The past few months have been unbelievable. Even if you haven’t personally experienced the loss of a loved one or your businesses to the pandemic, the economy right now has still probably somehow affected your finances.
As a result, you might find yourself scrambling to find new ways to make money.
If you are looking for ways to tide you over financially until things get going again, you’re in luck. There are lots of ways to make money during this current pandemic.
If you’re one of the lucky ones who came out of this unaffected, you could use the extra money to pay down your debt or put some of it into an emergency savings account.
Capitalize on businesses boosted by the current climate.
This is one of the best ways to make money during the pandemic.
During the early days of the pandemic, savvy business owners adapted and pivoted to meet new customer demands. Examples would be; breweries and distilleries selling hand sanitizer or clothing manufacturers producing masks instead of, or alongside their regular inventory.
Unfortunately, the ship might have already sailed on some of these new business ventures. For example: Many distilleries are now stuck with excess inventory of unsold hand sanitizer. And the mask market has become ridiculously competitive.
However, there are still some high-demand businesses that you could launch right now.
These businesses include:
- Cleaning services.
During the lockdown, this might not have been a viable option. However, as more places are reopening, janitorial services are in high demand.
Traditional educational institutions have gone viral. In fact, even if it doesn’t stick, it’s anticipated that in India alone there will be 10 million additional enrollments by 2021. Additionally, the pandemic has also reignited interest in open online courses (MOOCs) and webinars.
Even before the pandemic, interactive games, VR and dating apps were on the upswing. So, if you have an entertaining app idea, there’s still room for you to get into this market.
- Pharmaceutical and medical devices.
The coronavirus definitely put a spotlight on this industry. But, because of an aging population, there are still opportunities for you to start a medical supply or care business.
- Virtual healthcare.
Speaking of health, 2020 has put virtual healthcare front and center. In fact, the healthcare sector is expected to reach $3.44 billion by 2027.
The outbreak has without question disrupted the supply chain. As such, there might be an opportunity for you to help solve this problem.
- Contactless technology.
Innovations like automatic sanitizers to voice-activated have technologies have become increasingly popular in order to prevent the spread of germs.
- Electronic transfers.
For years, I’ve been championing contactless payments like digital wallets. Besides the flexibility and convenience, they don’t contain germs like notes and coins.
Sell your stuff.
Even before the outbreak, I was in a decluttering phase.
Well, I was tired of looking at stuff that I no longer had use for.
Additionally, the excess stuff in my closets was giving me anxiety. And it makes one decision-making process quicker; fewer clothes means smaller selection in my choices of what to wear.
In addition, I put some extra cash into my hands.
That’s always a plus.
For instance, I’ve been able to sell old smartphones and tablets on sites like Gazelle and uSell.
Even if your electronics are damaged you can still sell them. And, you’ll get paid via check, PayPal, or Amazon gift card.
If you have slightly worn clothing, Poshmark is a great place to list them (check the commission rate before you actually list your items though), or thredUP.com.
Excess furniture? Get over to Chairish.
Do you have books or collectibles collecting dust? Sell them on or good old eBay.
Get a Side Hustle.
Is this the most glamorous way to make money? Not right out of the gate. But if you need to make some extra money it’s definitely worth considering.
Whether it’s making stuff and starting an Etsy shop, or selling on Ebay, side hustles are a big thing now, and many quickly turn into full time gigs.
Offer childcare services.
Parents are in a real bind right now.
Whether they’re staying home or have to actually go out to work, their children are probably still at home.
That’s where you can help out, and make some extra cash by providing childcare services.
There are a couple of different ways to go about doing this.
The first could be to convert your own home into a daycare. If you decide to take this route, make sure that you get the proper insurance and licensing requirements. But if you’re only watching a couple of kids, there might not be a need for the paperwork. Check with your municipality for details.
Your second option would be to go to someone else’s home. For example, you could watch and tutor children while their parents are working at the other end of the house. The main advantage of this is that you don’t have to be concerned with any red tape.
Share your skills and expertise.
Are you an expert in something? I’m referring to accountants, lawyers, mechanics or even antique appraisers.
If so, you can potentially earn up to $60,000 over at JustAnswer.
Examples include customer service agents, virtual assistants, bookkeepers, graphic designers or IT support. In most cases, you can make between $12 to $20 per hour.
Run errands for others.
If you’re anything like me, you probably dread venturing out these days. You know, better safe than sorry.
But, you still need essential items like food. That’s when clever people can rake in the dough. And in my opinion, it’s a great idea if your side hustle as a Lyft or Uber driver has plummeted.
You could deliver pizza or join a service like DoorDash or InstaCart. You could even offer services like picking-up and dropping off dry cleaning or becoming someone’s personal shopper. If done right, you can easily make a couple of grand each month.
Get paid for your opinions.
The downside? The pay isn’t all that great, usually between $3 to $35 per survey.
But right now, any extra income can make a significant difference.
Redeem rewards points.
If you aren’t cashing in on your credit card rewards, then you’re throwing money away.
But, how can you redeem these rewards amidst a global pandemic?
As you probably know, many rewards are travel-related. It could be miles or discounts on hotels and car rental. Since you’re not traveling as much, you probably aren’t redeeming these rewards. Thankfully, you do have alternatives like newspaper subscriptions or identity protection.
I get it. Those aren’t as exciting as your travels. But, it’s better than letting them go to waste.
Manage your recurring expenses.
You probably have some extra time on your hands these days. Instead of twiddling your thumbs or binge-watching a TV series, use this time to your advantage.
In this case, I’m referring to getting your budget back in order.
While it’s not exactly a way to make money, it is a passive income. After all, you can see where you wasting your hard-earned money. When you do, you can then cancel any subscriptions or memberships that you’re not currently using.
You may be hesitant to even consider this. I mean the stock market has been volatile. But, you can still safely invest: Bonds, as an example, provide you with a cushion against stocks. They can also deliver an additional income stream.
The same is true with CDs and mutual funds. Currently, it’s advised that you avoid long-term bonds to reduce the risk of losing money due to inflation.
You can also still invest in stocks as well. In particular, conservative stocks that pay reliable dividends.