The economy is in shambles and ordinary citizens like yourself are the ones suffering the most. Although there is hope for full economic recovery on the horizon, it may come too late for a lot of people. According to financial experts, almost 25 percent of people in the United States have no emergency savings at all. Meanwhile, approximately 38 percent of Americans won’t be able to foot a $500 expense without resorting to bank loans or selling their valuables.
If you want to have enough money to cover an emergency expense or at least have enough to cover your day-to-day expenses, here are five effective methods you can try to increase your income.
1- Start a Small Side Business
One of the best ways you can increase your income is by starting a small side business. You can explore many businesses for your additional income channels. For example, you could research ways to make money with a laser cutter or you can put previously learned skills or hobbies to use. If you were interested in baking, you could start making cookies or cakes.
However, starting a side business can be very expensive and time-consuming. You need to be careful of what business you choose, specifically seek out enterprises that require little capital or equipment. This way, you can get the most money out of it with the smallest amount of expenses.
2- Make Use of Your Vehicle
Experts indicate that at least 91.3 percent of all households in the United States have access to at least one type of vehicle. Cars are a huge investment, but they can also be endless money pits. If you want your car to start making more money instead of just sitting unused in your garage, you could start looking for gigs.
With a car, you can start enrolling in ride-sharing apps. When you have signed on with them, you can start picking up passengers in your free time and stashing the money. Or you can deliver parcels for companies with your car or van, which can pay better but require longer hours.
3- Online Tutoring
Many people in foreign countries want to learn English as a second language or simply improve their existing skills. You can earn a tidy profit by teaching people English over the internet. There are plenty of pros to this arrangement. For starters, this is one side hustle you can do entirely in the safety of your house or home office. You can also easily whip up a syllabus for your lessons, meaning there’s no need to spend a lot of money on capital and preparation. Finally, there are a lot of online channels and websites you can work for that will send you a steady stream of students.
4- Auction Your Stuff
During an emergency, you may have to sell something expensive or cherished just to make ends meet if you don’t have any money stored away. However, you can avoid this predicament by routinely putting stuff you own for auction online. Lots of Americans have too much stuff in their property, lurking in their attics or stored in their garage. You can kill two birds with one stone by selling these things.
Be very careful when you’re selling items you own. Take time to assess the worth of some items. For example, antique or vintage items can be worth a lot more than you think if you can find the right buyer. Other things can be easily sold in a garage sale type deal or you can just put them on e-commerce sites.
5- Begin a Vlog
Finally, if you want to have a fun and easy side hustle that requires little to no capital on your end, you could start your own video blog or vlog. Find a topic that you are very passionate about or extremely knowledgeable about. For example, if you have great clerical skills, you can try to start a video blog about improving your office skills. If you have a passion for art history, you can begin a video series on the meaning of famous works of art.
Video blogging generates income by drawing in sponsors and ad sales. While it may be difficult to get the ball rolling, you can make a very nice profit, one enough to be your primary source of income.
Times are tough, and they’re going to get tougher. You may have to look for new sources of income to tide you over until businesses reopen and the economy recovers. These methods can help you build up an emergency savings account and avoid dire straits in these uncertain times.