With the economy the way it is, I thought I'd suggest some ways to find extra money when jobs are being lost and salaries are being frozen. Usually, I say that there are 3 ways to find extra money:
- Make more money - Would require another job, a better job, or a raise.
- Sell Stuff - Clean out the garage or basement and have a sale.
- Spend Less - Create a budget and control cash outflow.
In this economy, making more money may not be an option. However selling some stuff and spending less are always an option to explore. No matter what, having a strict budget in place for expenditures is helpful to control cash outflow. Clip coupons for groceries. Cancel luxury services like cable TV and Cell Phone or home phone. Eat out less. Brown bag lunch. Have an emergency fund for unexpected/unplanned expenses.
If there's a need for extra cash right away, selling stuff is a quick way to get it. It's only stuff. When times are better, stuff can be replaced. Right now the market for good, used stuff is as good as it's ever been. So, here are my suggestions:
- Search closets, basments, garages - Anything that's been sitting for a year or more is available for sale. Clothes, sporting goods, electronics, tools, furniture, etc.
- Use Ebay or Craig's List to sell it. With Ebay there is the benefit of the auction process to drive the price higer, but there is a fee for using the service and the cost and hassle of shipping the stuff. With Craig's there is the benefit of local buyers and no cost, but the auction benefit for price isn't available.
- Don't forget about old or unused jewelry. Gold and silver are trading at all time highs. Even if jewelry is broken, it can still be sold for the gold or silver content at a relatively high price to a local jeweler or gold dealer.
- Selling blood plasma is an option for those who don't mind needles.
- Sell services - Mowing, painting, cleaning, etc. Start with family and friends.
This isn't an exhaustive list, but it's a start. Any other suggestions for finding extra money in a tough economy?
9 comments:
Doing freelance writing work is pretty easy - at least it is something I would way rather do than donating blood or plasma!
Dave,
Any stuff around your house for sale? I may be in the market for a boat this year. . . . Ok, not really.
What is a good way for me to earn some extra cash?
Here is my dilemma: I am a full time college student. Unfortunately at this time I have to travel an hour and fifteen minutes to and from school twice a week. My total gas cost is about $50 a week. I also have to pay for gas to work full time. So, this means I am also quite busy. Is there a way for me to earn some extra cash to help with the poor student costs online? Thank you SOOO much for your help.
There are a number of ways to earn extra cash. It depends on how much time you have and what you're willing to do. I know there are opportunities to earn money doing online marketing, but you have to be careful because some of it is a scam. I wouldn't pay anybody money in advance.
Dave Ramsey always recommends delivering pizza.
You could mow lawns.
You could sell stuff for people on ebay for a fee or commission.
Anybody else have ideas?
Those are three VERY practical areas that all of us can help ourselves in. Great post.
Hey Dave,
I was looking for your contact information but couldn't manage to find it. I have really enjoyed your blog over the past few weeks and thought I would just let you know.
I'm the owner/author of Financial Nut and we're looking to get our name out there. If you wouldn't mind considering us as a link in your sidebar, we would really appreciate it. We bring a fairly unique approach to the personal finance, as my wife and I are both in college and trying to do a good job with our money.
Visit us at http://www.financialnut.com and consider us for a link and resource for your readers.
Thank you very much for considering us, Dave.
Trevor Shipp
Financial Nut .com
Wanted to throw in the idea of doing online surveys. Some sites are scams, but if you do some Google searching, you can find some good ones. I personally recommend Pinecone, MyPoints, and BzzAgent. Some will pay money and others give you stuff like gift cards or product samples. I got a list on my blog of more, so stop by http://mymeans.net.
I guess it depends on where your priorities lie. I always go back to Dave Ramsey's example at the start of FPU where he talks about raising a certain amount of money for your sick child to pay for the only medication that will cure him. How much of your life style are you willing to give up? Cell phones, cable, eating out, all these are ways of finding extra cash. Its the little things sometimes that are done on a conisistent basis that will provide the additional income, especially during tough times like now.
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