can charge customers for digital or printed pictures. The price will depend on how extravagant your booth is. You can also make money from lending your photo booth to event venues.
It’s important to think of a catchy, memorable name for your business to stand out in the market.
These are the essential materials that you will need to start your business:
- Photo booth
Build a website using WordPress.org and advertise your photo booth through your site and social media. Create some promotional videos of your photo booth and upload them to YouTube. Actively engage with search engine optimization to help your business get found in the search engines.
Expect to make approximately $100 an hour from your photo booth business.
3. Become a personal shopper
Get paid to shop for people who are too busy or unable to shop for themselves. If you love to shop, you can easily make $500 a month doing something you love.
You don’t need any particular skills but it does help if you have:
- A passion for finding deals and the perfect gift.
- Knowledge of the latest fashion trends.
- An awareness of how to sensitively deal with a client’s money and budget.
The only equipment you will need is a mobile phone and a reliable vehicle to make your shopping trips in. One of the biggest benefits of becoming a personal shopper is that the only ongoing expense you will have is the cost of fuel and any advertising that you want to invest in.
You don’t just have to shop for clothes. Many customers require people to shop for groceries, household items, and even prescriptions.
You can expect to earn an impressive $11.79 per hour as a personal shopper.
4. Donate plasmas
American donors provide 94% of paid plasma to treat patients around the world with various diseases. Amazing, right?
But did you know that you can actually get paid to donate your plasmas?
Here’s what to expect:
- Donating plasma is a similar procedure to giving blood.
- A trained member of staff with insert a sterile needle into your arm vein to draw blood.
- A plasmapheresis machine is then used to separate your plasma from other parts of your blood.
- Your plasma is collected in a container while your blood is returned to your body.
To be eligible to donate plasmas you must be over age 18 and be in good health. CSL Plasma says that donors can earn up to $700.
In addition to making some quick cash, here are the other reasons to consider becoming a plasma donor:
- There is currently a critical shortage of plasma that is needed for Immunoglobulin treatments for patients who could die without it.
- Help develop treatments for rare blood diseases and immune system disorders.
Donations are needed more than ever due to the global Covid-19 pandemic. Why not become a donor today? Help save lives and make an extra $500 a month.
5. Start a pool cleaning business
If you love spending time outdoors, this is the side income for you. Everyone with a pool needs it cleaned, which means regular money for you.
Pool cleaners visit homes and businesses such as hotels and gyms to monitor and adjust the water’s chemical balance. You’ll also need to check and clean the pumps and filters.
Start by getting some experience in professional pool cleaning by working with established businesses. Before you start on your own, it’s important to check whether there are any legal requirements such as health codes in your area. Your state may also require that you have insurance to carry out the work involved with pool cleaning.
Here’s a list of the equipment that you will need to invest in:
- A vehicle or trailer that can transport your equipment.
- Water-testing kits.
- Pool-cleaning chemicals.
- Brushes and leaf rakes.
High standards of customer service is key to repeat business so make sure you arrive on time to your appointments and make time to talk to your customers and explain the work you’ve done. Don’t forget to make some professional leaflets and put them through the letterboxes of people that have pools in your area.
The average pool cleaner makes $13.49 per hour, and the best bit is you can choose as many or as little hours as you want to work for your side hustle.
6. Start a party and event planning business
Are you organized and good at networking and problem-solving? If so, an event planning business could be the perfect side hustle for you.
You can work as an event planner anywhere in the world. All you need is a laptop, internet connection and a mobile phone.
The first step is to decide what type of event planning services you want to offer. These could include:
- Corporate: meetings, conferences and graduations.
- Celebrations: weddings, birthdays, baby showers, local fairs.
- Promotional: new product launches, charity events and fundraisers.
Spend some time conducting market research to find out what other event planning businesses charge. The information you gather can be used to price your own services.
If you love throwing a good party, here are some of the benefits from starting your own party-planning business:
- Low startup costs.
- Working as much or as little as you want.
- A fun job with lots of variety.
- Allows you to be creative.
As an event planner you could make an average of $16.07 per hour depending on the type of events you offer and your clientele.
How much should a side hustle make?
A recent study found that people who had side hustles earned between $507-$746 extra per month.
If you could make an extra $500 a month, what would you do with the money?
Whether it’s to pay off debts or to buy some little luxuries, a side hustle can also provide financial independence and insurance. Additional jobs and businesses are also a great way to protect yourself financially if you were made redundant from your main job, giving you another income stream.
Boost your monthly earnings with a side hustle
Starting a side hustle is an easy and proven way to boost your monthly income while keeping your day job. Your new additional job may even teach you new skills and turn into your future full time business. For more money-saving and budgeting tips, visit our blog.