4 Steps to Make Extra Money in 2016

4 Steps to Make Extra Money in The New Year

Perhaps you’ve started the year with a few new resolutions. If so, you’ve likely resolved to improve your health and finances. A similar and simple formula applies to both areas of your life. Eat less and workout more – and spend less than you make.

Focusing on finances, there are two sides to the money equation. Often we spend energy on saving money. Some people spend hours clipping coupons or hunting for the best bargains – only to save a few dollars. On the other hand, if you spend those hours working on a money-making venture you might be able to come out much further ahead.

These are four steps you can take to start making more money this year.

 

What’s Your Area of Expertise?

Many money-making opportunities that don’t require a particular skillset, and you can browse the odd jobs on Craigslist or put up signs or posts saying you’ll help with moving or cleaning. However, if you want to find work where you can demand a premium, complete tasks quickly, or even enjoy what you’re doing, try to identify an area of expertise and interest.

Perhaps you enjoy making crafts or holiday cards. Other people don’t, but they want the product of your work.

If you’re interested in saving money, you likely know about all sorts of websites and apps that people can use.

Whether you like gardening or playing video games, your expertise is going to be the key to your success.

 

Identify Ways to Monetize Your Skills

After you’ve identified one, or several, areas of expertise, list the ways that you can make money with this skill or interest. Try to be as creative as possible and even make this a multi-day brainstorming process.

For example, if you love painting or crafting you can offer your work for sale on Etsy or at local crafts fairs. But, don’t stop there. You can also teach others to paint or craft and sell tickets to your classes. Want to spice things up? Make it a BYOB wine and art night. You provide the materials and teach the class while everyone else enjoys their wine and follows along.

I know about all sorts of ways to save money and have tried different coupon and savings apps and websites. A few years ago I created a free website on Blogger and wrote several articles about different apps, how to use them, and how to maximize savings. I included links to the apps and earn referral credits or cash when new users sign up for an app with my link. I make about $30 a month as a result, but I’ve only spent an hour every month or two updating articles with recent news.

What if you like playing video games? There are ways to make money while playing games as well. With some games, there are tournaments with cash prizes, but being able to compete at that level may require a full-time commitment. Some people make money teaching others how to play the game better by offering one-on-one training sessions. Others have a following on YouTube where they post replays and commentary on games. Not only can you make money by allowing ads before your videos, but you can also build up your social connections and make money in other ways. A Dutch man named Simon – who guys by Lowko – uses Patreon and gets over $425 a month from fans who want to support his work.

 

Follow Through

Following through and doing the work may be the most obvious, and the hardest, part of making a side income. Once you identify an area of expertise and make a list of ways to monetize what you’re doing, taking action is a must.

One thing that can be particularly challenging is sticking with just one or two goals. If you identified eight ways to make money, you’ll likely feel tempted to jump back and forth between different ones. However, focusing on one or two methods at a time is often more efficient.

If after trying one method or job you discover it’s not especially worthwhile and then switch to something else that’s okay. But try not get “shiny object syndrome” and hop back and forth between ideas.

 

Try to Automate What You Can

Once you’ve learned the ins and outs of your new business, you can look for ways to save time by automating tasks. For example, if you regularly need to respond to emails or post offers, create several template messages you can copy and paste. If you’re listing items on Etsy, there are some free and paid ways to automate listings or automatically share new listings on social media.

 

It’s Possible – Just Start

There are a few examples of people making money from their passion or interest above. If there’s one thing you should leave this article believing, it’s that there is a way for you to make extra money this year.

 

If you have questions or are looking for advice about your particular situation, leave a comment below or reach me at Louis@saveful.com.