by Turo
posted on August 16, 2019
Simple side hustles to increase your monthly income
Did you graduate with student debt? You’re not alone.
There are currently 44.7 million Americans with student loan debt. 69 percent of the class of 2018 took out student loans while they were in college and graduated with an average debt of $29,800.
That’s a lot of debt for someone to carry when they’re just getting started in the real world. And while thinking about the thousands of dollars you owe can be overwhelming, there are ways to pay off your student loans quicker if you’re willing to put in the work.
Strategies to pay off student loans
There are tons of websites that break down different ways to pay off your student debt. You can refinance your existing loan, consolidate multiple loans, make a lump-sum payment, or pay more than the minimum each month.
The first two options require you to make arrangements with your lender. To make a lump-sum payment and pay more than the minimum, you’ll need to increase your income. To make more money, you’ll have to get a raise from your current job or earn income from another source.
And if you’re like most new graduates, you’re new at your job, so asking for a raise might not be an option. Earning extra income from a side hustle, however, can be.
Seven ways to boost your income and pay off loans
Thanks to the thriving gig economy, there are many ways for you to add to your income each month. If you’re ready to put in the work, here are seven creative ways to make a serious dent on your student loans.
1. Put your car to work
Your car might be your biggest investment, so why not make it work for you? Share your car on Turo, the largest peer-to-peer car-sharing service, and get ready to earn additional income without backbreaking work or an overwhelming time investment.
If you’re in North America, start by using the Carculator to determine how much you could make by sharing your car on Turo. The Carculator will give you a good average earnings estimate for your specific car in most of the biggest markets.
2. Drive for a ride share service
If you have a few hours a week and you like exploring your city with strangers, sign up to be a driver for Uber, Lyft, or both, and start earning money quickly. You’ll need a clean driving record, a car that’s in good condition, car insurance, and a reliable phone, of course.
Drivers can make as much as $25 an hour depending on the location. For someone looking to chip away at their student debt any way they can, a few hours of driving each week can make a difference.
3. Become a freelance copywriter
One of the skills you’ve probably got plenty of practice doing in college is writing — a lot of writing. And while your days of term papers and dissertations are over (thank goodness), you can put all that writing practice to work and make yourself some decent money.
Read up on how to become a copywriter or how to pitch your writing services to digital marketing agencies looking to offer blog posts, website copy, and social media posts to their clients.
Writing has lots of money-making potential, depending on how much work you want to put into it and how good of a writer you are.
Not sure where to start? Set up a profile on Fiverr, a freelance services website, or create a portfolio and start looking for potential clients to pitch or #jobops postings to answer.
4. Start a blog and monetize it
Blogging has been a profitable side hustle for some years now. If managed right, a popular well-researched blog niche or topic can result in a steady stream of income. But a popular blog can open up multiple income streams, including income through display marketing, sponsored content, and affiliate marketing.
Creating good content to post on a blog takes time and commitment, something you can do around your current nine-to-five.
5. Teach a class online
If setting your own hours is essential to you, consider teaching online. You can teach a foreign language or teach English to non-native speakers.
Or you can make instructional videos like makeup tutorials and publish them YouTube to take advantage of the different options to make money on YouTube.
6. Take clients on as a virtual assistant
If you don’t think you’re a good writer or graphic designer, you can earn extra income by offering administrative services as a virtual assistant. Computer and communication skills are required skills for most virtual assistants; everything else you can learn online or with minimal training.
You can find your first clients through personal references, signing up for freelancing job boards, and answering Craigslist ads. Once you have a steady client or two, you’ll have additional income to help you pay more than the minimum of your student loans.
7. Get a part-time job
While there are tons of opportunities available online and through the gig economy, like delivering food and groceries, they’re not the only options. There is still good ol’ fashion part-time work out there, like working at a coffee shop or a bookstore.
Traditional part-time jobs are not as flexible as blogging or sharing your car on Turo. But since any additional income can make a difference, they’re worth exploring.
Perks of becoming a Turo host
Whether it’s an extra $100 a month or $100 a year, every dollar you put towards paying off your student debt helps. With most side hustles, you get what you put in. So keep hustling and keep chipping away at those loans.
And you don’t have to pick just one side hustle. In fact, you can list your car on Turo while writing blogs, helping clients as a virtual assistant, or making instructional YouTube videos. Or you can just list your vehicle on Turo, and potentially earn up to $1,000/per month.
Read up on the perks of becoming a Turo host and see if its an option that works well for you.
