Easy Ways To Make Extra Money While Working Full Time

When funds are tight, our first impulse is to cut expenses.

Social media keeps talking about how the avocado toast and lattes you buy every once in a while are spinning you toward a life on the street. But when you have cut everything down as far as you can, you sometimes realize you have eliminated many little things that bring you joy.  Or maybe that even with those cuts, you still won’t be able to save for a house, or retirement, or a nice vacation.

Check out my episode of Cents and Sensibility on How To Earn More Money!

So if money is tight and you can’t cut back, you have to look at the other option: extra income.  For some reason, this always seems like the harder choice of the two.  And, while some things can be scary (like asking for a raise), some ways of earning are very simple and can be done on your couch with your phone while you binge-watch Law & Order.

Consider Your Savings Account

The Annual Percentage Yield (APY) on your savings account is how much your financial institution pays you for keeping your money in their account.

Your money is not just sitting in your account. When you log in and see the account balance, you feel great that you have it. And you should- people sleep better when they have savings.

But the bank is making your money work for them. They are using it to lend to other customers. So the bank is paying you maybe .01% in interest and charging the other customer 6.1% on their loan. That is quite the markup.

Look around and find yourself an account that pays more; the going rate is around 3%. You will usually find higher rates at places that don’t have too many brick-and-mortar locations.

So how does this work exactly?  It’s just some basic math.

$5,000 in savings with .01% APY means you earn a whopping $.50 a year.

$5,000 in savings with 3% APY means you earn $150 a year. That should help add some money to your savings account. Money that is just sitting there should be working for you.

Thank You for Being a Friend

One of the easiest ways to increase your income is to get a roommate. I know… the dreaded “R” word. It absolutely means some sacrifice and inconvenience, but it’s a quick payoff.

Taking that spare bedroom and bathroom and renting them out can quickly and significantly boost your income. By splitting some of the bills and collecting the rental income, you can often quickly change your financial landscape.

For more money, give them the primary, and you take the spare. It doesn’t have to be forever, and that injection of cash can really change your life

Movin’ On Up

This is my favorite suggestion—time to get a new job.

Many of my friends are in jobs they don’t like, for less pay than they deserve.  Maybe it’s time to find a job that you can do for the pay you should be earning.

If you are looking to save, check out my 10 Painless Ways To Save Money!

If this scares you, just spend some time Googling. Everything from how to do your resume to what to say at interviews is available online from people far smarter than me.  Even better, consider finding a recruiter in your field who can provide free coaching and job-search help.  They make money when you get a job, so it’s often a win-win situation.

If you are staying in your job out of fear, please stop. Find a friend who won’t take your excuses. Tell them you want a new job. Ask for help. Odds are, they believe in you more than you do and will be willing to help.

Sell Stuff

Every time my income has been cut, this has been my “go-to” move.

In your house, you likely have clothes, books, shoes, jewelry, kitchen appliances, collectibles, or other items you can sell to someone. Online forums, like ebay, can provide safe and secure ways to do transactions.  Facebook Marketplace can be a little more adventurous, but if you meet somewhere public and use cash, there are deals to be made.  Host a yard sale!

If you have been struggling to maintain even a minimum balance in your savings account, this may be the quickest way to do so. Take every penny you make from selling things and put it directly into your emergency fund, or use it to pay off debt. Try not to use this money for bills; this is above and beyond your normal income.

Consider Good Side Hustles

I have had a side job many times in my life. Most people who meet me would never believe I pierced ears and sold scrunchies at Claire’s to pay for my backpacking trip through Europe after college. I hosted at an Italian restaurant with singing waitstaff. I worked phone support for an app. It provided variety, new friends, and some additional income.

Think about something you have always wanted to do—work in a flower shop, learn how to tend bar, spend more time with animals, or even get a job outside after you sit at a desk all day long. Whatever it is, pursue it if you have the time and inclination.

Dig around online and see if you can find places that pay for online reviews, online surveys, being a mystery shopper, or offer focus groups that pay.

Options like ride-sharing services and delivery for groceries give you complete control over your schedule.  You can run errands for someone. When The Frugal Rooster and I have a big expense coming up or want to save for something special, I work in catering for some pocket money.  It’s exhausting but fun work, and I can take one or two shifts a month in my spare time.

Here is my advice on how to pick a side hustle:

Pick a job or people you like. I didn’t work at Claire’s because I liked scrunchies. I had a friend who worked there I enjoyed being around. I took the job to work with her and the other people she liked working with. We had a blast! If you like plants or animals, try finding some dog or house-sitting clients when you can work for a fee. If you like craft beer, find a brewery looking for a bartender. If you play piano, take on a few students. The world is your oyster.

Make sure the pay is worth the time. Since my part-time job was with a large company, it paid a decent hourly rate and offered quarterly bonuses. So I didn’t mind the time and energy I put into it.

If the job has many expenses or requires extensive travel without reimbursement, it might not be worth your time for the earnings. Be sure to calculate all costs relative to your pay and make the best use of your time.

Find something with flexible hours. If you have a regular 40-hour-a-week job that pays the bills and provides health insurance, your side hustle cannot get in the way. So be sure you find something with a schedule that works for you.

If you really think you like a job, look long-term. I wasn’t looking to build a career at Claire’s, but my bartender friends who work at breweries often try to move from front of house to back of house. Use a part-time job to break into the field you want and search for opportunities to move to full-time.

Negotiate a Higher Salary

I don’t know anyone who doesn’t struggle with this.

Some friends struggle to sell themselves when writing their resumes, so it’s even worse when they meet someone face-to-face and have to explain their value. But negotiating a higher salary, whether at your current job or when being hired for a new one, is a valuable life skill.

I want to be sure you understand you can start negotiating right out of college (or high school, trade school, or whenever). When I got my first full-time job, I remember feeling so thankful that someone wanted to hire me. I didn’t even think to negotiate.

But you should, because when you start low, you often never catch up. You could potentially lose hundreds of thousands of dollars over time. By beginning your career low, you could stay low for the rest of your life.

Change Your Tax Withholding

If you receive a large tax refund every year, I know it can seem great!  But that means you were overpaying taxes all year.  Imagine if, once a year, your landlord sent you a check for the amount you overpaid.  Your landlord had your hard-earned money all year to spend however they wanted, instead of you using it for what you needed.

It’s the same idea if you overpay on your taxes.  Instead of giving the government your money, keep it for yourself.  This is an easy change to make- just contact Human Resources at your company or, in this new age of fancy technology, log into your employee portal.  I’m not gonna give any deeper tax advice on this since I’m not a tax professional, but unless your situation is complicated, it should be an easy change, and there are likely directions online to walk you through it.

If some of these have seemed like good ideas to you, or you have already forgotten what I said, you can find the full list at afrugalchick.com/resources, or just look for the “Cents and Sensibility” Menu at the top of the page.

I hope these have inspired you to reach a little further if you need to, and to find more income to expand your life!