10 Ways to Make Extra Income and Start Saving for Retirement

by Magical Penny on November 22, 2022

investingIf you’re like most people, you probably need more saved up for retirement. But there is always time to start saving. And one of the best ways to do that is to make some extra income. Below are ten ideas for ways you can make some extra cash. So get started today, and you’ll be on your way to a comfortable retirement.

Offer Freelance Services

There are many skills that businesses are willing to pay good money for. For example, if you’re good at graphic design, web development, writing, or anything else, someone will likely pay you to do it. Use sites like Fiverr or Upwork to find gigs, or set up a profile on a freelancing site like Freelancer.com. Once you have some projects in place, you can start charging more per project as you progress.

Do Odd Jobs

If you’re not keen on freelancing, doing odd jobs for people in your community is another option. This could be anything from mowing lawns and shoveling snow to painting fences and washing cars. In addition, you can use websites like Craigslist or TaskRabbit to find people who need help with odd jobs around the house or office. 

Get Cash Back On Your Purchases

There are a few different ways you can do this. One is with a cash-back credit card, which gives you a percentage of your purchase back in cash (usually around 1%). Another option is through a website like Ebates, which gives you money back on online purchases from specific retailers. And finally, apps like Ibotta and Checkout 51 provide you with cash rebates on groceries and other everyday items. 

Sell Stuff You Don’t Need

Do a quick inventory of everything you own—clothes, furniture, electronics, etc.—and ask yourself if you need it all. Chances are, you don’t. So please get rid of anything you don’t use or need (you can sell it online or have a garage sale) and pocket the cash. 

Invest In Real Estate

This one takes a little bit more money to start, but it can be well worth it in the long run. You can either invest in rental properties or flip (properties you renovate and sell for a profit). Make sure you do your homework before investing—and have an exit strategy if things go south. 

Participate In Focus Groups

Companies are always looking for consumer feedback about their products and services and are willing to pay good money. You can find focus groups by searching online or checking with your local chamber of commerce or university marketing department. Participating usually only takes an hour or two, and you can often walk away with $50 or more. 

Be A Pet-Sitter/Dog-Walker

If you love animals and don’t mind spending time with them while their owners are away, this could be a great way to make some extra income . You can use sites like Rover or DogVacay to find clients or put up flyers around town.                                               

Rent Out Your Home

This is beneficial if you live close to tourist attractions or significant business hubs. With sites like Airbnb, VRBO, and HomeAway, you can list your spare room, home, or even an air mattress in your living room. 

Fill Out Online Surveys

There are tons of the best survey sites out there that offer cash or rewards for participating. Sites like OnePoll, Qmee, Swagbucks, and Y Live provide small amounts of money for taking surveys online. You may not make a lot, but it’s an easy way to add some extra monthly income.

Start A Small Business

If you have a skill or passion that you can monetize, starting your own business can be an effective way to make some extra income . make sure to research your market and develop a viable business plan before getting started. You can also search for grants and other funding options that could give you a boost. These are just a few of the best ways to make extra income and start saving for retirement. Doing any of them regularly can help you build up your savings over time and get closer to reaching your retirement goals. The important thing is to find something that works for you and start taking action today!

Making extra income and retirement savings can be challenging, but it’s possible with the right strategies. First, remember to research, start small, and find something that works for you. Then, with dedication and persistence, you’ll be well on achieving your financial goals. Good luck!

 

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