Sunday, 28 July 2024
by BD Banks
Image source: Getty Images
If you ever got a text or email saying something along the lines of “click here to get rich quickly,” you should probably run the other way (and also, delete that text or email, since it’s likely a scam that has the potential to infect your device with a virus).
The reality is that making money quickly usually requires some effort on your part. But if you’re eager to boost your cash reserves in short order, here are some legitimate ways to do so.
Will a side gig make you rich overnight? Probably not. But could a side hustle help you boost your savings by a few hundred dollars in the course of a few weeks? Absolutely.
Imagine you’re able to earn $20 an hour. Work a side gig for 12 hours per week, and after a month, you should be sitting on roughly an extra $1,000.
Now, you may be thinking “Don’t I need high-tech skills to earn $20 an hour?” But the answer is, not necessarily. Salary.com puts the average hourly wage for a landscaping contractor at $20 per hour. That’s work you may be able to fit in on weekends.
And Uber says that its drivers earned a median wage of $33 per hour in 2023. So if you have a car and a valid driver’s license, working for a ride-hailing service could be a good bet for you.
It might take a few weeks to boost your savings account balance by working a side hustle. But if you have items at home you’re willing to sell, you could pad your cash reserves even more quickly.
One idea it pays to start is gift cards. You may have a bunch of them lying around that you don’t need. Sites like CardCash let you swap your gift cards for cash so you’re able to get something out of them.
From there, you can look to sell unwanted electronics, clothing, and more. Your strategy can include hosting a yard sale, posting items for sale on social media, or using eBay for bigger-ticket items you’re willing to ship. The sooner you get moving on these steps, the sooner you can get your hands on extra money.
Did you know that there’s no penalty for filing a tax return late if the IRS owes you money? Plus, you get three years to file a tax return past its respective deadline. So if you didn’t file your 2021 taxes, for example, which were due in 2022, it’s definitely not too late to get moving on them now.
In 2021, a lot of people were eligible for tax refunds due to stimulus checks and boosted tax credits. So if you never got around to filing your 2021 tax return, doing so now could lead to a refund hitting your bank account.
It may also be that you missed the deadline to file your most recent 2023 tax return. If you typically get a refund from the IRS and your income didn’t increase last year, then you might reasonably expect a refund for 2023. So the sooner you get that return filed, the sooner the IRS might pay you.
You’re probably not going to snap your fingers and wind up $1,000 richer overnight. But is it possible to get your hands on $1,000 in about a month’s time? Sure. Or maybe all it takes is a few extra hundred dollars to put yourself in a better financial position.
Either way, it pays to try the above tactics because any additional money you’re able to scrounge up might truly work wonders for your budget.
This credit card is not just good – it’s so exceptional that our experts use it personally. It features a 0% intro APR for 15 months, a cash back rate of up to 5%, and all somehow for no annual fee!
Click here to read our full review for free and apply in just 2 minutes.
We’re firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers.
The Ascent does not cover all offers on the market. Editorial content from The Ascent is separate from The Motley Fool editorial content and is created by a different analyst team.Maurie Backman has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Uber Technologies. The Motley Fool has a disclosure policy.