As inflation is affecting most Americans in the US, however, there are ways to earn extra money in your free time.
Here Are Ways Including Side hustles And Saving Strategies
Here are Strategies to boost your money in 2023, ranging from easy adjustments like moving bank accounts to more time-consuming side gigs.
- Applied for a high-yield savings account
Savings accounts will also result in higher interest payments on your savings account. However, several savings accounts are still giving less than one percent interest on your savings. Yet, more online savings accounts are starting to pay much more than that. Like, accounts from Capital One, Marcus by Goldman Sachs, and Barclays are now giving 3.3 percent interest or more.
- Deposit Certificates
Certificates of Deposit (CD) were offered to most banks and financial service companies. CDs earn interest on your money just like savings accounts but there are a few differences. Because the money you put into a CD is locked up for a certain amount of time, usually anywhere from six months to six years.
- 3. Sell on Amazon
Amazon can be a great source of secondary income by selling things. One effective strategy is to buy a lot of packaged food goods from a local store that is on sale and then resale them on Amazon for a profit.
- 4. Pet sitting and dog walking
If you happened to be an Animal lover then this side hustle is for you. There are some apps, including Rover and Wag, which pet owners are looking for anything from dog walking services to overnight pet sitting.
- 5. Answering Companies Survey
Several companies hired someone to answer surveys online. Branded Surveys, which has more than three million active users, matches you with surveys they think you would be best suited for. Then you will get the paid-in points that you can exchange for cash or various gift card options.
Earning Extra Income
In earning extra income always remember to keep a good record that most of the money you earn during your spare time is taxable income, and at the end of the year, you should include a 1040 form with your declaration. To know more about the 1040s, check out this explainer from the IRS.