Supplementing your income
The impact of the coronavirus on the economy has brought the unemployment rate to levels we haven’t since after World War II, and as states start to rein back their reopening plans, the job market remains tough to enter. While we will eventually get through these uncertain times, you may be looking to access cash for day-to-day expenses, beef up your savings account or have some extra funds available—just in case.
A staggering one in six Americans‡ workers have lost their job since March. As people look for ways to supplement their income and relieve financial tension, many are getting creative. Below are several ways you can make cash without leaving home.
Evaluate your budget
If you find yourself in tough times, one of the easiest ways to make money is to find extra cash within your existing budget. Since the way we spend money has shifted in recent months, many people have found they are spending less on entertainment and eating out, giving themselves more wiggle room in their budget.
Find time to sit down and review your bank account, bills, expenses and income. This will give you a clearer picture of where you stand and help you to scale back on unneeded spending. Now may not be a good time to cut streaming services such as Netflix or Hulu as we are spending so much time at home, but you could cut your retail shopping budget, cook more at home and sub gym memberships for at-home workouts.
Freelancing or gig work
Right now, there is a lot of opportunity for freelance or gig work. FlexJobs, an online database for freelance jobs saw a 24% increase‡ in jobs with remote options in April 2020 versus March 2020. Some examples of remote options include copywriting, data entry and even virtual administrative work. A lot more work is being outsourced due to the pandemic and the new work-from-home environment.
If you have a specific skill set, try looking for jobs on Upwork‡, Fiverr‡ and PeoplePerHour‡. These sites match your skills to businesses or people looking for specific work or tasks done. In addition to helping you stay physically distant during the pandemic, some remote work can you also give you the flexibility to set your own schedule.
Sell your old stuff
As we find ourselves spending more time at home, now is a good time to go through your closet. You can try to sell your lightly used clothing and shoes on resale sites such as eBay, ThredUp and Poshmark. If you have time to go through all the junk drawers in your house, you could sell old phones, DVDs and other items on sites like Decluttr‡ and Letgo‡. A survey‡ by Decluttr found that 28 million Americans will throw away their unwanted devices and that an average person could make $200 off of their unused and unwanted tech items. Even larger items like furniture could be sold online in digital marketplaces.
While this might not make for a steady stream of income, you may be able to make cash without leaving home, which can help build your savings or cover everyday expenses.
Use your knowledge
Many parents trying to balance their own work schedules while managing their kids’ schoolwork. If you have an education background, or specialized knowledge, you could consider becoming a tutor or teaching an online course. Tutoring is becoming more lucrative as more people are shifting to online learning.
Symposium‡ and Teachable‡ are online teaching sites where you can host classes and offer tutoring for activities outside the realm of traditional schoolwork such as music lessons, cooking advice, workout sessions and even DIY home projects.
Believe in yourself
We are in uncertain times and the future can seem daunting. As we sit at home in social isolation, there are ways to get creative with your income. Evaluate your skills and knowledge to find work or cash generating options that best suits you—it’s even better if you enjoy doing it.
If you want or need to make cash without leaving home, there are options, but always check with your financial or tax professionals to ensure you aren’t taking on anything that could add to your tax burden or impact your income. Overall, focus on tightening your budget and shoring up savings so you and your family can prepare—no matter what’s ahead.
For more information on what relief is available to you through the CARES Act, read our overview. If you are a UMB customer and need financial relief and assistance, please do not hesitate to connect with us. We are ready to help during these challenging times. Learn more on our COVID-19 resource page.
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This content is for informational purposes only. UMB is not affiliated with any of the websites referenced in this article and our reference to them is not an endorsement of their products or services.
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