Using your free time to pad your income can be a very profitable endeavour, if done correctly. You don’t have to be amazing at any one particular thing to make money, in fact, one of the main ways you can use your free time to make money is by using it to find ways to save money – the same effect takes place!
This article is going to overview some of the best ways to use your free time to save and earn.
Ask for a raise
You may be able to negotiate a higher wage at your job. It’s not always possible, but if it is and you didn’t ask, how silly would you feel?
Avoid money drains
If you have something in your life that you know is just wasting money, cut it. You don’t need to be throwing money away, and the more you do the less that you’ll have.
Clip the coupons
Coupons, rebates, vouchers and special offers can help you to save, you just have to find them. Take some of your free time to look into deals you could be taking advantage of on purchases you’re already going to be making.
De-clutter the house
This may surprise you, but de-cluttering can actually go a long way to putting money in your pocket. Chances are that you don’t actually need everything that’s in your house, and that some one else probably does. Look into selling used unwanted clutter on local vendor websites, or host a garage sale, to both clean up your house and pocket some cash.
Ditch the debt
If you’re in debt, you’re probably feeling it. High interest rates on credit cards and loans are an absolutely useless expense you’re paying if you’re in debt. Make a plan today to get out of debt, and even better, stay out of debt in the future.
Free market flipping
People often give away decently valuable items, whether because of lack of interest or no desire to improve them. If you pick up an item for free and sell it for $5, that’s $5 that you didn’t have before. Check out your local flea market for similar good deals.
Have valuables appraised, or research the values yourself
This will prevent you from re-selling at a lower rate than it’s worth, or maximising the deals that you get on similar items.
Improve your credit score
Always do everything you can to build and maintain a successful credit rating. Pay your bills on time, use small purchases to build credit initially, negotiate with your creditors already. The better your rating is, the more people will be willing to deal with you in terms of loaning money and providing friendlier terms.
Investigate mortgage refinancing
If you’re not getting a good deal on your mortgage, you’re effectively giving away money – to a bank of all places. Look to see that you’re getting the best deal possible by doing research on mortgage refinancing, this is an extremely effective way to spend your free time.
It’s never the wrong time to start investing, but always the wrong time to run in uninformed. Take some of your free time and research mutual funds and index funds, and how they could potentially be making you money without much effort on your part. Consider involving an adviser in this process, as when you first start out you’ll likely have more questions than answers.
Kill the phone line
Most people don’t need the home phone these days, and while many have already recognised this there’s a lot of people still paying for it. Seriously consider whether you may not actually need the line, cause it’s an entire bill every month you probably don’t have to be paying.
Know about tax refunds and how to make best use of credits
This tip takes some of your free time to understand, but once you do you can save yourself money by working within the limits of tax credits to maximise your annual refund, money in your pocket just for doing some research.
Rent out unused parking spaces
If you have access to a parking space that you’re not using, you may be able to make a bit of money by charging people to park there. Make sure you’re allowed before you start this, but this can be very profitable in crowded urban spaces where parking is precious.
Rent out unused space in your home
If you have a spare bedroom that you don’t really use, consider renting it out (provided you’re allowed by your landlord and so on).
The Marketplace for Space, is Australia’s premier peer-to-peer marketplace for self storage. They connect people and businesses who need Storage or Parking (Renters) with friendly neighbours who have spare space (Hosts). Think of them as the AirBnB of Self Storage.
The goal at Parkhound is to optimise community space. They connect locals with spare parking to those who need an affordable solution.
Parkhound is the largest online marketplace for parking in Australia. Could you rent out your driveway? If you live near a shopping centre, railway station or hospital etc then you probably can make some extra easy cash!
Return printer cartridges when empty
A lot of stores offer credit for this kind of service. Return empty printer cartridges to stores that accept them to see if there’s anything it can get you, and even if it can’t…you’ve helped the environment.
See if your loyalty is paying off
Customer loyalty is a great thing, and it often inspires providers to offer you discounts on services. But sometimes it just inspires them to take advantage of you, having already gotten you hooked to their brand. Look at all of your expenses seriously to determine whether you may be better off switching providers, and see if that doesn’t just save.
Sell old mobile phones
If you have an old mobile phone laying around, it could be a little bit of cash. Sell an old (working) phone to make a bit of pocket change.
Take advantage of your talents
Your talents are one of the best things to use for profit. Chances are you’re good at things you enjoy doing, and they can often end up making you a significant amount of money. Consider the following ideas for making money on the side, just by using your natural talents and abilities.
- Affiliate marketing
- Become a mystery shopper or tour guide.Whatever you know about your community, chances are it can be put to use with people who are completely new.
- Cook for cashSmall scale catering jobs are often available to those young entrepreneurs willing to set up a small business. It could just be to cater your friends’ parties, it could be to bake and sell outside a bar or club at the end of the night. So long as you’re working within the food safety laws of your region, who are you hurting?
- CraftingCrafting of any kind often offers a way to make a little bit of extra cash, just by selling the items you produce. In fact, you can make big bucks by offering to customise an item for some one, just by labelling it homemade and custom!
- Freelance write, program, market, or whatever it is that you can do!The internet has become abuzz with a host of freelancing opportunities for a variety of skilled young professionals. By working on a job to job basis, you can often choose what you do, when you do it, and maximise your profits easily.
- Garden your spices, small produce, and potentially produce tutorials for online affiliate marketing type thinking.
- Help with the elderly in your community
- Host a foreign exchange student for a semester
- Make referrals for discounts from your frequently used services
- Pet sit for owners on vacation
- Review products in your area
- Sell photos on stock photo sites!
- Take surveys