When the economy gets tough, the default knee-jerk reaction is usually to panic.
When your money stops going as far, when there’s less of it coming in, and when everything is getting more expensive—well, these circumstances can make for some tough times.
But it’s not all bad.
Nowadays, there are actually quite a few different strategies that you can deploy to earn extra income—even in a tough economy.
And in this guide, you’re about to learn about 10 of our favorites,
Here are the strategies you need to know to get more money coming in at a faster rate—regardless of any economic downturn.
1. Start a side hustle
This might sound like a ‘catch-all’ answer, but it’s actually the default option.
Starting a side hustle is a great way to make money on your own terms and in your own time.
There are a number of different side hustles you can start, including freelancing, selling products online, or starting a blog.
2. Get a part-time job
Nobody necessarily ‘likes’ the idea of working two jobs. But sometimes—it’s your best bet to get ahead in tough times.
Simply put—this is another way to make extra money, and it can be a good way to supplement your income if you’re already working full-time.
There are a number of different part-time jobs you can get, such as working retail, waiting tables, or delivering food.
3. Do surveys
There are a number of websites that will pay you to take surveys.
This probably won’t make you rich. But if your options are really limited, this can help you to make some extra money in your spare time, and it’s a relatively easy way to do it.
Just try your best to find a better option as soon as possible.
4. Sell some stuff
Do you have any unwanted clothes, electronics, games, collectibles, or equipment/tools lying around your house that you don’t really need or desire to keep?
You could sell them online or at a garage sale to make some extra money.
There are plenty of options for this online, from eBay to Facebook marketplace, to a bunch of other options.
Check out this list of fantastic resources for places to sell stuff online.
5. Become a tutor
If you’re good at a particular subject, you could tutor students to make some extra money.
In fact, if you speak English, you can even make great money as an English tutor.
This is a great way to use your skills and knowledge to help others, and it can be a pretty lucrative side hustle.
6. Become a driver for a ride-sharing service
If you have a newer vehicle and wouldn’t mind putting some extra miles on it, you could sign up for one or more ride-sharing services and earn some fast extra cash.
This is a great way to make extra money if you have a car and some free time.
You can drive for Uber, Lyft, or any number of other ride-sharing services to make money on your own schedule.
7. Deliver food
Even if you don’t have a car, you can still make extra money by delivering food.
There are a number of different food delivery services that you can sign up for, such as DoorDash, Uber Eats, and Grubhub.
Need some help getting started? Check out this in-depth Selfgood guide to making more money on Doordash.
8. Rent out your spare room
If you have a spare room in your house, you could rent it out to make some extra money.
No, roommates are not always the best. But that extra monthly income sure doesn’t hurt anything.
This is a great way to help offset your housing costs, and it’s a relatively easy way to do it.
9. Start a blog, YouTube channel, or podcast
If you have a passion for a particular topic, you could start a blog, YouTube channel, or podcast and make money through advertising or affiliate marketing.
This is a great way to share your knowledge and expertise with others, and it can be a very lucrative side hustle.
10. Invest in yourself
One of the best ways to earn extra income is to invest in yourself.
This could mean taking courses to improve your skills, networking with people in your field, applying for better jobs, or even starting your own business.
By investing in yourself, you’ll be setting yourself up for success in the long run.
Conclusion
These are just a few strategies for earning extra income in a tough economy. With a little creativity and effort, you can find plenty of ways to make some extra money to help you reach your financial goals.
Just always remember to do your research, be prepared to work hard, and be patient—because sometimes it can take a little while for your strategy to kick in.
You’ve got this!
