What would an extra $1000 per month mean to you? Would it mean an early retirement? More Travel? The ability to save for a house or pay for your kids college expenses? No matter what your lifestyle goals are, earning extra money is a great way to reach them, but earning extra money can be a daunting task. However, if you’re willing to put in a little extra work, you can earn an extra $1000 per month. These are five money making strategies to consider.
Negotiate a raise
If you’re a great employee, the best way to make an extra money each month is to negotiate a raise. To do this, write down your accomplishments, and research salary data on Glassdoor.com. Then schedule time with your manager to discuss a raise. Your manager may make it seem like it’s not possible to get a raise outside of the annual schedule, but that is not true. Great companies want to retain their best employees, and if you’re one of the best, leverage your value to earn more money.
Most people avoid asking for a raise because they do not like confrontation, but a few minutes of discomfort can yield a substantial income boost. If you utilize data and tact to request a raise, most companies will offer a raise if they’re able.
If you’re an excellent employee, but you can’t negotiate a raise, consider searching for new jobs. The easiest time to earn extra money is when you switch companies; you have more leverage because you know that the potential employer wants you on board. In general, when you switch companies, you can expect a 10-20% raise in base salary whereas annual raises tends to be around 2-5%. Job searching might stress you out, but a few weeks of effort can allow you to earn an extra $1000 per month.
Take on a Weekend Job
If you’ve maxed out your earnings in your day job, consider taking on a weekend job. Because you’re trading time off for money, you want to be sure that the job is worth it, so target jobs that will allow you to earn $25 per hour. You may be surprised how many weekend jobs yield that type of pay. For example, waiting tables or tending bar on busy nights should yield at least $25 per hour, and some car dealerships hire weekend employees to be salespeople. Taking a low wage jobs like Pizza Delivery or childcare isn’t necessarily a bad idea either. Although those jobs won’t allow you to earn an extra $1000 per month (unless you work a ton), they may lead to other opportunities.
Start a Side Business
If you want to earn an extra $1000 per month, but you want to do it on your own terms, consider starting a side business. If you’ve got house repair skills, you can start a handyman business; if you’re an accountant, you can take on some bookkeeping clients on the side. Consider starting a lawncare service, or teaching music or tennis lessons. If you’re price conscious, you can find items to flip on Ebay, or you can start a business selling products via Fulfilled By Amazon.
If you’ve got a business idea, bring it to life on the nights and weekends. Although starting a business tends to be a slow path to extra income, the upside potential is tremendous. In time, a successful side business can allow you to earn well in excess of $1000 per month.
If you work in an in demand field, you can earn an extra $1000 per month by freelancing. Becoming a freelance consultant will allow you to charge a premium rate for your services while you take on just one or two extra projects a month. Small businesses who don’t need full time services may pay two or three times your typical rate if you produce results for them.
Switching from a traditional employment situation to freelancing may also yield a big income boost, but before you make the jump be sure your extra income isn’t eaten up by paying for your own benefits.