As you may have deduced from my in-depth blog on the February finances, I’ve been enamoured with personal finance for a long time, despite not really doing much about it. I love the idea of having control over my daily spending (personally, and jointly – the boyf and I have had what we cutely term Team Accounts for going on 3 years now), and I love the idea of control over my future wealth and stability, but actioning that? Honestly, it’s hard. Especially when you lack a familiarity with financial literacy, and suffer from the innate laziness that plagues most modern-day millennials such as myself.
But 2016 has been a year of spurring myself in to action on a lot of fronts, including finances. And February was, secretly, the month of the Side Hustle Experiment. ‘Side hustle’ is that term bandied around the personal-finance island of the internet and basically means ‘way of making money that isn’t your salary/wage.’ Without realising it, I’ve been a great proponent of the side hustle for a long time. I tutored for cash throughout my six years at uni; I usually held down multiple jobs to finance my expensive year abroad and taste for the fun life; I would have the yearly clean out of my accumulated junk and sell the wares at community flea markets. I even had a weird memory the other day of a small business course I did in year 10 where we had to imagine up a small business and actually implement it. My team sold flavoured ice for $1/ cup – hilarious, yet hilariously popular. We ended up making over $700 amongst four of us after selling at school lunch times for 2 weeks (it is extremely hot through Australian summers, which greatly contributed to our success) and covering our costs. So you can say the bug for making money on the side bit early.
I continued to tutor ad hoc once I started my career, but as always I lacked discipline in dedicating this money to anything and saw it frittered away on expensive international trips and activewear. Life would be so different if I’d never heard of Lorna Jane. But there’s no point in lamenting it now. While I did stack up the cash, it disappeared quickly, and I never really quantified how much it was adding to my income to understand its true value at any one time. Although last year the boyf and I created the Party Jar, where our tutoring cash was stashed, alongside any bonus babysitting money (my cousins are party animals and we are lame, so we look after their kids for an easy $100 – $150 a pop) and other random cash incomes (such as selling our surround sound system from 1992 on Gumtree), which funded a week in the Caribbean, we didn’t really budget it out with hard and fast numbers to actually prove any benefit or spur us on to do it again.
Cue the Side Hustle Experiment. Complimenting my strict approach to tracking my spend and strictly monitoring where those hard earned dollars were running off to, I endeavoured to improve my total income pie. Because when I did that budget with the boyf, I realised that no matter how much I scrimped, squished and remoulded my income, the only way I could get more out of my money was to get more money. So. I did.
Obtaining additional streams of income was subject to the following limitations: time, as I work as a lawyer and the jokes about only seeing the sun every second Thursday can be scarily accurate; and flexibility. I also introduced the limit of using what was available to me with no start-up cost.
With those limits in line, I undertook the following additional income streams for the month of February: market research, tutoring, and selling my own crap on eBay. These options worked effectively because they cost me nothing in start-up costs (although eBay does involve some fees), they were mostly flexible, and many I could do during brain-dead moments when churning through episodes of Gilmore Girls on Netflix (or I was having a moment at work). (Wow. I like to write with brackets). (Lol).
Anyway, I sat down and crunched the numbers, and I made an additional $197.83 in February. Using very rough figures, the effect was to increase my monthly income by 4.5%. And, don’t get me wrong, I don’t want to overstate the situation, but I term this a massive success. Not only did I earn a tidy little profit on my endeavours that I wouldn’t have earned otherwise (although I wish I’d made just another $2.17 to crack that $200), but by keeping meticulous track of this income, I feel a strong degree of control over the actions I took to generate that $197.83. And that is extremely rewarding.
So, here is how I did it, and how you can do it too.
I love this site. I wish I had been using it earlier. It is the easiest market research site for making dollars just doing what you normally do: searching the internet, wasting time doing random things (I’ve done a lot of surveys, but earning those Swagbucks are addictive), playing some mindless games, points back on online shopping (I lament the multiple $200+ Lorna Jane purchases from 2014 that would have earned me some serious Swagbucks…), downloading apps… there’s a billion ways to earn points (called Swagbucks), on this multi-purpose site, and all of them add up in order to be cashed out in the form of Paypal vouchers (my personal favourite), or vouchers for favourite online stores such as Amazon, or XBox Live memberships (the boyf was super excited for this particular option). Effectively, if you find yourself messing around on your computer a lot, put that time to more productive use, click around on Swagbucks, get yourself some easy points and find yourself a little richer at the end of the month for no real effort.
In February I earned one $25USD Paypal voucher, and inched over the line for the second on the 1st of March Australia time (which was still actually February in Swagbucks time…but I left the official numbers at 1 x$25 for February). So Swagbucks isn’t an epic earner, but it’s an easy, passive kind of income, and I’d always take an extra $25 every few weeks to boost my total income for the month. If you click my referral link above, or here, you get some bonus Swagbucks to start you off.
A simpler take on Swagbucks, MySurvey is a site where you take surveys, earn points, and can cash those points out for dollaz when you reach certain thresholds. I earned 2 x $10AUD vouchers in February. You are notified when new surveys become available which you qualify for, which is really nice, and I found it really quick to rack up the points. I would have probably earned 4 x vouchers, but there was an extended period of time where I just wasn’t hearing anything from them. Anyway, it all seems to be going gang-busters now, and I’ve cashed out a few extra vouchers already in March. I highly recommend signing up, even if you only do a survey every now and again – the points add up quickly, and, as with Swagbucks, it’s an extremely simple way of boosting your account in small but meaningful ways.
The only difficult thing with tutoring is finding a solid family to tutor for. I’ve worked through all kinds of students: smart ones, hard workers, extremely not-smart ones, and ones with passionate parents, and the ones who succeed are almost singularly the ones with passionate parents. I’ve been tutoring for the same family since 2014, which is fine, and often it can take that time to build up enough of a rapport with a student (especially a young one, like this student), in order to see results and get the parents on side. Unfortunately, although the parents are happy to pay me, they aren’t happy to put in any work which can undo a lot of the effort you put in. But I digress. I charge a paltry $40 for 45 minutes, which includes me coming to their home, but I’ve found keeping that fee low means that when I just don’t feel like it one week, or they make up a lame excuse at the last minute to cancel, no one is too upset. This month I made $80 in tutoring, because the family cancelled twice. So it’s not necessarily a reliable income stream, but it’s a quick financial boost with great results and can be very personally rewarding if you and your student develop a good relationship and see some personal and grade improvement.
This has surprisingly been my favourite way to bring in some cash. Marie Kondo filled my mind with dreams of neatly folded envelopes of clothing that only brings me joy, and in that adventure, I discovered many good quality clothing items in my wardrobe that, despite not bringing me joy, could bring me back some cash. Selling stuff on eBay is exceptionally easy with the app. The only limitations come from those imposed on you by eBay at the start as you build your seller’s profile, where you are limited to free ten items to be listed per month. My limit was quickly raised to 30 free items a month once I proved I actually sent off what I sold. The only other limit for eBay is your personal limitations. People will buy the most surprising things; and the only way you’ll know what it is they’ll buy is if you make it available for purchase. My biggest surprises were a used Lorna Jane sports bra that went for $31 after a hectic bidding war and a broken bracelet (I’d fully disclosed the extent of brokenness in the listing). I’ve learnt a lot of things through my adventures on eBay that I’ll share in another post. But even taking into account the PayPal fees and the eBay fees, I sold eight items in February for a final profit of $72.83. And already in March I’ve made two sales, and have three big bidding listings. It’s looking like another successful month.
So that’s how I made $197.83 in February. Since this month was such a resounding success, I’ve put that money into my Gold Star account, continued with Swagbucks and MySurvey (and tutoring of course), listed another 10 items on eBay and taken the risk of investing some money into some items to kickstart my own etsy business. It’s an idea that’s brewing and taking shape, but I’m so excited to take some real risks and churn over some real income – one very small step at a time.
Anything I missed? Any tips you’d like to share, or you’d like me to share? What else do you recommend I try? Let me know in the comments!