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Making Extra Money from Home: 5 Ways to Expand Your Finances

Oct 5, 2020

5 Ways to Make Extra MoneyIn recent months, we’ve all been looking for ways to make a little extra money without adding on extra work or stress to our day-to-day routines. There are some quick ways to make more money—taking on a side hustle, asking for a raise, or getting either a higher-paying or part-time job—but these options may not be the right fit for everyone. If you want to make some extra money without taking on more work, consider integrating the following tips into your life.

Open a high-interest savings account

The most effortless way to maximize the money you already have is to put it aside in a savings account that has a high-interest rate. High-interest savings accounts are a great way to make the most of your savings without having to actually put in any extra leg work since they do all of the work for you. Check out PFCU’s savings accounts that are actually designed to help your money grow.

Rent or sell your clothes

To make some extra money, you can rent out your lightly worn clothes on sites like Rent My Wardrobe, or you can sell your clothes on apps like The Real Real, ThredUp, Poshmark, and eBay. You can also sell accessories and other lightly used appliances or electronics on sites like Let Go. With the money you make on these apps, you can refresh your wardrobe or just continue contributing to your savings account(s).

Not only is this a great way to put some extra money in your pocket, but this also benefits the environment, since more people are getting use out of your clothing items, helping to break the chain of fast fashion.

Sign up for cash-back services

Another easy way to make extra money is to sign up for cash-back services that can help you rack up rewards on purchases you would already make. Services like Rakuten, Drop, and Swagbucks can offer rewards in the form of discounts, gift cards, or cash, and they’re typically free, so take advantage of them!

You should also check with your credit card provider(s) to see if they offer cash back rewards when you make purchases at certain stores with your card. To make the most of your money moving forward, add cash-back and similar rewards offerings to the list of things to consider when comparing and contrasting different credit cards.

House Sit for a friend

If your friends or family members are planning on traveling near or far and they have pets or plants, offer to house sit, or just drop by to walk their pet or water their plant for them while they’re gone to earn money. You’ll get to watch TV or do whatever it is you would be doing in your own home, and make some money while doing it. Plus, they’re more likely to say yes since they know you.

Sign up for focus groups or online surveys

Companies value consumers’ opinions to the point where they are willing to compensate you for yours, so share them! You can make some extra money by sitting in a room talking about things you like and don’t like and answering their other questions; sometimes, this can even be done virtually through surveys and questionnaires. Also, some companies will actually send you products to review and are willing to compensate you with cash or with more products.

Be sure to do your research on the survey site/host to avoid inadvertently falling victim to a scam, though. If you received information about the focus group or survey via email, take the necessary steps to validate the authenticity of the sender and the body of the email, but don’t click on any links until doing so. If they ask you for your personal or financial information before you’ve verified the legitimacy of the group/survey, do not share it. And if something seems off, listen to your gut and skip the survey this time around!

With these tips, you can save up for whatever it is you need or want, without completely uprooting your day-to-day routine and spending habits. And when embarking on these money-making endeavors, be sure to research each and every opportunity thoroughly in order to protect yourself and your finances as best you can.

erin_elis

Erin Ellis
Accredited Financial Counselor
Philadelphia Federal Credit Union
eellis@pfcu.com

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