Inflation is hurting everyone, and if you live in the Greater Toronto Area, you’re probably also feeling the pain from rising rents, rising mortgage payments, and higher gas prices. Just about everything is more expensive these days, and it’s getting harder and harder to make ends meet.
When you’re feeling the pinch, earning some quick extra cash can be a necessity. Here’s how you can earn extra cash in Toronto (plus one thing you may want to avoid).
1. Work a Side Hustle for Cash
A cash side hustle is a great way to pad your budget. There are tons of cash jobs in Toronto available if you know where to look. There’s always someone looking for odd jobs, part-time workers, help moving, drivers, and more. Amazon delivery driver jobs are becoming very popular because of the flexibility and good pay. They have specially developed software that helps you out during your shift. It is called MyFlexBot and it automates your block grabbing process and keeps you updated with new parcels, deliveries, traffic info, faster routes, etc.
Whether you’re looking for a second job or you just want some extra one-off work, get online to find more opportunities across the GTA.
2. Do Market Research
Data is king, and there are plenty of companies willing to pay reasonably well for information about you and your preferences. Participating in market research often means getting paid to take surveys. This isn’t going to replace your day job, but it can be an easy way to earn a bit of extra cash in your downtime.
3. Airbnb and Other Sharing Economy Apps
Do you have a spare bedroom or a friend or partner you can crash with while someone rents out your condo? Airbnb isn’t for everyone, but it can be a great way to add a significant sum of money to your monthly budget.
In Toronto, you can only rent out your personal residence, and you will need to register with the city, but it can be a lucrative side hustle, especially during big events and the summer tourist season.
4. Sell Old Electronics
Do you have old laptops, cellphones, iPads, or video game consoles lying around? Electronics can earn you a quick buck when you go to sell them online. There are tons of options for people willing to take these off your hands, so you probably won’t have to sink a lot of time into it.
5. Freelance Online
If you have a set of skills that you think you can monetize from home, get freelancing. The key to success is finding the right app or site for your particular set of skills. Search for the skills you’re offering on these sites and find out how they’re advertised, the kinds of rates they charge, and the kind of work they put in to make their profiles look professional.
The one downside to freelancing online is that it can take time to find your audience and get your first clients rolling. Freelancing can be a great long-term plan for earning extra money but be prepared for unpredictability in the beginning.
What not to do for extra cash
Now that we’ve laid out what you can do to earn extra money, what’s the one thing you might want to avoid? That one thing is driving for a rideshare company. A study from 2018 showed that once vehicle costs were taken into consideration, 30% of Uber drivers were losing money, and three-quarters were effectively earning less than minimum wage.
That doesn’t mean you can’t earn money driving Uber, but it’s not something to dive into lightly. Make sure the math works before you commit.
There are plenty of opportunities to make extra cash on the side. Get online to find cash jobs that will give you a bit of extra spending room in your monthly budget.