How to Make Extra Money Each Month

by Mark Applegate ; Updated July 27, 2017
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Items you will need

  • Hand tools
  • Yard tools

There are two parts of every person's budget: what comes in and what goes out. To live in a frugal way during a recession or during any economy, you must address both of these topics. Making more money doesn't always have to mean begging for a raise or working three shifts every day. There are a few important tips to remember to make a little more money each month to attempt to balance your budget and be able to save for that vacation you have always wanted.

Second Job

Step 1

Inventory your personal skills and talents. Ask people who know you well to do the same. Think outside the box for skills that may not seem marketable. Take a skills assessment test at your local employment office, which will give you an inventory of potential jobs that match your skills.

Step 2

Note the time slots you have available to work. Consider the effects on your family, if applicable. Categorize potential jobs in order of preference, matching preferred jobs with available time slots.

Step 3

Apply for the preferred jobs with the pretext of working a maximum number of hours. Discuss your specific availability during the interview process to avoid conflicts later.

Other Income Opportunities

Step 1

Rent a booth at a flea market. Start filling it with excess items from your house and garage. Dedicate a small percentage of the income to purchase new inventory at garage sales and auctions.

Step 2

Consider child care in your home as an alternative to driving to a job. It allows for tax benefits, saves on transportation costs and can be a fun and rewarding job.

Step 3

Perform yard work for others. Evenings are often good for yard work, as the temperature is more suitable.

Step 4

Open an eBay store and sell your excess or new items you research and buy on clearance. With some research, you can often find a few items to sell in bulk for a regular profit.

Step 5

Write for one of many freelance writing or blogging opportunities. The flexible schedule and value of working from home make it an ideal supplemental income opportunity. As you build subscribers, you will often develop a residual monthly income.

Step 6

Turn a hobby into a part-time job. Cleaning guns, dog-sitting, selling photographs, helping rebuild a car and cleaning aquariums are a few examples of hobbies turned to jobs.

Step 7

Offer handyman services if you have home improvement skills and a few basic tools. You can supplement your knowledge of most jobs with some research online or with the owner's manual of your parts.

Step 8

Change your payroll deductions to allow for a bigger net paycheck. This is especially helpful if you are making self-employment income with its associated home office expense deductions, but be certain you do not generate a large tax bill.

Step 9

Shop for higher interest on your fixed-rate investments. Increasing your interest rate even 1 percent will make a difference in your monthly income.

Step 10

Rent out a room in your home. While it can seem awkward at first, it does provide an income stream.

Tips

  • Focus on budgeting as a way to passively improve your lifestyle. Pay debt quickly with extra money, highest interest rate first. Integrate your entire family into the process. Use manufacturer's and online coupons together during sales to save money or even get paid to grocery shop.

Warnings

  • Purchase liability or errors and omissions insurances as applicable to protect yourself from litigation. Don't burn out. Know your boiling point and slow down when necessary.

Photo Credits

  • Hemera Technologies/Photos.com/Getty Images