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How To Earn Extra Income And How To Use It Wisely!

How To Earn Extra Income And How To Use It Wisely!

Someone once said ‘Making money is a hobby that will complement any other hobbies you have, beautifully’. But, what if we told you that your hobbies could help you make even more money and in turn solve all your financial woes?

Regardless of whether you’re in a financially sticky situation or not, you could always use the extra income. In fact, there are tons of opportunities out there which can help you earn a few extra bucks.

Do you generally while away your weekend lazing about the house? Well, there are certainly other ways to utilise the time you while away to help you make more money. Maybe it’s time to get off your behind and seize any opportunity you can find that can improve your finances in one way or another.

After all, time is money, and if you really want to see your wealth grow, you need to make the best use of your time in order to reach your financial goals.

In this article, we will cover two major points:

  1. How to earn extra income without affecting your current job
  2. How to use that extra income you earn wisely

Let’s take a look at all those ‘opportunities’ out there that can fetch you that extra income.

Freelance

One of the simplest ways to earn money on the side is freelancing. Depending on how talented and how passionate you are, you could take advantage of a wide range of freelance opportunities out there.

From freelance photography to freelance web designing to freelance writing or even acting, there are a plenty of well-paid freelance opportunities to explore. One can even work as a freelance event manager and make a tidy sum as long as you plan well and have sound financial and organisational skills.

Don’t just buy items on e-commerce websites, sell too!

Over the last half a decade or so, the online shopping phenomenon has absolutely exploded. While e-commerce websites are great for buying stuff, there are sites that allow you to sell goods as well.

Look around your house and you will probably find a lot of things that you no longer use anymore. The best way to get rid of them is by selling them at e-commerce websites like Quikr, OLX and other similar websites so you can earn some extra money on the side. You don’t just have to sell second-hand products, but you can be a middleman for new products too!

Part-time consultancy

Are you an experienced professional in your line of work? Are you good at what you do? Do you have nothing to do on the weekends other than lazing around the house? Then a part-time consultancy job is tailor-made for you.

The job of a part-time consultant not only pays well, it also doesn’t take up too much of your free time. You could provide consultancy services from the comfort of your own home and earn a tidy sum to give you an extra cash injection.

Buy a car – Rent it out

Here’s an interesting way to make some extra cash. If you already have a car, but don’t use it much because you prefer public transport, you can earn a little extra on the side by giving it to car rental services like Zoom Cars.

With the increasing dependency on cab services for transport, you could also earn a decent amount of money by signing up with cab services like Uber and OLA.

Keep your eyes open on social networking websites

You probably spend a fair amount of time on social networking sites. But, did you know you could actually convert that time into money?

There are tons of groups on social media portals that offer all kinds of freelance and part-time job opportunities. All you need to do is keep an eye out and you could get yourself a project that will land you a decent chunk of change.

Affiliate Marketing

A lot of big companies are always on a lookout for affiliates. Since they want happy customers, they are willing to pay affiliates to market their products.

Each time someone makes a purchase through you, you earn money. That’s how it works in a nutshell. If you are a blogger for example, you can get in touch with companies related to your blog content for affiliate marketing opportunities. It will help you earn a lot more money, even if you are blogging only for passion.

Work with event management companies

Event management companies are always on the lookout for more people who can work for them, especially if the event is held in a different city. For example, if a company based in Mumbai is hosting an event in Goa, they would certainly appreciate any locals from Goa who are willing to coordinate with them.

If you are interested in working for events, you can get in touch with various event management companies and see if they have any requirements. However, one thing to keep in mind is that you get paid for the number of days you work. So, if you work with them seven days in a month, you will be paid only for those seven days.

Pet-sitting / Dog Walking

Pets are not just animals, but are part of a family. Pet owners who head out of town for a few days are always looking for people who can take care of their pets while they’re away. Which is why pet sitters or pet boarding lodges are in demand.

If you are good with animals, being a pet sitter might be apt for you to make some extra money. Similarly, people hire dog walkers to take their dogs for a walk a few times a day. If you love dogs, becoming a dog walker is not a bad idea to earn a few quick bucks.

Babysitting

Babysitters are in high demand nowadays since most parents have full-time jobs and can’t always devote enough time to taking care of their children.

If you love to be around kids or if you are good at handling babies, then babysitting might be the perfect way for you to earn some money on the side.

Offer to teach

Teaching is not just a noble profession, but can be healthy for your bank balance too. There are lots of part-time teaching jobs, both online and offline, where you can earn on the side by sharing your knowledge with others.

With the boom in the video chatting industry, Skype allows lots of people to teach kids across the world and earn money by just sitting at home.

Offer a couch to crash

Budget travelling is on the rise with more and more people willing to take backpacking trips across the world. With hotels and lodges turning out to be too expensive, most budget travellers look for other options.

You can sign up on websites like Airbnb and offer a spare room in your house for a certain fee. It is an easy way to earn money since you won’t really have to put in much effort except making your ‘guest’ feel at home.

  1. How to use the extra income wisely

Pay off your Credit Card debt

If you are earning extra income and have some credit debt that you need to clear, it should always be your priority to pay it off. Credit Card debt will only keep piling up if you delay paying it off since it attracts a huge amount of interest.

Paying the minimum amount due will never help you clear your debt, which is why you should use any extra money you earn to clear your Credit Card debt in full.

Prepay your Home Loan/Car Loan/Personal Loan

We hope that when you availed a loan (Home Loan, Car Loan or Personal Loan), you had already checked the prepayment terms and conditions. It’s always better to go in for a loan with zero or low prepayment penalty.

When you start making some extra money, you can use it to prepay your loan. If there’s no prepayment penalty involved, you could save money on the interest that you would have paid otherwise.

Invest in a Fixed Deposit/Mutual Fund

If you have no existing debts or loans that you need to pay off and are earning extra income, it means you have a much better financial life in store for you. You can invest the money in a Fixed Deposit or Mutual Funds and earn even more. The interest on Fixed Deposits and the returns on Mutual Funds will only increase your savings. And who doesn’t want that, right?

Well, now you know how to earn extra money and how to use it wisely. If you are already earning some extra bucks, go ahead and invest it! What are you waiting for?

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