3 Ways To Make an Extra $500 a Month Without Getting a Second Job
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When you’re living paycheck to paycheck, an extra $500 a month could make a huge difference in your quality of life. Maybe it covers a few bills that would otherwise go past due. Perhaps it offers a vital buffer in case of sudden emergencies. Earning that much more each month could change everything — but what if you can’t take on another regular job?
That’s the question GOBankingRates reader Iyonna sent to our Top 100 Money Experts series. If anyone knows how to stretch a dollar wisely, it’s Michelle Schroeder-Gardner, founder of Making Sense of Cents. Schroeder-Gardner famously paid down nearly $40,000 in student loan debt in less than a year before leaving her corporate job to travel full-time in an RV and sailboat for nearly 10 years.
She had some thoughts about how readers like Iyonna could bring in an extra $500 a month without taking on a second full-time job.
Optimize Your Spending
Generating extra income every month doesn’t have to be hard. Schroeder-Gardner said Iyonna could start by taking an inventory of her current spending. Canceling unused subscriptions and negotiating monthly bills — such as internet or phone services — could put more money back in her pocket.
Schroeder-Gardner also suggested that Iyonna try a no-spend challenge. She could even find ways to gamify her spending, such as using cash-back apps, to save extra money.
“You can also use cash-back apps like Rakuten, Fetch Rewards or Upside — I use these myself, and they’ve saved me hundreds,” she said.
Get Sign-Up Bonuses for New Bank Accounts
If Iyonna can open new bank accounts that come with sign-up bonuses, she might be able to collect extra income quickly. Called “bank hopping,” this practice involves opening and closing accounts strategically to earn promotional bonuses. It can help people net extra money — provided they’re careful and follow the rules.
“This is another option I recently learned about — opening new checking accounts at banks that have promotional bonuses, as these are typically around $200 to $400 each,” Schroeder-Gardner said.
That said, Iyonna will still want to read the fine print on these offers to ensure they don’t come with minimum balance requirements, maintenance fees, early closure fees, bonus conditions or other tax implications.
Find a Side Hustle That Works for You
If there’s one thing Schroeder-Gardner knows how to do, it’s finding a side hustle that fits easily into your life. She’s personally tried more than 20 side hustles — enjoying some more than others — that didn’t require clocking into another traditional job.
Iyonna can review Schroeder-Gardner’s full insights in a blog post about her own side hustle experiences, but there are a few popular options she could consider now:
- Blogging
- Flipping items for resale
- Paid online surveys
- Selling clothing
- Social media management
- Freelance writing
- Mystery shopping
- Affiliate marketing
- Pet sitting
- Selling printables on Etsy
- Virtual assistant work
- Bookkeeping
Some of these side hustles come with relatively low barriers to entry, allowing Iyonna to get started right away. She also doesn’t need to worry about the time constraints that a second full- or even part-time job might impose. Hopefully, she’ll enjoy the flexibility — and even fun — that comes with some of these gigs.
“These are all things you can start with little to no upfront investment, and they’re much easier to fit into a busy schedule than a traditional part-time job,” Schroeder-Gardner said.
When Iyonna considers which side hustles might be right for her, Schroeder-Gardner wants her to ask herself two questions: How much time can she realistically dedicate to the gig each week? And above all, what does she enjoy or feel confident doing?
“Don’t overthink it. I recommend just starting with something small if you’re not sure,” she said. “You can always test a few ideas and change direction based on what works best for your schedule and goals.”
Bottom Line
Making an extra $500 a month may seem like a hard task — but according to Michelle Schroeder-Gardner, it doesn’t have to be. If Iyonna is willing to tighten up her spending, get creative about saving money and find a side hustle that suits her, she could be putting away hundreds every month.
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