Everyone is looking for ways to make extra money. Although we don’t offer any financial advice, we have listed many ways that bloggers and side hustlers are finding ways to make an extra $200 each day.
So, what can you do with an extra $200 every day? I’m sure many thoughts would creep into your mind. Perhaps you can afford some luxury item or save the funds to achieve a long-tong-term goal.
For instance, you can:
- Save towards buying a mortgage downpayment,
- Settle your student loan,
- Settle your monthly utility bills,
- Save towards your wedding, or
- Pay off credit card debts.
In fact, the possibilities are endless. The good news is that making an extra $200 in a day is possible. Keep on reading to discover five easy ways to make $200 each day.
1. Open a Bank Account
Do you know that most banks offer a signup bonus for their new customers? It’s arguably the easiest way to earn extra cash.
A typical example is the CIT bank that offers the following perks:
- $300 for opening a bank account
- $150 bonus when you deposit $25,000 – $49,999
- $300 bonus when you deposit $50,000 and above
In case you do not have enough cash to qualify for the deposit bonuses, the signup bonus is an excellent deal. Besides, CIT Bank offers one of the best interest rates on savings. The bank pays 0.40% APY with an initial and ongoing $100 deposits. Accounts with $25,000 or more earns 0.50% APY!
An interest of 0.50% means that you’ll earn $50/year on every $1,000 you have in your bank account; this interest rate is higher than the average that big banks offer.
Many other banks offer excellent bonuses and interest rates on savings. You can research savings interests from different banks to compare their offers. Apart from signup bonuses and initial deposit bonuses, opening an account with CIT helps you earn more from your savings.
2. Reduce Monthly Bills
One of the best ways to earn money is to make savings on your monthly expenditure. After all, a penny saved is a penny earned! While the benefits of cutting down on costs may not be apparent immediately, it pays in the long run.
Luckily, saving money on expenditure is not overly complicated; it takes just a couple of hours of work to set yourself up to save money consistently. There are a few popular bill trimming software that will reduce the time required to create cost-saving strategies to a few minutes. The software will do all the difficult work for you.
Bill trimming software usually help achieve the following:
- Negotiate lower rates for your utilities such as phone, internet, cable tv, etc.
- Find unnecessary subscriptions and cancel them
- Negotiate lower banks and credit card fees
When you have more control over your bills, you may see more savings each month.
3. Sell Your Old Stuff
Many of us are like keeping the things we no longer need. You can free your home of valuable space and gain some cash for your savings when you sell unused stuff like furniture, jewelry, or electronic appliances.
If you are ready to sell unused items in your home for cash, you can list them on eBay, Craigslist, Facebook Marketplace, Poshmark, Gazelle, or Letgo. If you are not the internet savvy type, you can simply organize a garage sale.
4. Open a Credit Card
Although this method may not put money into your pocket immediately, you can make between $200 to $500 in just a few months from now.
Here is the deal, premium credit card companies with annual fees offers mouth-watering bonuses to attract new customers. For instance, you might qualify for percentage cashback when you spend $2,000 within three months.
Although the signup bonuses are attractive, it would not benefit you if you spend the money on frivolities. Look for deals where you can meet the bonus benchmark without buying unnecessary things. A strategy to help you attain the bonus target is to spend the card on pre-paid subscriptions such as rent, vacations, or other membership subscriptions.
Credit cards offer other perks besides the signup bonuses. For instance, most credit card companies pay people for using their cards through points, cash backs, and loyalty programs. Many Americans save up to 1% every month for using credit cards.
5. Freelance Work
Do you know that you can monetize your skills without opening a brick and mortar shop? As long as you have a good laptop or desktop computer, you can make money with freelancing. Sites like Fiverr, Upwork, and Udemy make it easy to convert your knowledge into cash.
Once you identify your skill such as copywriting, graphics editing, marketing, translation, etc., head on to any freelance sites and sign up, the process is relatively easy. After that, create an attractive profile, and you are ready to start making extra cash through freelancing.
Believe it or not, you can earn mind-blowing revenue from freelancing. Check out some of the rates these freelancers charge, and you’ll realize many are smiling to the bank every month.
Related: Make Money from Home