There are many reasons for why a person might want to make an extra $500 a month. Before you completely disregard what I’m about to say because it may seem unattainable for you, I want to let you know that it IS possible.
If you have a few extra hours each day or each week, it can add up over time and allow you to work on making extra money.
Yes, it can be tiring to use your extra time to work on making extra money, but if you have a certain financial goal, then making extra money may be the best way for you to reach your financial goal.
Different reasons for why you might need an extra $500 each month include:
- To pay off student loan debt. An extra $500 each month can go a long way if you are working on eliminating student loan debt. Paying just the minimum each month may mean that you will have student loans for decades.
- To pay off credit card debt. Your interest rate on your credit card may be extremely high (I’m not sure what these normally are – around 15% to 25%, correct?), and if you are not paying as much as you can each month, then a lot is just going towards interest.
- To pay off your mortgage a little bit quicker. An extra $500 each month may mean that you are cutting years off your overall mortgage.
- To have some extra spending money. Your salary may not be enough for you to live comfortably, but having a way to make extra income may mean that life is a little bit more easy for you. You might want extra spending money for traveling, a weekend vacation, for your hobby, for clothing, and so on.
Here are different ways for you to make an extra $500 each month. You might not be able to make $500 from just one source, but if you do a mixture then it should be possible.
Become a freelance writer.
Freelance writing can be a great way to make extra money each month.
You can do it from the comfort of your home as well, and your schedule can be more flexible which is great if you have a day job.
Freelance writing may start off slow though. You might have to do a few free gigs or low-pay gigs when you first start out so that you can build up your portfolio.
Rent out your home.
If you live in a desirable city or a desirable neighborhood, then you may be able to rent out your home. Websites like HomeAway or Airbnb allow you to rent out your home for short or long periods of time.
If you have a place that you can crash at while someone is renting your home, that’s a plus as well. Or, you could even rent your home while you are on vacation so that you are making money while on your trip.
I know someone who rents out their studio apartment for $400 a night, and they do this a few nights a month.
Teach another language.
If you are fluent in another language, then you may be able to make some extra cash by teaching someone a new language. Now, you must be fluent though. Just because you took four years of a language in high school does not mean that you are automatically fluent. You should be truthful with the person you are teaching.
Teaching another language may earn you somewhere around $20 to $50 an hour, with the potential for a higher pay possibly.
Do you make extra money each month? Why or why not?