Advertising
Advertising

3 Ways to Earn an Extra $500 on the Side

3 Ways to Earn an Extra $500 on the Side

When I graduated from college in 2009 with a BA in French, I spent six weeks looking for a job.

Any job.

I needed to save money for my impending move to Paris, where I would spend a year working as a teaching assistant in an elementary school, frolicking in the City of Lights, and I needed to save money quick—$3,000 in the span of a couple months—in order to afford all of those baguettes and bottles of vin.

I don’t know if you recall, but the summer of 2009 wasn’t exactly the best time to find a job/graduate from college because of the…ahem…recession that had just hit the U.S.. Merci, economy! When June arrived and I still hadn’t found work, I started to panic. In my desperation, I posted an ad on Craigslist entitled “French Tutor: $15/hr”.

Two days later, I got an email and scheduled my first student: a Russian-American eighth grader with a deep love for David Bowie.

That, my dear reader, is how I got my first taste of how to earn money on the side. No, it wasn’t a ton of money (I eventually found a full-time job to save the money I needed for France), but I realized an important lesson: it’s just not that hard to get people to pay you to do things.

Advertising

In the four years since I graduated, I’ve become more and more obsessed with the idea that I can earn money without getting a real job. In fact, while living in Paris, I continued to grow my tutoring business and offered up my services as a nanny. I made bank. I even moved back to France in 2011 and spent eight months living off of my side hustle, earning money “under the table” or “in the black”, as the French say, by tutoring ESL, babysitting, and even continuing to tutor American students via Skype.

Now, I even teach new entrepreneurs how to land their first three clients and start earning money on the side. (My “side hustle” has become my main income).

How did I do it? More importantly: How can you start earning extra money (at least $500) on the side, too?

Lemon squeezy.

You just need to try a few of the following things (as many as you can, really). It’s fun. Just think of it like a game!

#1 – Teach someone something

You, my friend, are talented. You have knowledge and wisdom that others just don’t have. You have knowledge that they need. Stop hogging it all!

Maybe you have an academic skill, like tutoring French or Math or Biology. Maybe you’re an amateur auto mechanic. Maybe you have a knack for cooking tapas or sneaky vegan recipes that even meat lovers will love. Contact the local high school, library, etc to see if they’d refer you.

Advertising

Whatever it is, there’s someone out there who is willing to pay you to teach them how to do what you do best. You have to get over the unwillingness to earn money for doing what comes easy to you, because, well… it doesn’t come easy to them. (I, for example, would love to hire someone to teach me how to sew or do my taxes).

Make a list of 50 things that you know how to do. You don’t have to be an expert. You just have to know how to do it better than the person who hires you. (I am not the best French speaker in the world, but I know way more than my students and have diverse teaching experience, and they get an incredible value from my lessons).

Charge what you’re worth. Don’t do what I did and charge a measly $15. (My lessons are now triple that cost). If you do this right, this is the best and easiest way to make money on the side.

#2—Sell something (not your body, duh)

Don’t even try to tell me that you don’t own anything that you can sell. I’m a minimalist, for crying out loud, and I still have things lying around that I can sell.

Do you have:

  • Nice clothes that you rarely wear?
  • Shoes?
  • Furniture?
  • An instrument?
  • An old computer, phone, or other electronics?
  • A designer purse?
  • Books?

Walk around your house with a pen and paper. Make a list of items that you see that you might be able to sell. (Note: the best places to sell things are eBay, Craigslist, and at garage sales).

Advertising

I sold my piccolo from high school for $300. A few friends told me I was crazy—that I should keep the piccolo just in case. Just in case what?! The damn thing had been rotting on a shelf in my basement for eight years. Now that I’ve sold it, it’s actually going to get the love and attention that it deserves… and I made 300 bucks.

#3—Get a J-O-B.

Last spring, after my house was hit by a tornado (yeah, that happened). It was cra-zy. In the midst of the madness, I craved normality. I decided to get a part-time job at the local coffee shop (I’m actually writing this post from that coffee shop right now, sippin’ on my chai tea).

Getting a part-time job is great because (a) it’s easy (b) you get to meet new people (c) you spend your time doing something that’s earning you more money rather than spending it.

Most people complain that they don’t have enough time to get a part-time job, even for just a few hours on a Saturday morning. Or—they think that having a part-time job would suck just as much as it did in high school.

I don’t agree with either of these claims. I’m sure that you could wake up a couple of hours earlier on a Saturday or trade some of that time that you spend surfing Facebook to get out into the world. You need to think about the benefits the job gives you: more money, more freedom (eventually), and a more interesting life!

So, what’s it gonna be?

You can absolutely earn $500 a month this way, but you have to make a decision. The mailman is not going to drop the money off at your door, though. You must get up and take action to get started.

Advertising

In the comments, please do share… (I read + respond to all comments).

(1)   Do you have any other ideas for ways to earn money on the side?

(2)   What are you going to do this week to start earning some extra cash?

If you’d like some more ideas of ways to earn extra money, check out these articles:

More by this author

45 Things You Can Do to Get Happy No Matter Where You Are 3 Ways to Earn an Extra $500 on the Side How to Start a Business before Dinnertime Is the glass half empty or half full? Are You a Youthful Optimist or a Learned Pessimist? 21 Lessons from an Accidental Entrepreneur

Trending in Money

1 How Personal Finance Software Helps You Get More Out of Your Money 2 The Best Ways to Save Money Even Impulsive Spenders Can Get Behind 3 How to Answer the Tough Question: What are Your Salary Requirements? 4 The Definitive Guide to Get Out of Debt Fast (And Forever) 5 35 Real Ways to Actually Make Money Online

Read Next

Advertising
Advertising
Advertising

Last Updated on January 2, 2019

How Personal Finance Software Helps You Get More Out of Your Money

How Personal Finance Software Helps You Get More Out of Your Money

Do you know what mental health experts point to as the biggest cause of stress in the United States today? If you said “money,” then ding, ding, we have a winner!

Three out of four adults today report feeling stressed out about money at least part of the time. People are either worried about not having enough money or whether they’re putting the money they do have to use in the best possible way.

Your money is either in charge of you or you’re in charge of it, there’s no middle ground. Using some type of personal finance software can help alleviate some of that money stress and better allow you to manage your money effectively. Without it, you may just be setting yourself up for constant financial worry. Life is already tough enough and there’s no need to make it more difficult by simply hoping your money issues will all work out in your favor. Hint: they won’t.

This guide will help you to understand how personal finance software can better assist with both accomplishing long term financial goals and managing day-to-day aspects of life.

Whether it’s tracking the savings plan for your child’s college fund or making sure you won’t be in the red with the month’s grocery budget, personal finance software keeps all this information in one convenient place.

What Exactly is Personal Finance Software?

Think of it like the dashboard in your car. You have a speedometer to tell you how fast you’re going, an odometer to tell you how far you’ve traveled, and then other gauges to tell you things like how much gas is in the tank and your engine temperature. Personal finance software is essentially the same thing for your money.

When you install this software on your computer, tablet, or smartphone, it helps to track your money — how much is going in, how much is going out, and its growth. Most personal finance software programs will display your budget, spending, investments, bills, savings accounts, and even retirement plans, levels of debt, and credit score.

Advertising

How It Leads to Financial Improvement

It shouldn’t come as a surprise, but people who regularly monitor their finances end up wealthier than those who don’t. When you were a kid, keeping track of all of your money in a porcelain piggy bank was pretty easy. As we get older, though, our money becomes spread out across things like car payments, mortgages, retirement funds, taxes, and other investments and debts. All of these things make keeping track of our money a lot more complicated.

Some types of personal finance software can help make things a little less complicated, setting you up to meet financial goals and taking away some of the stress associated with money.

Even if you already have a Certified Financial Planner (CFP) some type of personal finance software can be of great benefit. Whereas CFPs focus on the big picture of your money, they don’t handle the day-to-day aspects that determine your overall financial health.

It’s also not nearly as complicated as you might think and can take out a lot of the tedium that comes with doing everything on an Excel spreadsheet or with a pad and pencil.

Types of Personal Finance Software

When it comes to personal finance software, it generally fits into two categories: tax preparation and money management.

Tax preparation software such as Turbo Tax and H&R Block’s software can help with everything from filing income taxes to IRS rules and regulations and even estate plans. Plus, there’s the benefit of filing online and getting your refund check a lot faster than if you were to mail off your forms after waiting in line at the post office.

For the purpose of this article, however, will be focusing more on the personal finance software that aids with money management.

Advertising

Money management personal finance software will help you to see the health of your cash flow, pay down debt, forecast for expenses and savings, track investments, pay bills, and do a host of other things that 30 years ago would have practically required a team of accountants.

When to Use Personal Finance Software

So far we’ve gone over what exactly personal finance software is and how it can be a benefit to your money. The next logical step in this whole equation is determining when it should be used and how is the best way to go about getting started using it.

Below are four of the most common and practical ways to use personal finance software. If all or any of these apply to you and your money, then downloading some type of personal finance software is going to be a smart move.

1. You Have Multiple Accounts

There’s a good chance that when it comes to your money, it’s in more than one place. Sure, you probably have a checking account, but you may also have a savings account, money market account, and retirement accounts such as an IRA or 401k.

If you’re like the average American, you probably have two to three credit cards as well. Fifty percent of Americans also don’t have loyalty to just one bank and spread their money across multiple banks.

Rather than spending hours typing in every detail of every account you have into a spreadsheet, many programs allow you to easily import your account information. This will help to eliminate any mistakes and give you a bird’s eye view of everything at once.

2. You Want to Automate Some or All of Your Payments

Please don’t say that you’re still writing out paper checks and dropping each bill in the mailbox. While it’s noble that you’re doing your part to keep postal workers employed, we’re 18 years into the 21st century and you can literally pay every bill online now.

Advertising

There’s no need to log into every account you have and type in your routing number either.

With personal finance software you can schedule automatic payments and transfers between all of your imported accounts. Automatic transfers will help to make sure you have the necessary funds in the right account to ensure all bills are paid on the appropriate date. Late fees are annoying and do nothing but cost you money. It’s time that you said goodbye to them once and for all.

3. You Need to Streamline Your Budget

Perhaps the best feature of personal finance software is that it allows you track everything going in and out of your virtual wallet.

Nearly every brand of personal finance software out there has easy-to-read graphs and charts that allow you track every cent you spend or earn, should you choose. You might be pretty amazed when you see just how much you spent on eating out last month or if you splurged a little more than you should have on Christmas gifts last year.

Every successful business on the planet has a budget and using personal finance software can help you trim the fat on your spending in ways that affect your everyday life.

4. You Have Specific Goals to Meet

Maybe it’s paying off debt or saving for up something like a European vacation. Whatever your financial goal is, whether it’s long-term or short-term, personal finance software programs are one of the savviest ways to go about reaching those goals.

You can do everything from set spending alerts to notify you when you’re over budget to automating what percentage of your paycheck goes to things like retirement investments. The personal finance software that you choose should show you exactly how close you are to hitting those goals at any given time.

Advertising

How to Get Started

From AceMoney to Mint and Quicken, there ’s no shortage of personal finance software apps out there. Many of these programs are free to download and will allow you to pay bills, invest, monitor your net worth and credit profile, and even get a loan with the swipe of a finger.

Other programs may only offer you limited services and will require a one-time fee or subscription to unlock all that they offer. These fees can often vary from as little as two dollars to 50 bucks a month.

It’s best to start off with the free version and then gauge whether you’re able to accomplish everything you’d like or if it’s worth exploring one of the paid options. Often times the subscription programs come with assistance from financial planning and investment experts — so that can be a real benefit.

When deciding which personal finance software program to use, it’s also important to look at how many accounts you wish to monitor. Certain programs limit the number of accounts you can add. Be sure that if you have checking, credit card, and investment accounts to monitor, that you choose a service that can monitor them all.

Finally, when looking around for the right personal finance software that meets your needs, make sure that you’re comfortable with the program’s interface. It shouldn’t be expected that you recognize every single feature instantly, but if the features don’t seem readable and manageable to you, then you’re not as likely to use it and get the full benefits.

Final Thoughts

Personal finance software can go a long way in helping you to take control of your money and meeting your financial goals. It’s important to note, however, that some focus more on budgeting and expense tracking while others prioritize investing portfolios and income taxes. Explore several different programs and read reviews to find the one that’s right for you.

In this day and age, managing one’s personal finances in a secure manner that allows the user to have a real-time visual representation of their money is easier than ever before. With the numerous applications that are out there — both free and subscription-based — there’s no reason that every person can’t take control of their money and ensure they’re making smart money moves.

Featured photo credit: rawpixel via unsplash.com

Read Next