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Wednesday, January 30, 2019

3 Ways Parents Can Find Extra Cash

We all know what it's like to be tight on cash. But how can you bring in extra cash if you're a busy parent? Here's some good suggestions from a reader. Hope they help!

Image via Flickr by Homedust

Are you looking to add a little extra income to your household? Bringing in more money can ease some of the financial burden of covering expenses for your family. You might even be able to use the additional income to save up for something important, such as college education funds, family vacations, or home upgrades. Here are some of the top ways parents can find extra cash.

Pick Up Extra Work

Taking on a bit more work can pay off if you're able to fit it into your schedule. Ask if overtime is available at your job, or pick up a part-time job on the side. For more flexibility in your schedule, try contract work that you can do at home (such as freelance writing, taking online surveys, or building websites). The gig economy also presents lots of opportunities for flexible part-time work with options such as Lyft and TaskRabbit.

Remember to carefully report any income you make from a side gig, especially if it's done on a contract basis. You'll have to pay taxes differently for some of these jobs. Set aside part of your earnings for tax payments, or set up an installment agreement with the IRS to avoid straining your family's finances. If you're not sure how to pay taxes on your freelance work, ask a professional for guidance.

Cut Back on Expenses

If it's challenging to find extra time in your busy day for more work, consider cutting back on your expenses to come up with the extra cash you need. Plan each meal carefully, and use coupons to make the most of your grocery budget. Review your bank accounts and credit card statements to look for regular purchases you could cut from your monthly budget, such as streaming services and subscriptions.

Ask about discounted rates on your utility and cell phone bills. If you or your kids need new clothes, shop at a thrift store first before you head to the mall. When you make lots of small efforts to spend less, it can add up over time.

Sell Stuff Online

Do you have a knack for making cool or stylish items, such as artwork, jewelry, or clothing? If so, you might as well make money off your hobby by selling your creations online. Websites like Etsy make it easy to put products up for sale and reach a large audience.
Another option for selling things online is to get rid of the things you no longer need or want around the house. From furniture to electronics to toys, you can sell just about anything online. Craigslist, LetGo, and OfferUp are three user-friendly options that help you sell stuff locally. Depending on what you're looking to sell, you might want to look into apps or websites that focus on a specific type of product, such as Poshmark (clothing) and Gazelle (electronics).
Making extra money is a great way to support your family. And with strategies like the ones listed here, it doesn't have to mean sacrificing your lifestyle or spending less time with the ones you love. Try these tips to earn additional income this year.

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