How to Earn Extra Money to Repay Student Loans
Making extra payments can save interest on your student loans. While you could cut your budget or tighten up your spending, it is not the only option for freeing up extra money to pay back student loans. If you do not want to cancel your Netflix subscription, consider increasing your income instead.
Finding a side gig, side hustle, part-time job or additional source of income can be tough. Most of us have day jobs, families and other demands on our time. Earning extra money needs to be flexible to fit into an already busy life.
Here are a few flexible options for earning extra money to wipe out those student loans. These are also options for earning money while you are in school, to reduce the need to borrow to pay your college bills.
These options allow you to choose when to earn the extra cash. You can schedule these side gigs yourself, turning them on and off to fit your life.
You will need to have a clean background, excellent driving record, a safe vehicle, insurance and a current driver’s license.
2. Job Spot
If you hate driving or live in a bustling city where there is no need for a car, consider being a job spotter for Indeed.
It is simple to start. Download the Job Spotter app, take photos of help wanted signs and the business name and submit for points which later translate to gift cards and cash.
3. Rent It Out
If you own a home, try Airbnb. Renting out your home, a room or the basement for travelers can be lucrative source of cash that is easier on everyone.
Getting started is easy and free. List, schedule and set rates, then start hosting.
House sitting, pet sitting and babysitting are flexible and typically pay well. This is one of my personal go-to side gigs.
5. Submit Surveys
Tell people what you think or buy and they will pay you for it. Fill out the surveys in the airport. Pay is minimal, just like Job Spotter, however it is easy and effortless.
6. Perform Micro Tasks
There are many sites that hook you up with micro jobs inside and outside the home. Many involve just a computer and an Internet connection. Examples include TaskRabbit, Clickworker, Dolly, EasyShift, Quicktate, Scribie, Fiverr, Figure Eight, Upwork, FlexJobs and Amazon Mechanical Turk. Some of these tasks are repetitive and the pay can be below the minimum wage. Tasks can be anything from moving furniture to answering questionnaires to taking pictures of items in stores to transcribing audio to comment moderation to classifying images or other human intelligence tasks.
In these options there is still a lot of flexibility, but the work requires consistency as people will count on you regularly.
7. House Cleaner
A monthly or weekly gig to do just want it sounds like, clean house. Pay varies by area, but can start around $50 per hour and go up from there.
Register on Care.com or start out on your own with a few fliers.
8. Side Biz
If you have made hand crafted cards every year for Christmas, consider selling them online. This requires an idea and a product of some kind.
Etsy, eBay, Poshmark or even furniture flipping are all solid side businesses. Just do not get pulled into a multi-level marketing (MLM) scheme.
9. Sell It
If your garage, attic or closets are full of stuff you haven’t used in over a year, consider selling it instead of trashing it. Craigslist, Offer Up, Nextdoor, Let Go and Facebook Marketplace are all apps and websites that allow you to list items for free and sell through your community.
10. Rent out Your Car
If you do not drive it often or have a desirable car in your garage, rent it out and make extra income every month. Turo is an easy way to get started and they make sure you are covered with insurance.
Your control of these options is a bit less than the others, often because the dates and times are chosen for you. In this case, being able to say no and to limit the extra work will be important. An extra benefit is you’ll have less time available to spend money.
Ask for extra hours at work or pick up the shifts that others need covered. If overtime is an option snatch it up. You already know what you are doing!
12. The Flexible Second Job
Seasonal workers, a local coffee shop or a summer job like lifeguarding can all bring in a good chunk of extra change to pay off those student loans.
Debt of any kind is a burden. Student debt is especially taxing. While you may be forced to cut back some on expenses, bringing in additional income is an important solution. From the smartphone in your hand and the computer on your desk to the coffee shop down the street, there are unique and flexible ways to increase your income.
Get your hustle on and pay off those student loans.