Living frugally isn’t always the answer, especially if you can’t find money to save. A side hustle can help you boost your income so that you can save to invest. Want to know what my favorite side hustles are?
While budgeting and frugality does help, at the end of the day there’s only so many pennies you can pinch. And there’s only so many coupons to be clipped.
“A penny saved is a penny earned.”
Ben Franklin’s famous quote is timeless wisdom passed on from generation to generation. Unfortunately, focusing on pennies in today’s world will only keep you from prosperity.
If you focus on pennies, you get pennies.
In your grandparents’ day, money was a scarce resource. According to the Bureau of Labor Statistics, money was worth 915.7% more than it is today. A penny was worth a dollar to them. It needed to be protected, conserved, and stuffed in between mattresses.
Today, it’s easy to make money, so quit focusing on your expenses. You can’t play defense the entire game and expect to win; you need to be on the offense. You need a side hustle to increase income. Playing defense is only effective when you have something to defend.
That’s why the first step to creating wealth is to increase your income. I wrote about this in my blog post, 3 Steps to Creating Wealth. So let’s explore the first step of creating wealth.
Here are 23 of My Favorite Side Hustles to Increase Income in 2018.
1. Babysitting. There’s some good money from this side hustle. It’s one of my favorite side hustles that I pay good money for. If you like kids and playing board games, babysitting might be a good fit. While not the most glamorous job, being around kids is quite amusing. And the pay is decent.
2. Bartending. Bartending can be pretty fun. And while it does help to build up some experience to get into some of the nicer establishments, bartending can be a financially rewarding side hustle. According to my friends on Facebook, bartenders can expect $100 to $300 in tips per night.
3. Blogging. Blogging is starting to become my favorite side hustle of all time. Building a successful blog site can be a very rewarding venture, but it’s not easy and you most likely won’t see any traction or financial benefit for a long time. However, those that have stuck with it and made it a labor of love have seen big financial gains, producing seven figures a year.
4. Caregiving. If you have skills around caregiving, you can earn some side hustle cash through online servicing companies like Care.com. Care offers services around:
- Child Care
- Senior Care
- Pet Care
Pay varies from person to person, but the median seems to be $15 to $30 per hour. But this is one of my favorite side hustles because it helps people.
5. Couch Cleaning. Couches get pretty dirty (and stinky!) and not everyone has the tools or time to give them a deep cleaning. Find someone with pets or children and you could set up a schedule to clean their couches every quarter, semi-annually, or annually.
HomeAdvisor.com reports that the national average for cleaning a couch to be about $160. The typical range for cleaning couches can be in between $119 to $218.
6. Dog Walking. Services like wagwalking.com connect dog walkers with busy dog owners. If you’re registered, people in your community can reach out to you for dog walking, dog sitting, or dog boarding services!
On average, a 30-minute walk is $20! Plus, there is the added benefit of getting some exercise. If your customer has additional dogs, it’s $5 per extra walk. Wag even offers a million dollar home insurance policy to the buyer. Dog walking is one of my favorite side hustles because… well, who doesn’t love dogs? Seriously.
7. Etsy. Got a hobby that could be a potential income stream? Etsy might be the perfect marketplace to sell your goods. There are four broad categories of things that sell well there.
8. Fiverr. Fiverr is an online freelance marketplace. There are literally hundreds of ways that you can make money on the site by selling your services. The best part about Fiverr is you don’t really need much experience.
9. Flipping on Craigslist. If you are handy and like wheeling and dealing, you can make a lot of money flipping items on Craigslist. People sell refrigerators, washers and dryers, tools, and more on Craigslist for next to nothing. Some people even give away their household items for free, if you can pick it up.
With a little bit of elbow grease, you can clean or repair some of these items and sell them for hundreds of dollars on Craigslist or Facebook Markets.
10. Investing. The only reason to save money is to invest it. Investing in stocks, mutual funds, Exchange Traded Funds (ETFs), or even real estate can produce passive income. That’s income that you don’t need to do extra work for.
It is important to note that you can lose money by investing, but if you make smart decisions and think long-term, you can literally create your own personal money machine.
Companies like Betterment can help you invest with little to no experience. While my company Clear Path Financial Planning, will not only take care of your investment strategy, but will also include your student loans, credit cards, emergency fund, vacation fund, etc., into your overall financial strategy.
11. Online Courses. Creating an online course is an excellent way to earn passive income. Passive income is where you do the work once, and have the ability to earn income year after year without extra work. I’m in the process of creating my first course on Teachable.
12. Pet Sitting. There are plenty of people that want to get away for the week. Unfortunately, it become problematic when you don’t have someone to care after your pets. From my search on Indeed.com, petsitters can earn around $12-$15 an hour. That means that you can boost your income by $500 – $1,000 a month by watching someone else’s cute little critter!
13. Photography. You can earn some serious cash if you’re any good at photography, and with a wide range of photo products online, all you really need to do is deliver digital files. Your customers can search for and purchase their own photo products online.
I make about $10,000 a month through photography, and have had made that from single events
14. Proofreading/Editor. If you have an English degree, chances are you’re already proofreading for your job. Why not make some extra money from home, proofreading and editing for college kids and bloggers? You can fetch $50-$75 for less than an hour of your time.
15. Referee a sport. Although not a big money maker, reffing is fun. I could only imagine what it’s like to ref a high school basketball game in overtime. Watching my niece’s last game run into overtime was exhilarating. You might fetch $80-$100 reffing a couple of games.
16. Sell stuff. The fastest way to produce income is to go through all your stuff. Find things that you no longer need or want. Sell them. That’s instant income. Whatever you can’t sell, donate it to charity and take a tax deduction. That’s income in reverse.
After you’re done selling all your stuff, go to your parents and sell stuff they no longer need or value. Then go to your grandparents, cousins’, and friends and sell their stuff (with their permission). That’s income, too!
17. Shine Shoes. When I was working in a corporate building, there was this guy who was allowed to walk around offering to shine people’s shoes. This guy was making a killing. He got $10 plus tip per person. If he only got twenty of us that day, that’s still about $250 cash for maybe a few hours work. Now that’s #Hustle!
18. Snow removal. Removing snow can be a pretty lucrative side hustle in the winter. The only problem is that you need to be available at odd hours, so it tends to be a favorable side hustle to those with seasonal jobs or those in school.
You can expect $30-$50 for residential driveways. On a good snow day, and a lot of hustle, you can reasonably put $500 in your pocket.
19. TaskRabbit. Performing odd jobs has always been a good side hustle, and service providers like TaskRabbit7 can connect you with people that need things done. Brian Schrier, a handyman and Tasker on TaskRabbit reported earning $1,500 in his first week, and now averages $2,000 a week!
20. Transcripting. This side hustle requires listening to audio files and typing out what you hear. Professionals like myself and those in legal or medical professions often record meetings and need those notes transcribed.
21. Waiting tables. While it is hard work, waiting tables doesn’t require an advanced degree, it becomes a respectable side hustle for many situations. When combined with tips, people on Indeed.com have reported earning $100 – $150 in tips during the week, and $200 – $300 over the weekend.You can expect to make $15-$30 per hour on an average shift at a busy restaurant.
22. Wash Windows. With just a squeegee and a bucket, you can go from store to store in a plaza and ask them to wash their windows. For $10 a window, you can walk away from a typical plaza with $80-$100 cash in fist. When you’re done, ask if you can come back in a couple of weeks.
23. Eliminate an expense. I saved this for last because it’s not really a side hustle, although it can yield just as good results. Over time, we can pick up some bad spending habits. The occasional $5 coffee drink can easily turn into a $100 a month expense.
Look to your bank and credit card statements and find transactions that you’ve been repeatedly making and watch out for justifying those expenses. It’s the small transactions at $2 – $5 here and there that add up over time.
These are my favorite side hustles to date because they tend to offer flexibility and decent pay. Most of them can be performed on your terms and rates.