5 Ways To Earn More Money When You Just Don’t Have the Time -- Yahoo Finance

Press Release from Financial Wellness Strategies

Yaёl Bizouati-Kennedy Sat, Feb 24, 2024 Inflation, soaring rates and the October resumption of student loan payments have taken a toll on many Americans' wallets, forcing many of them to live paycheck to paycheck. And the numbers speak for themselves: As of November 2023, 62% of consumers lived paycheck to paycheck, according to a LendingClub survey — meaning that these Americans need their next paycheck to cover their monthly financial outflows. And when it comes to earning more money — via side gigs or hustles — it is not always feasible for everyone, due to lack of time or personal circumstances.

"As easy as it is for people to say you should start a side hustle or get a second job when you need to earn some extra cash, that isn't always feasible," said Erika Kullberg, attorney, personal finance expert and founder of Erika.com. "Your professional schedule, commute, health, or family responsibilities may not make it possible to take on extra work. Not to mention, working extra hours can be really hard on you mentally and physically."

Yet, Kullberg and other experts said that there are still ways to make extra money that can help you stay on top of your finances, even if you don't have much time to dedicate to these endeavors.

Be Honest About Your Budget

First, even if you're "living on a tight budget," be honest with yourself about whether that "tight budget" is a documented, real budget you regularly review and update, said Tanya Peterson, consumer finance expert and vice president of brand at Achieve.

Peterson recommended being very careful and thorough about pulling together all your expenses. Don't forget items that come up periodically versus every month — such as auto insurance bills, school supplies and equipment purchases, and gift purchases.

"When you have both your expenses and income carefully detailed, you can go back and find any areas where you and your family can cut back," she said.

Participate in Online Surveys

A great way to make cash just by being you is to participate in online surveys and market research. You don't have to leave home and they can be done quickly and easily — and can often pay hundreds of dollars, said Bobbi Rebell, CFP, founder of Financial Wellness Strategies and author of "Launching Financial Grownups: Live Your Richest Life by Helping Your (Almost) Adult Kids Be Everyday Money Smart."

Sell Things You No Longer Use

Another way to make money is to sell items you no longer need.

"Maybe an interest has waned, or you simply don't have time for a hobby," Rebell said. "Same goes for things kids have outgrown or are no longer actively using."

And she also recommended canceling subscriptions and apps.

"Start with the ones you aren't using and then go to the ones you are and cancel half of them anyway (let's face it those might be where your time is going!)," she said. "Downgrade the rest. You can always go back to them but if you are tight on time, odds are you aren't using them as much as you aspire to use them."

Ask For a Raise or Switch Jobs

If you truly deserve it, can back up your request with solid proof of accomplishments and have done enough research to know that you're not out of line, ask for a raise, Peterson said. Alternatively, she said, look at whether there are other, higher-paying jobs at your workplace for which you would be qualified.

Kullberg echoed the sentiment, saying that you can also earn more by making progress in your career.

"This investment can take time but can help you avoid overworking yourself," she said. "Ask for a one-on-one meeting with your manager and inquire about what they need to see from you this year for you to qualify for a raise or promotion. Work together to set clear goals and milestones so you know exactly what you need to do to earn more money."

Check Out Freelance Websites

Courtney Haywood, CEO at Courtney Haywood Agency Partners, suggested checking out freelance websites such as Fiverr or Upwork.

"Quick opportunities can lead to quick cash," she said. "Maybe you enjoy building websites, writing press releases, or building financial plans. Believe me there is always something there to make some easy cash, and it has worked well for me."

Parlay Your Hobby or Passion Into Cash

Another suggestion is to find something you're passionate about — in many cases, people who have no time but need extra money can find the time if they are doing something they love, argued Achieve's Peterson.

For instance, if you love tinkering with bicycles, offer a tune-up service in your neighborhood or local area this spring, and if you're good with computers, offer help with maintenance, virus removal or set-up of new computers, she said.

"If you are skilled at knitting or crocheting, look into offering a few classes. A gardening enthusiast might be able to help others plan and plant this spring. Everyone will be different, but that's the idea," she added.

Peter Earle, senior economist, American Institute for Economic Research, agreed, saying that there are countless freelance areas you can capitalize on.

"The gig economy offers many ways of earning money in small, irregular, and unpredictable periods of time — ride-sharing, delivery, and so on," he said. "There's informal tutoring, there's pet sitting and dog walking, and other ways of monetizing hobbies or odd jobs to pick up a little income here and there."