- Date : 07/01/2021
- Read: 12 mins
Earning money is not as tough as you think. Here are 40 simple ways to make some money with negligible effort.
Earning money is something that everyone aspires for. In fact, success is often synonymous with being rich. But taking the usual route of studying hard, getting a high-paying job, and saving to create a fortune is not as easy as it sounds. It may take years to build a sizeable corpus. Moreover, there’s no certainty that one will get a plum job even if they study hard and get into a good college – it depends heavily on the market and the country’s economy and employment rate.
Despite the many hurdles in the way of earning money, it is not impossible to become rich. Many people have achieved this dream through sheer determination and by making plans and calculations. Letting your money work for you instead of you working for it is a possibility if you follow some easy steps.
So, here are 40 ways to make money smartly and quickly:
Follow basic principles of efficient financial planning
1. Create a budget and stick to it
One of the easiest ways to earn money is to save from what you already have. When you have a budget in place, you will make sure that you don’t overspend. All of your money will be spent on things that you really need and the rest saved for a future contingency.
2. Settle your debts
Any money saved rather than spent will go towards making you rich. This is why it is crucial not to take unnecessary loans. While personal loans and credit cards present themselves as easy money that can help you buy costly possessions without hassles, they also add to your debts and come with heavy interest payments. Moreover, if you default on the repayment, you could suffer heavier penalties, thereby adding to your list of expenses.
3. Refinance debts with newer loans
Refinancing can be a great way to reduce your debt pressure. While it is good to refrain from taking on loans unless you need to, you might want to consider refinancing. This can come with a lower rate of interest that can ultimately help you save money.
4. Create a pension or retirement account
Systematic savings in a pension or retirement account can be a guaranteed way to safeguard your future. It ensures that you periodically save a small amount for your golden years without burdening yourself with large contributions in one go.
5. Get life insurance and secure your family
Life insurance can be a wonderful tool to protect your loved ones at a time in the future when you may not be around to take care of them. The proceeds from a life insurance policy can be used to cover the costs of higher education, the expenses of a child’s marriage, and more. It can also be used to pay your outstanding loans. There are several types of insurance plans available these days, such as a unit-linked investment plan, endowment plan, term insurance plan, life annuity plan, etc.
6. Invest in mutual funds
A tried-and-tested investment instrument, mutual funds have helped many middle-class investors cross the line to a higher income group. Mutual funds are a must-have investment if you wish to increase your bank balance through investing.
7. Put money in the bank
Savings in the bank can act as your emergency fund for a financial emergency, such as a medical treatment or an unexpected home repair. However, while saving money with a bank, you should look for an account that offers a high interest rate. This will allow your funds to grow with time rather than sitting idle.
8. Invest in new businesses
Investing in new businesses allows you to be a part of that company’s growth. You can start with a small investment and increase the amount as and when the business prospers. This is also a great way to help out friends and peers and create reliable contacts that can help you in the future.
9. Invest in cryptocurrencies
Cryptocurrencies are a rather new entry in the world of investing, but they have benefited many investors. It requires a lot of knowledge to dabble in cryptocurrencies, but if you do some research and understand its risks, they can contribute substantially to your financial growth.
10. Look for discounts, rewards, and cashbacks
You might not realise it, but buying products on discounts can save a significant amount of money. In addition to general discounts, you can also look for rewards and special deals like exchange offers or loyalty coupons by shopping with the same brand or store. Many companies now offer cashback schemes that can be redeemed at a later time. This money can add up to quite an amount if you avail it in a timely manner.
11. Invest in real estate
Although it seems like an expensive option, real estate can offer high returns. Investing in a property with the intention of resale or renting can be a profitable venture that can help you earn money for years to come.
12. Buy and sell shares, commodities, etc.
The stock market is a volatile place, but with the right entry and exit strategy, you can earn by investing in the right stocks and commodities However, you need to be mindful of the taxes on short-term capital gains.
Invest in yourself and leverage your knowledge
13. Educate yourself
Look at this as investing in yourself. With proper education, you can find yourself suitable employment that can fuel your dream to be rich. Understand how your field is progressing and keep up-to-date by investing in courses to stay relevant.
14. Learn a new skill
Just like education, learning different skills can also be helpful in earning money. Familiarity with coding, social media marketing, graphic designing, etc. are in demand and are things you can learn from the comfort of your home.
15. Start a side business
Simple ideas can be converted into money-spinning ventures. Starting a side business – teaching a language, soap making, offering advice on nutrition, etc. – can be a lucrative idea and aid you in making some extra money.
16. Maintain a high credit score
Your credit score, also known as the CIBIL score, determines your credibility as a lender. The higher the score, the easier it will be for you to get a loan. By paying bills on time and maintaining a good relationship with credit, you can ensure a favourable credit score.
17. Ask for a salary hike
A salary hike is a vital stepping stone in your financial journey. Periodic hikes coupled with bonuses can be used to invest further, buy valuable assets, and ensure overall liquidity. Start by opening a conversation with your employer about the possibility of a raise in your salary or promotion.
18. Consult or offer advice
Consulting firms and individual professionals are much sought after these days. If you have a skill that can be imparted to earn some money, use it professionally.
19. Participate in research
Online researchers are constantly on the lookout for participants. You can take part by answering a few questions from your phone. Aside from this, there are also clinical researches that need participants. If you qualify for such a trial, you can consider enrolling for it for money.
20. Tutor kids or other professionals
Tutoring school and college children is a common practice in India. Many students, teachers, housewives, etc. take evening classes. You can also tutor professionals by taking etiquette classes, English-speaking classes, etc.
21. Consider becoming a blogger
You can write a blog catering to a particular niche. Many bloggers are making large paychecks by talking about makeup brands, electronics, movies, TV series, etc. Pick a genre that interests you and has potential in the market, and start your own blog with no setup costs.
22. Write e-books
If you have a knack for writing, you can consider publishing e-books online. E-books are comparatively shorter and simpler to collate. The publication process is also a lot less complex.
23. Become a proofreader/editor
The world of content is becoming bigger and bigger with every passing minute. This brings forth a need for proofreaders, grammar experts, and editors. If you have professional proficiency in a language, you can become a language expert and offer your services to proofread or edit.
24. Offer an online course
Not only can you take an online course to improve your knowledge and skills, you can also create online courses for others. LinkedIn, Coursera, etc. are some platforms that offer online courses on a number of skills and topics. If you are an expert in some field, you can create a course on it and offer it to others in return for a fee.
25. Start a podcast
Podcasts are a more convenient way to impart information as compared to writing. For those who like to listen rather than read, podcasts hold the same value as a blog.
26. Make video tutorials
Simple video tutorials of cooking, cleaning, sewing, etc. have the potential to go viral. Everyday chores and tasks like cleaning your car, getting rid of stains, using an Ayurvedic remedy, etc. have a significant market on the internet.
27. Create or design a website
With so many smaller businesses coming up, the need for a virtual presence for each company is apparent. If you know how to design a website, you can do so for the businesses in your community.
28. Work as a virtual assistant
A virtual assistant is the same as a secretary, except these professionals offer their services online. You can work for a limited number of hours as a virtual assistant and make some extra money.
29. Review products online
Online reviews are a great way for companies to advertise their products on the web. They are authentic and allow customers to make better decisions. Hence, many brands pay customers to review their products online. You can write reviews on your blog, publish videos on social media, or simply leave a comment on a popular e-commerce website.
30. Become a translator
From regional languages to foreign languages, professional proficiency in a language is a treasured skill in these times. If you know different languages, you can become a translator and take on freelance assignments.
31. Become a babysitter
With more and more nuclear families emerging where both the parents work, the need for nannies and babysitters is on the rise. Moreover, parents want their children to not only be looked after but also taught valuable lessons. Hence, professional babysitters, teachers, nannies, etc. are gaining immense popularity. You could babysit in your spare time and make some additional cash.
32. Take up pet-sitting
Just like babies, pets like dogs, cats, parrots, etc. also need attention. Working pet owners prefer leaving their pets at an animal crèche during the day. Animal crèches or pet sitters are also required if the owners wish to go out of town on a holiday. If you are an animal lover, you can offer their homes or services to look after pets in their free time.
33. Sell handmade items
Knitting, origami, macramé, etc. are age-old hobbies that are now turning into money-making skills. With an emphasis on sustainability, ethical work practices, and eco-friendly businesses, handmade products are gaining admiration and acceptance in the market. You can hop on the bandwagon too.
Make money with minimal effort
34. Open a YouTube channel
YouTube has become a massive online platform for earning money. By creating appealing videos, you can earn profits in no time. However, you need to tap into trending topics to engage the audience and create watchable videos.
35. Rent out your assets
Your house or property is not the only thing you can rent. Given the current popularity of the internet, you can rent your bike or car to other people and make money.
36. Make use of tax deductions
Your premiums towards a life insurance policy, repayments towards a home loan, charitable donations, etc. can qualify for tax benefits under different sections of the Income Tax Act. Keep yourself informed about these provisions so that you can make the most of them.
37. Make your house a homestay
Depending on where you stay, you can rent a part of your house on platforms such as AirBnB. Homestays are becoming increasingly popular these days. You can rent a single room or the entire house, as you wish. This can be a good way to earn money with minimal investment.
38. House a foreign exchange student
Many foreign exchange students are now coming to India for higher studies and to learn about the country’s culture and heritage. You can accommodate such a student at your home. This also gives an opportunity to earn money in another country’s currency or charge the student as per their country’s worth.
39. Sell family heirlooms and antiques
If you own old coins, watches, shawls, vintage leather items, etc., you can sell them to earn a fortune. Selling old family heirlooms can fetch you more money than you may expect. There are many collectors who are always on the lookout for vintage items.
40. Try affiliate marketing
Affiliate marketing allows you to earn a small profit from the sale of somebody else’s product. If you have a considerable social media presence and following, you can enrol yourself in an affiliate marketing program and earn a small cut from every sale that comes from your followers.
Earning money is not as challenging as it seems at first. A little effort can go a long way in ensuring that you have enough to achieve all your goals. Remember to plan well and use your skills wherever you can, and success can be yours!
Disclaimer: This article is intended for general information purposes only and should not be construed as investment or tax or legal advice. You should separately obtain independent advice when making decisions in these areas.