If you find your full-time salary isn’t quite enough and you need to enhance your earnings, you’re not alone. According to a census report, around 13 million Americans have more than one job, and women are more likely than men to earn money from multiple income streams.
What would an extra $200 a week do for you? Inflation has driven up housing prices, the cost of groceries, and most of your daily expenses, so maybe it would help you make ends meet. You could bank that money and save it for something special, too, like a dream vacation, a new home, or a bright new business idea. Maybe you just want to start a retirement fund or an emergency savings account.
Sometimes, you need a little support when it comes to learning how to manage money. Here are some ideas for how to make an extra $200 every week. It’s more attainable than you might realize.
- Seek Out A Side Hustle
You’ve heard about the gig economy, which is composed of freelancers and contract workers who do a job and get paid for that job. They’re not necessarily employed by a company or given a set work schedule. That’s the beauty of the side hustle; you can make your own hours and decide when and where you want to work.
Some of the most popular side hustles right now include driving for companies like Uber and Lift, delivering food for DoorDash, GrubHub, and similar platforms, and even grocery shopping for Instacart and local grocery stores.
- Look For Other Part Time Work
Other ideas? Babysitting and pet sitting are now paying far more than those jobs once did. You can create a profile on various sites or start networking within your own neighborhood. Taking care of a few kids even three nights a week or watching some dogs for a full weekend can easily bring in $200.
Put your own unique skills to work, too. If you’re a fast typist, you can grab transcription work online. Virtual assistants earn $20.91 per hour, on average. Put in 10 hours of online administrative work every week, and you’ve got your extra $200.
- Trim Your Spending
No one likes to hear that if they just cut out their morning coffee at their favorite coffee spot, they’ll soon be a millionaire. That’s not the suggestion here. You won’t save $200 a week by skipping the specialty lattes.
However, if you take a hard look at your weekly budget, you might find a couple hundred dollars that don’t need to be spent, just by cutting back expenses on your personal finance plan. If you eat dinner out five days a week, you could be spending hundreds of dollars without even realizing it. Cook at home and make dinner out a once-a-week treat, and you could find yourself with an extra $200 every week and a new appreciation for creating your own meals.
Give up the gym membership and start running. Forget the cell service and rely exclusively on wi-fi for your communication needs. Hit up the library instead of Netflix and other streaming services. These ideas may sound extreme, but they’re also lucrative. Get creative and look at what you don’t have to spend. You’ll soon know how to make an extra $200 every week.
- Use Your Assets (Like Your Car)
Trade in your car if you’ve got a high car payment. Maybe you don’t need the car at all. Consider ridesharing, carpooling, and public transportation. Add up your car payment, gas, insurance, and maintenance, and you may reach that $200 a week goal.
If you’re not ready to give up your car, consider renting it out. Sites like Turo allow you to lend it to consumers and earn a daily average that rivals what car rental companies charge.
- Explore Different Living Situations
What about your living situation? If you have the space for a roommate, the rent you collect will probably break down to at least $200 a week. If you’re not particularly attached to your own home or apartment and it’s costing you a lot, look for a roommate situation that will save you money on your monthly rent.
Not sure where you’re going to find this extra money in your already stressed budget? Check out a user-friendly budgeting app to better understand where you stand and what you might need to do when you want to increase what you earn and decrease what you spend.
AUTHOR BIO:
Shawn Manaher is a former financial advisor, has founded 5 online businesses, and is a coach, speaker, podcast host, and author.
He’s been featured on The Consults Corner on TAE Radio, The Writing Biz, What’s Your Story, and more.
He loves to share his personal finance tips and money management wisdom with others on his website, ShawnManaher.com, to help them find financial freedom
