5 Ways to Generate Extra Income during a Pandemic
2020 has been a challenging year for everyone. Especially in yearly, monthly and weekly income. With unemployment at an all time high, this is the year to step up your side hustles! Read below about some of the ways I’ve generated additional revenue streams during the pandemic.
1. Save Smarter
In the age of new technology, regular savings accounts just don’t cut it anymore. Most people will have a hundred or so taken out of each paycheck to go towards their savings account. While I do still have that happening, most can agree it takes too long to build up.
That’s where automation steps in. There’s roundup apps like Acorns and Chime. For example, you purchase a $24.75 shirt with your debit card the app will round it up to the nearest whole number, with the extra 25 cents diverted towards your savings. My personal favorite is Digit. It’s probably the best way to save money without you even noticing it’s happening. So in a sense it’s a money generator because it feels like free money that you didn’t realize you had before. How it works is by utilizing automation and AI to figure out your spending and income patterns. When it thinks you can afford it, the app deducts money from your checking account and deposits it to your Digit account. But don’t worry about the app taking too much out because it never does and knows when to stop if your checking account is low that particular day. I’ll see it take out small amounts daily or every other day from $3 to upwards of $20+ which doesn’t bother my budget. Then the amounts add up way much more faster than my regular savings account. Through my Digit app I can save around $1000 in over two months.
- Disclaimer that it does cost $5 a month after the 30 free trial, but to me it has definitely been worth it as it’s been effortless to increase my extra savings. I’ve been able to pay off credit cards, purchase airline tickets or use it as emergency funds to fall back on.
2. Sell your Stuff
The lockdowns have forced us to stay at home more and have all this extra unwanted time on our hands. Why not look around your house to see what you can sell online! I’m sure there’s plenty of old stuff you don’t use anymore and someone else in the world would love to make use of it. Of course there’s the OG selling site Ebay, but there are some other trendier app focused sites like Depop and Grailed where you can sell items from your closet you don’t wear anymore.
Depop is like the biggest online thrift shop where stylish users take instagram-quality photos to sell their clothes, shoes and accessories. If you have unique vintage shirts sitting in your closet collecting dust, this is the app for you. I was able to sell some vintage concert shirts and old Nike Dunks just in a few weeks of posting them. A key thing to consider is to decide whether shipping internationally is worth it. I found that out the hard way by realizing shipping some shoes to the UK cost almost as much as what the buyer paid for them. You can set the international shipping rate as a set price, however depending on where you ship it may cost more. For me, most of my clothes weren’t worth shipping overseas so I changed my account to only ship domestic. The app is worth trying though, especially if you’re already taking photos of your style for instagram. Grailed is ideal for any high end items you want to sell off. It’s where the hypebeasts go for gently used items they can buy at a cheaper price then brand new. If you have some old Jordan’s or Gucci shoes that are still in good shape, do a quick search on their app to see what the normal sale price is and put yours up for sale. Reviews are crucial to this app to trust where you’re buying from and to know if the products are real.
3. Invest Easier
One of the biggest trends during the pandemic was more people starting to invest in the stock market. There was one app that contributed towards that surge…Robinhood! The app really helps guide you through investing in your first stocks and it’s commission-free.
I remember a few years back I really wanted to start investing more but had no clue where to start. I tried numerous times watching shows on CNBC only to still scratch my head on what to invest in and how to do it. All that changed when a friend of mine recommended downloading Robinhood. The app is very user friendly with small tidbits of news stories that highlight market trends. Quite digestible for the regular joe, and you don’t need a large amount of money to start. I only started off with a couple hundred bucks and purchased small amounts of stock here and there. It’s a great time to invest as a lot of company’s stock is still lower than pre-pandemic days. Companies like Boeing and Wells Fargo are still half off of what their normal stock price is. It’s a smart idea to look at company’s five year trading history to see how they performed before. Another incentive on Robinhood is that you can purchase fractional shares. So even if you don’t have enough money to buy one Amazon stock, you can keep adding small amounts to own a small percent of one. I started investing in the beginning of April and have small stakes in over thirty companies and four of the main cryptocurrencies. My account has since doubled in profit due to market gains!
4. Gig Economy
Now is the time to start looking at companies that focus on the gig economy. If you have extra time on the weekends and have a car why not spend some hours earning money using Uber or Lyft? There’s also apps like TaskRabbit that has miscellaneous jobs like helping people move out, cleaning services and aiding the elderly by shopping groceries for them.
The one where I earned a lot of extra income is Airbnb. I’ve been a Superhost for Airbnb for three years had over 400 guests come stay with me. People always tell me they would be freaked out about a stranger staying at their place and don’t feel it’s safe. But keep in mind Airbnb has placed a lot of features on their app for future guests to request for approval to stay and everything revolves around a robust review system. It’s a easy way to earn extra cash that doesn’t take up too much of your time. Other than prepping the room and cleaning up high touch areas like your bathrooms, all you’ll need to do is greet your guests when they checkin and some light communication throughout.
Or another option is to think of the next time you leave your home for a vacation or work trip. Spruce up your room or house and let guests stay while you’re gone. That way it’s a no-contact checkin for safety during covid. I’ve done this numerous times and helps pay for my flight and more!
5. Freelance your Talent
If most of your day job is done through a computer, more than likely you can earn extra income through freelancing jobs online. Put your skills to use and get paid through sites like Upwork, Fiverr, and Freelancer. Some of the sites are specific for designers only like 99 Designs and BASHI. However, sites like Upwork you can land projects by having experience in other industries like Writing, Admin Support, Customer Service, Marketing, Accounting and much more.
The key is to setup a superb profile highlighting your expertise. Think of it like how you setup your profile for Linkedin, but go farther with promoting yourself and your skills. Feel free to take a look at my profile I started a few months back for more inspiration: Eric B at Upwork. Other useful ways to jumpstart your freelancing journey is to look up tutorials and tips on YouTube on how to get the process started. The best one I learned from is by Josh Burns Tech. He provides detailed step by step ways to improve your profile and job proposals for Upwork. I figured it’d take me forever to book my first job, but after three jobs I submitted to I landed my first project. Try to knock out a few easier projects first to get your reviews up. Then once you have a few of those under your belt you can go for the higher paying jobs.
I hope you get through 2020 with a broader perspective of how to earn extra money and you’ve tried at least one of these income streams. Drop a comment and let me know how you’ve been earning extra revenue or how your experience was using any of the sites I mention above!
