If you’re having difficulties managing your finances while you look for employment, you may want to find new or additional income streams. Depending on your talents, skills and hobbies, there are several creative ways you may be able to make extra money while seeking new employment:
- Participate in online surveys: Many research companies pay individuals for their thoughts and opinions via online research studies. While it may not generate much additional income, it is a simple, convenient way to make a few extra dollars in your spare time.
- Focus groups: Similar to online surveys, companies pay to get consumer feedback about new product launches, marketing campaigns or innovative ideas. The difference is that focus groups are typically in-person and tend to pay more. A simple online search may bring up opportunities in your area.
- Test apps and websites: With e-commerce becoming increasingly important to a company’s bottom line, many companies pay people to ‘user test’ their new apps and website enhancements. Participants are provided links to a beta environment where they can navigate through a series of tasks, clicking buttons and seeking specific assets on the app or site to ensure a positive customer experience, minimizing technical glitches prior to going live. The best part? You get paid to play!
- Tutor local kids online or in person: Whether you have a passion for math or the gift of great grammar, tutoring is a way to help others and make money doing it. There are always students in need of educational support.
- Become a virtual assistant: If you have strong organizational or administrative skills, they can be in high demand with entrepreneurs and small businesses in need of virtual assistance to handle tasks such as scheduling, email management and data entry, to name a few.
- Freelance or consulting: If you have expertise in a certain area, freelancing or consulting may be a great way to make more income while you look for full-time employment. There are many freelance marketplace resources online where you can register and seek out freelance opportunities.
- Rent out your assets: If you have an extra room or property not in constant use, such as a spare room, car or cottage, consider renting them out. Not comfortable renting out your personal space? You can also consider renting your parking space or storage area to maximize cash flow.
- Become a food delivery or rideshare driver: As life has returned to a hectic pace, food delivery and rideshare services have remained popular. If you like to drive, this can be a great way to make money and even a few tips!
- Monetize your hobbies: If you’re creative and have artistic or crafty talents, selling artwork or homemade items can be a great way to monetize your hobbies. You can sell them at local markets or online, like Facebook Marketplace or Etsy.
- Sell your photos: If you’re a budding photographer and have captured authentic life moments, ocean scenes or setting suns, look into selling your photos to stock imagery houses such as Shutterstock or iStock.
Leveraging your skills and talents to generate extra money can ease financial stress while you continue to look for full-time employment. Just keep in mind that if you are already collecting unemployment benefits, make sure you understand the rules and how they impact any additional earnings before you take on any temporary work.
This article is intended as general information only and is not to be relied upon as constituting legal, financial or other professional advice. A professional advisor should be consulted regarding your specific situation. Information presented is believed to be factual and up-to-date but we do not guarantee its accuracy and it should not be regarded as a complete analysis of the subjects discussed. All expressions of opinion reflect the judgment of the authors as of the date of publication and are subject to change. No endorsement of any third parties or their advice, opinions, information, products or services is expressly given or implied by Royal Bank of Canada or any of its affiliates.