A recent study found that 71% of Adults in the US are currently dealing with money-related stress and anxiety.
This is hardly surprising when you consider the ongoing cost of living crisis, alongside the fact that the festive season – a time when we tend to spend much more money than usual – is approaching.
Photo by Fabian Blank on Unsplash
Fortunately, there are plenty of ways in which you can set about making extra money before 2025. Read on to find out more!
Participate in paid surveys. If you’re looking for a relatively low-effort way to earn some extra money, consider participating in paid surveys and focus groups. The vast majority of these can be completed online in just a few minutes, meaning you could easily make time in your schedule for a handful of surveys each day. While some pay better than others, it’s a great way to earn supplementary income, and the only thing you have to do is give your opinion.
Sell your old car. If you’re a proud owner of a classic car, such as a Porsche, that is doing nothing other than gathering dust in your garage or driveway, now may be the time to consider parting ways, especially if you are in need of extra cash. If you are pursuing this route, be sure to work with a reputable company that offers a classic Porsche appraisal service. This way, you’ll know the true value of the vehicle before you decide to accept an offer.
Lower your energy bills. The cost of energy in the US (and worldwide) increases steadily year on year, though prices have spiked quite considerably in recent months. This has left many people feeling as though they’re unable to keep up with their rising energy bills, which is particularly troubling as we move into Winter and the temperatures are set to drop. Fortunately, there are many steps you can take to lower your energy bills, such as:
- Comparing prices across different providers and switching to the provider that offers you the best deal
- Switching to renewable energy
- Ensuring your home is as energy-efficient as possible
- Installing double-glazed windows
- Turning off appliances when they are not in use
Consider picking up a side hustle. Picking up a side hustle is another great way to bring in extra money before the end of the year. However, this does require a significant investment of your time and energy, which may not always be sustainable if you already work long hours!
That being said, there are plenty of side hustles to choose from, depending on both your skillset and interest. For example, if you’re a skilled writer, you could earn extra cash by working as a copywriter or editor. You may also want to focus on monetizing hobbies, especially if they’re creative, such as art, graphic design, and photography.
In many cases, what begins as a side hustle could turn into a full-time business venture, so be sure to choose something you’re truly passionate about.
Ask for a raise. In the US, it is a common practice to receive some kind of pay rise or bonus annually. This can be based on a variety of factors, such as your tenure within the company itself or your performance within a specific timeframe. However, you do not necessarily need to wait for your annual review in order to ask for a bump in pay, especially if you feel as though this is long overdue.
There are many signs that indicate that you are ready for or deserving of a pay rise, such as:
- Enhanced skillset and capabilities. The longer you work in a specific role, the more of an asset you will become to your team. This is because you’ll simply be better at your job than you were before. This often means that you’ll also work faster and more diligently. In any case, it’s important that your paycheck matches the skill and effort you are putting into the role.
- Taking on additional roles and duties. There are many scenarios in which you may be asked to take on additional roles and duties that lie outside of your original job description. For example, you may be covering specific tasks on behalf of an employee on sick leave, which adds to your daily workload or have taken on additional responsibilities over time.
- Market changes. It is always worthwhile to keep an eye on the average salary for your role across different companies. This way, you can figure out whether or not you’re being paid a fair wage or whether you should consider looking elsewhere.
Apply for a new job. Another way in which you can maximize your earning potential is by applying for a new, higher-paying position, whether that’s within the same company you are currently working for or elsewhere. While this can be daunting, it is a great way to boost your finances and ensure you’re heading in the right direction in your career.
You can make sure that you are applying for the right companies when job hunting by taking into consideration not only your salary expectations but factors such as company culture, professional responsibilities, and employer reputation. This will increase the chances of you landing a job you genuinely enjoy.
You can increase your chances of a successful job application by tailoring your CV or resume to each role you apply for. For example, you should pay attention to the keywords and phrases embedded in a job description and ensure that you feature them in your resume and cover letter. This means that if the employer uses technology and software that automatically scans applications, yours will not be disregarded.
Sell things you no longer need online. Sites and apps such as Facebook Marketplace and Vinted make it easier than ever for you to sell your old belongings – often for a great price, too. This is also a great way to declutter your home before Christmas! While you should expect to negotiate the prices you set here and there, there are plenty of steps that you can take to improve the quality of your listings (and the money you’ll earn as a result of this).
For example, you should always be sure to take high-quality photographs or videographs of whatever you are selling, whether that’s a pair of shoes or a sofa. You should also write a detailed description of the product, detailing any minor errors or signs of wear and tear so that the buyer is aware of them ahead of time and less likely to complain. When selling clothing or footwear, be sure to take a picture of the label featuring sizing information.
Final thoughts. In short, there are plenty of steps that you can take now to improve your financial situation before the end of the year. For example, you can make extra money by:
- Participating in old surveys
- Selling your old car
- Lowering your energy bills
- Picking up a side hustle
- Asking for a raise
- Applying for a new job
In addition to finding ways to make extra money, you should also try to save it where possible. For example, making your own coffee at home, as opposed to forking out on the latest seasonal drinks (such as Pumpkin Spice Lattes), can save you a considerable amount of money if this is something you do every few days. You can then put this money toward Christmas gifts, your savings account, or even a treat for yourself.
Furthermore, if you’re continuing to struggle with money, you may want to look into other options, such as taking out a loan.