When you’re looking to purchase your first home, it’s a good idea to familiarize yourself with the different first-time homebuyer programs available in your area. They can help you afford this major purchase.
Programs vary in terms of their eligibility requirements and the types of assistance they offer, but all offer some form of financial aid. But what are these programs, and how do they work? Here’s what you need to know.
What Is a First-Time Homebuyer Program?
A first-time homebuyer program is a government-sponsored program designed to help people purchase their first home. Programs vary from state to state, but generally, they offer financial assistance in the form of low-interest rates, down payment assistance, and other incentives.
A few examples include:
The Federal Housing Administration (FHA)
The Veterans Affairs Homebuyer Assistance Program
The National Association of Realtors® (NAR)® Homebuyer Assistance Program
State-sponsored programs, such as the California New Home Grant Program, can also offer assistance.
Who Is Eligible for a First-Time Homebuyer Program?
Each program has its own eligibility requirements, which vary depending on the program and the state in which it is located.
However, generally speaking, you’re eligible if you purchase your first home and meet the criteria set by the program. These criteria can range from being newly divorced, a military veteran, or widowed to having a low income and getting ready to buy your first home. You may be eligible for other programs if you’ve already owned a home. Still, first-time homebuyer programs will automatically disqualify applicants attempting to purchase second homes or investment properties.
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Related read: What Credit Score Do I Need to Buy a House?
How Do First-Time Homebuyer Programs Work?
Once you’ve determined that you’re eligible for a first-time homebuyer program, the next step is to find a program compatible with your needs. Programs typically offer a variety of incentives, such as low-interest rates or down payment assistance, to help you purchase your home. Once you have found a program you’re eligible for, you’ll need to submit an application and meet eligibility requirements.
Once you have been accepted into the program and met eligibility requirements, you’ll need to begin preparations for your home purchase. This may include searching for a qualifying home and making any necessary financial commitments. Finally, once all of the paperwork has been completed, and your financing has been approved, you can go ahead and purchase your home.
How Can I Use a First-Time Homebuyer Program?
There’s no one definitive answer to this question, as each program has different requirements and guidelines. However, if you’re approved for financial assistance, then the money will be given to help you purchase a home. Typically, these programs aren’t for rehabbing a home or house flipping. If you need help making repairs, consider instead getting a personal loan to finance home improvement. You’ll have a higher likelihood of getting approved for help covering repairs than a homebuyer’s program would offer.
The Bottom Line
A first-time homebuyer program can help you get into the market quickly and easily. They offer many benefits, including reduced interest rates and fees, waived closing costs, etc.
Figuring out how to double your money with investments often hinges on striking the right balance between risk and reward. Your personal risk tolerance and goals can influence how you invest and the returns your portfolio generates.
However, doubling your money is a reasonable goal, especially if you’re willing to wait for your money to grow. And that’s a big variable to keep in mind: Time. If you’re interested in doubling your money and growing wealth for the long-term, there are several investing strategies to consider.
Investing Strategies to Double Your Money
1. Get to Know the Rule of 72
The rule of 72 can be a helpful guideline for answering this question: How long to double your money?
If you’re not familiar with this investing rule, it’s not complicated. It uses a simple formula to estimate how long doubling your money might take, based on your annual rate of return. You divide 72 by your annual return to get the number of years you’ll need to wait for your investment to double.
So, for example, if you have an investment that generates a 5% annual return, it would take around 14.5 years to double it. On the other hand, an investment that’s generating a 12% annual return would double in about six years.
The rule of 72 doesn’t predict how an investment will perform. But it can give you an idea of how quickly (or slowly) you can double your money, based on the returns you’re getting each year. Just keep in mind that the rule’s accuracy tends to decrease as the rate of return increases, so it’s more of a guideline than a hard-and-fast rule.
💡 Quick Tip: How do you decide if a certain trading platform or app is right for you? Ideally, the investment platform you choose offers the features that you need for your investment goals or strategy, e.g., an easy-to-use interface, data analysis, educational tools.
2. Leverage Your Employer’s Retirement Plan
One way to attempt to double your money through investing may be through your workplace retirement plan. If your employer offers a matching contribution to the money you’re deferring from your paychecks, that’s essentially free money for you.
Employer matching contributions are low-hanging fruit, in that you don’t need to change your investment strategy to take advantage of them. All that’s required is contributing enough of your salary to your employer’s retirement plan to qualify for the match.
The matching formula that companies use varies, but some companies offer a dollar-for-dollar match, meaning that the money you put into a 401(k) would automatically double when you receive your match. Keep in mind that some companies use a vesting schedule, meaning that you have to work at the company for a certain period of time before you get to keep all the employer contributions.
Aside from potentially helping to double your money, investing your 401(k) or a similar qualified retirement plan can also yield tax benefits. Contributions made with pre-tax dollars are deducted from your taxable income, which could lower your annual tax bill.
3. Diversify Strategically
Diversification means spreading your money across different investments to create a portfolio that will meet your needs for both risk and return.
As a general rule of thumb, riskier investments like stocks have the potential to generate higher returns. More conservative investments, such as bonds, tend to generate lower returns but there’s less risk that you’ll lose money on the investment.
If you want to double your money, then it’s important to pay attention to diversification and what that means for your return on investment. For instance, if you’re investing heavily in stocks then you could see greater returns but you might experience deeper losses if the market takes a hit. Playing it too safe, on the other hand, could cause your portfolio to underperform.
Also, keep in mind that there are many types of investments besides stocks, mutual funds and bonds. Real estate, stock options, futures, precious metals and hedge funds are just some stock and bond alternatives you could use to build a portfolio. Understanding their risk/reward profiles can help you decide what to invest in if you’re focused on doubling your money.
💡 Quick Tip: Distributing your money across a range of assets — also known as diversification — can be beneficial for long-term investors. When you put your eggs in many baskets, it may be beneficial if a single asset class goes down.
4. Consider Buying When Others Are Selling
The stock market is cyclical and you’re guaranteed to experience ups and downs during your investing career. How you approach the down periods can impact your ability to double your money when the market goes up again.
When the market drops, some investors start selling off stocks or other investments to avoid losses. But if you’re comfortable taking risks, the sell-off could present an opportunity to buy the dip.
If you can purchase stocks at a discount during periods of volatility when other investors are selling, you could double your money when those same stocks increase in value again. But again, making this strategy work for you comes down to knowing how much risk is acceptable to you.
5. Commit for the Long Term
There are different investment philosophies you can adopt. For example, traders regularly buy and sell investments to try and get quick wins from the market. A buy-and-hold strategy takes a different approach, but it could pay off if you’re trying to double your money.
Buy-and-hold investing involves buying an investment and holding onto it for the long-term. The idea is that during that holding period, the investment will grow in value so you can sell it at a sizable profit later.
This is a passive investment strategy that relies on patience and time to increase your portfolio’s value. The longer you have to invest, the more you can capitalize on the power of compounding gains, or gains you earn on your gains.
If you’re using a buy-and-hold strategy with a value investing strategy, you could potentially double your money or more if your investments meet your expectations. Value investing means investing in companies that you believe the market has undervalued.
This strategy takes a little work since you have to learn how to understand the difference between a stock’s market value and its intrinsic value. But if you can find one of these bargain hidden gems and hold onto it, you could reap major return rewards later when you’re ready to sell.
6. Step Up Your Investment Contributions
Another simple strategy to double your money is to invest more. Assuming your portfolio is performing the way you want and need it to to reach your goals, doubling your investment contributions could be a relatively easy way to boost your returns.
If you can’t afford to put big chunks of money into the market all at once, there are ways to increase your investments gradually. For instance, you could start building a portfolio with fractional shares and increase your contributions by a few dollars each month.
If you’re investing your 401(k) at work, you could ask your plan administrator about raising your contribution rate annually. For example, you might be able to automatically bump up salary deferrals by one or two percent each year. And if that coincides with a pay raise you may not even miss the extra money you’re contributing.
7. Focus on Tax Efficiency
Minimizing tax liability is another opportunity to stretch your investment dollars. There are different ways to do that inside your portfolio.
Investing in your retirement plan at work is an obvious one, so if you aren’t doing that yet you may want to consider getting started. Remember, the longer you have to invest, the more time your money has to grow.
If you don’t have a 401(k) or a similar plan at work, you could open a traditional or Roth Individual Retirement Account (IRA) instead. A traditional IRA allows for tax-deductible contributions, meaning you get an upfront tax break. Then, you pay ordinary income tax on that money when you withdraw it in retirement.
Roth IRAs aren’t tax-deductible, since you fund them with after-tax dollars. The upside of that, however, is that qualified withdrawals in retirement are 100% tax-free.
A taxable brokerage account is another way to invest, without being subject to annual contribution limits the way you would with a 401(k) or IRA. The difference is that you’ll pay capital gains tax on your investment growth.
Paying attention to asset location can help with maximizing tax efficiency across different investment accounts. For example, exchange-traded funds can sometimes be more tax-efficient than other types of mutual funds because they have lower turnover. That means the assets in the fund aren’t bought or sold as frequently, so there are fewer taxable events.
Keeping ETFs in a taxable account while putting less tax-efficient investments into a tax-advantaged account, such as a 401(k) or IRA, could help with doubling your money if it means reducing the taxes you pay on investment gains.
The Takeaway
Learning how to double your money can mean taking a slow route or a quicker one, but it all comes down to how much risk you’re comfortable with and how much time you have to invest. One of the keys to growing your investments is being consistent and that’s where automated investing can help.
There are numerous strategies and tactics that you can try to leverage to your advantage. But ultimately, whether you’re able to double your money will likely come down to how much you’re willing to risk, how much time you have on your side, and probably a little bit of luck.
Ready to invest in your goals? It’s easy to get started when you open an investment account with SoFi Invest. You can invest in stocks, exchange-traded funds (ETFs), and more. SoFi doesn’t charge commissions, but other fees apply (full fee disclosure here).
For a limited time, opening and funding an Active Invest account gives you the opportunity to get up to $1,000 in the stock of your choice.
Photo credit: iStock/South_agency
SoFi Invest® The information provided is not meant to provide investment or financial advice. Also, past performance is no guarantee of future results. Investment decisions should be based on an individual’s specific financial needs, goals, and risk profile. SoFi can’t guarantee future financial performance. Advisory services offered through SoFi Wealth, LLC. SoFi Securities, LLC, member FINRA / SIPC . SoFi Invest refers to the three investment and trading platforms operated by Social Finance, Inc. and its affiliates (described below). Individual customer accounts may be subject to the terms applicable to one or more of the platforms below. 1) Automated Investing—The Automated Investing platform is owned by SoFi Wealth LLC, an SEC registered investment advisor (“Sofi Wealth“). Brokerage services are provided to SoFi Wealth LLC by SoFi Securities LLC, an affiliated SEC registered broker dealer and member FINRA/SIPC, (“Sofi Securities).
2) Active Investing—The Active Investing platform is owned by SoFi Securities LLC. Clearing and custody of all securities are provided by APEX Clearing Corporation.
3) Cryptocurrency is offered by SoFi Digital Assets, LLC, a FinCEN registered Money Service Business.
For additional disclosures related to the SoFi Invest platforms described above, including state licensure of Sofi Digital Assets, LLC, please visit www.sofi.com/legal.
Neither the Investment Advisor Representatives of SoFi Wealth, nor the Registered Representatives of SoFi Securities are compensated for the sale of any product or service sold through any SoFi Invest platform. Information related to lending products contained herein should not be construed as an offer or prequalification for any loan product offered by SoFi Bank, N.A.
Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.
Claw Promotion: Customer must fund their Active Invest account with at least $10 within 30 days of opening the account. Probability of customer receiving $1,000 is 0.028%. See full terms and conditions.
Investment Risk: Diversification can help reduce some investment risk. It cannot guarantee profit, or fully protect in a down market.
[Note from editor: The “Mastermind Showcase” highlights companies and news from members of the GEM. Today’s showcase: Dwellwell Analytics]
An IoT monitoring and early warning maintenance platform for residential properties, Dwellwell Analytics identifies smaller, hidden concerns before the problem eventually becomes bigger, more expensive, or even a disaster. Their network of sensors throughout the home does not require professional installation since each sensor monitors and assesses the surrounding area for a wide range of issues, rather than attaching specific sensors to each individual system and appliance. It provides short-term rental operators, single-family landlords, and multifamily owners and operators (100+ units) with reports, alerts, and real-time data about their property’s HVAC, Electrical, Plumbing, and Environment operation and performance.
What we like: Delivering the “check engine” light for properties in all asset classes is a huge opportunity with plenty of untapped growth upside.
Hate cold calling? Hear how to ditch it entirely on this podcast with organic-lead-gen expert Charlie Cameron. Charlie generated an incredible amount of real estate business incredibly fast, and it was very inexpensive. Today, he shares the low-cost tech tools and proven strategies that helped make it happen. Discover how he built a booming Facebook group, how he consistently ranks above competitors on Google, and more on this Real Estate Rockstars!
Listen to today’s show and learn:
About Charlie Cameron [0:54]
“Easy money” [2:20]
Getting clients from a Facebook group [3:25]
You don’t have to cold call [4:54]
How NOT to fail at Facebook groups [6:37]
Ways to help your Facebook group grow [8:46]
Charlie’s follow-up process for Facebook leads [12:44]
How much business Charlie gets from his Facebook group [19:22]
Attracting clients and agents with blogging and SEO [20:43]
How to ensure potential clients find you online [27:42]
Ways to get ahead with organic lead gen now [30:14]
Charlie’s content-machine goal [36:44]
Advice on picking a platform for your content [38:11]
Charlie Cameron’s advice for real estate agents [44:56]
Charlie Cameron
Real estate super nerd, family man and veteran! I’m passionate about real estate and obsessed with helping others win and with continuous growth.
Charlie Cameron is a Dad, military spouse, and Air Force veteran (turned reservist) who found a passion for real estate while serving. Thanks to real estate—largely eXp Realty and investing—he was able to transition out of Active Duty military service to focus on real estate! People and real estate are his passions, and helping other succeed is what he finds most rewarding.
Charlie enjoys mentoring growth-minded agents the most. At this time, he is growing an international real estate team, building a local military-focused real estate team along the Florida Panhandle, and scaling an as-passive-as-possible real estate portfolio of short term rentals, residential assisted living, and more! He is also an Air Force Reservist in a part time capacity (2 weeks a year) as a weapon program manager.
By leveraging teams, systems, automation, and intentional task prioritization, Charlie is able to prioritize his most important thing: living in the moment with family & friends!
Current lines of effort:
Grow international real estate team: help other real estate agents become successful, grow their leads and business, create multiple income streams, and achieve financial freedom. Team growth achieved through blog and content creation.
Lead a local military-first real estate team: though long term low effort client attraction efforts, Charlie provides clients to his local military focused team to work and close!
Scale a real estate investment portfolio: real estate investing is best investing!
Charlie has a bachelors in Mechanical Engineering from the University of Virginia and a Masters in Industrial Engineering from New Mexico State. He starting investing in real estate while serving in 2017 by STARTING with 8 apartments which he self managed. After scaling a small multifamily portfolio he transitioned and 1031 exchanged into a self managed short term rental portfolio, all of which he managed from afar. Recently he has pivoted again into the residential assisted living niche. Charlie partners on just about every investment deal he does.
Charlie spent 11 years on Active Duty, as an engineer and officer developing, testing, and managing cutting edge weapons systems programs to ensure the Air Force stays undefeatable! He led hundreds of tests and ran hundreds of million dollar a year programs and contracts developing, acquiring, and testing new weapons for the warfighter. During that time, he also served as a USAA Advisory Panel Member, providing direct feedback on bank and insurance products as a military member to the board of directors. In a past life, he has also been a Firefighter, EMT, and lifeguard.
Charlie is a nerd who loves to tinker and find new ways to grow and implement things in his businesses. While he wishes he was able to focus on only one business, he knows now that resistance is futile and he must find ways to grow multiple lines of effort without consuming more time!
Related Links and Resources:
It might go without saying, but I’m going to say it anyway: We really value listeners like you. We’re constantly working to improve the show, so why not leave us a review? If you love the content and can’t stand the thought of missing the nuggets our Rockstar guests share every week, please subscribe; it’ll get you instant access to our latest episodes and is the best way to support your favorite real estate podcast. Have questions? Suggestions? Want to say hi? Shoot me a message via Twitter, Instagram, Facebook, or Email.
Are you quickly approaching the limit of your unemployment benefits? We’ve created a quick guide here to help walk you through your next steps. In this article, we’ll show you how to create a financial action plan, and then we’ll guide you through the latest extension to unemployment benefits. Finally, we’ll explain a few government-sponsored programs, some of which could help you make ends meet.
What Does It Mean to Exhaust Your Benefits?
Individual states manage and regulate their own unemployment benefits policies and requirements. On average, these benefits last for 26 weeks or about 6 months.
When you apply for unemployment benefits, caseworkers review your case and approve or disapprove benefits. If approved, a maximum amount is set for the value of benefits you can receive while you’re approved for benefits. Once your benefit payouts reach this maximum amount, you’ve exhausted your benefits.
What to Do If Your Benefits Are Exhausted
Once the unemployment office notifies you that your benefits are exhausted, you won’t receive any more payments after the designated date. This doesn’t mean you don’t have other options. Depending on your state regulations, you may be able to reapply for unemployment benefits.
If you receive a letter stating your benefits are ending or your renewal application for benefits has been denied, you have the right to file an appeal and try to overturn this decision. Instructions for how the unemployment benefits appeals process works in your state should come with your letter. Typically, you must submit a detailed letter explaining why you believe your benefits should be reinstated.
While you are waiting for the appeals process, consider applying the following steps. Think of them as a backup plan if the appeals process doesn’t go the way you want:
1. Create a Financial Action Plan
Before you do anything else, create an emergency financial action plan. You might not be able to overhaul your finances completely—but you can stem the flow of money to some degree. You might be able to shave a few dollars off your expenses every month, or temporarily stop making mortgage or loan payments. Here are a few ideas to get you started:
If you feel frustrated or helpless between jobs, create a daily schedule to motivate yourself—and stay as physically and mentally active as you can.
2. Apply for Government Assistance Programs
If your unemployment benefits run out, there are numerous other government assistance programs that may provide financial aid. Below is a look at several of these programs. In many cases, you can check your eligibility or even apply for these benefits online.
WIC
The Women, Infants, and Children, or WIC, program is a federal nutrition program that provides healthy foods to women who are pregnant or breastfeeding and children under the age of 5. The program gives eligible participants coupons they can exchange at the grocery store for specific food items, such as milk, cheese, and cereal.
SNAP
The Supplemental Nutrition Assistance Program, or SNAP, provides low-income families with financial support to purchase food. To be eligible, you must meet specific income guidelines and resource limits. This support can help cover a portion of your grocery budget until you can secure a job.
Medicaid
If you don’t currently have health insurance, you may want to see if you qualify for Medicaid. This health insurance program helps income-eligible adults and children obtain health insurance. While Medicaid is a federal government program, each state sets its own eligibility guidelines. If you’re currently not working or working limited hours, you may qualify for Medicaid.
CHIP
If you don’t qualify for Medicaid, you may still be able to obtain health insurance for your children under the Children’s Health Insurance Program, or CHIP. In some states, pregnant women may also qualify for CHIP. There are no waiting periods or open enrollments with CHIP insurance. Instead, you can apply for this insurance at any time throughout the year.
Social Security Retirement
If you’re aged 62 or older, you may qualify for Social Security retirement payments. You should talk directly to a representative at your local Social Security office to find out how much you can earn a month on Social Security if you retire right now. Keep in mind that the longer you wait to start collecting Social Security, the higher your monthly payments may be.
Social Security Disability
If you have a medical condition that prevents you from working and is expected to last longer than 1 year, you may qualify for Social Security disability, or SSID, payments. The application and approval process can take 6 months or more, so it’s recommended to apply for these benefits as soon as possible if you believe you qualify.
SSI
If you or one of your dependent children has a medical condition that prevents or limits you from working but you’re low-income or don’t have enough work credits to qualify for SSDI, you may qualify for Supplemental Security Income, or SSI. If eligible, you can receive monthly payments and typically qualify for Medicaid automatically.
State and Community Benefits
Depending on where you live, there may also be a number of state and community programs that can provide extra support until you can find a job. For example, many local communities have food pantries and soup kitchens that may be able to provide you with supplemental food options. Some states also offer reduced or free internet and mobile phone services to low-income families. Your local public assistance office or county government offices should provide a list of services for you.
Grants, Scholarships and Loans
If you decide to use your time off to acquire new skills through a training or college program, you may be eligible for various grants, scholarships, and student loans. In some cases, the combination of these programs can cover your cost of living while you’re in school.
Housing Choice Voucher Program (Section 8)
Losing a job can make it difficult to keep up with your rent payments and put you at a higher risk for eviction. To help low-income families maintain secure housing, many states have a Housing Choice Voucher Program, also referred to as Section 8. If you qualify, this program can cover a portion or all of your rent to ensure you don’t lose your housing. Many areas have a waiting list for this program, so it’s recommended to apply for these benefits as early as possible.
3. Look into Self-Employment Assistance Programs
If you’re self-employed, you might be eligible for PUA and PEUC. Other programs, including grants and loans administered by the Self-Employment Assistance Program (SEA), are also available. Reach out to your nearest Secretary of State office to learn about state-centric programs for self-employed people and small business owners.
4. Consider Freelance or Part-Time Work
If you’re currently unemployed and finding it tough to get another job, you could consider part-time or freelance work—or you could start your own small business. Here are a few ideas to get you started:
You might find a permanent full-time job again soon, but why not use this time to study, or to try something completely new? To learn new skills at home, check out Coursera, and create a ZipRecruiter profile to keep looking for employment online.
5. Reach Out for Help
If you’ve gone through all the suggestions listed above and nothing feels doable, reach out for help. Resources like United Way 2-1-1 can help you find ways to pay for food, housing, medical, and financial expenses. Local charities, churches, and community organizations might also be able to help.
What Are Extended Benefits?
Extended benefits are extra benefits the government offers in emergency situations. For example, when the pandemic hit, many states offered extended benefits to deal with the high unemployment levels.
Will Unemployment Benefits Be Extended Again?
While pandemic-related extensions are now over, that doesn’t mean an end to unemployment benefits extensions. If unemployment rates are particularly high in a specific region of the country, the government may decide to offer extended benefits. If these extended benefits are in place, it allows you to receive benefits for a longer period.
Can I Get an Extension on Unemployment Benefits If I Have Exhausted My Benefits?
If your unemployment benefits have been exhausted, you may qualify for extended unemployment benefits if they’re available in your area. To apply for these benefits, you must complete the application. In many states, this application is online. If your area isn’t currently offering extended benefits, you can reapply for unemployment benefits to see if you qualify. If you think your benefits ended too soon, you can always appeal the decision.
Inside: Are you looking for a way to help your kids learn about money? If so, Cash App for kids is the ideal answer. This guide will teach you how to manage money simply by using apps.
Ever wondered why it’s crucial for your kids and teens to have a cashless payment option?
In this digital age, teaching money management skills early to our younger generation is vital.
Having features likeCash App for kids is a great way to introduce them to responsible spending. Not only does it provide a secure method for purchases without the need for carrying physical money, but it also serves as an excellent tool for setting spending limits and tracking budgeting habits.
Plus, it’s a win-win for parents and teens as you can visually monitor transactions while they enjoy a sense of financial independence.
This post may contain affiliate links, which helps us to continue providing relevant content and we receive a small commission at no cost to you. As an Amazon Associate, I earn from qualifying purchases. Please read the full disclosure here.
What is Cash App?
Cash App is a user-friendly financial services platform that allows users to instantly send, receive, and invest money.
It offers a range of services including a free custom Visa debit card and the option to receive paychecks up to two days earlier.
Additionally, with the Cash App, users can instantly buy and sell stocks commission-free and even trade in bitcoin.
Can a child have Cash App?
Yes, a child can have a Cash App account if they are 13 years old or older. However, it requires parental approval.
Remember, this gives your child the opportunity to learn money management, but it also comes with the responsibility of overseeing their spending.
Why would kids need Cash App?
Well, we are moving to a cashless world. There are thousands of stores and restaurants that only offer cash. We learned this when our son went to an MLB baseball game with his middle school. No cash. Only debit or credit cards were accepted as well as Visa gift cards.
So, we needed to give our kids an introduction to modern, simple, and secure ways of money management.
Cash App might be the perfect solution. Another great option is Greenlight for kids.
Cash App – Do More with Your Money
Cash App is a user-friendly financial services platform that allows users to instantly send, receive, and invest money.
Simple way to save on everyday spending and back the way you want.
What are the benefits of using Cash App for kids?
Education: Cash App can be an effective way to teach your children about responsible money handling and the dynamics of a digital economy.
Control: You have the flexibility to set spending limits and disable certain features, ensuring responsible use of the application.
Security: Cash App’s encrypted connection adds an extra layer of security, keeping your kid’s transactions and personal data secure.
Emergencies and convenience: It’s an incredibly handy tool for sending cash to your kid during emergencies. No need to rush, just a tap on your phone, and you can send money.
What cash apps can 13 year olds use?
In today’s cashless society, it’s more important than ever for kids to learn how to manage money digitally.
Below are some alternatives to Cash App that serve well for 13-year-olds:
Description:
The Greenlight debit card is a kid-friendly financial tool designed for comprehensive money management education.
Parents can monitor and control card usage, set spending limits, and track your child’s spending and saving habits.
Learn to earn, save, and invest together. The banking and investing app for kids and teens.
Comes with a debit card
Allows kids to make savings goals.
Limited deposit methods
Monthly fee
Starts at $4.99/month
Description:
Prepaid cards and a family finance app for kids, teens, and parents.
More than money.
A financial education.
If you want your child to learn money habits that match your values, you’re in the right place.
Description:
Cash App is a user-friendly financial services platform that allows users to instantly send, receive, and invest money.
Simple way to save on everyday spending and back the way you want.
Description:
The Greenlight debit card is a kid-friendly financial tool designed for comprehensive money management education.
Parents can monitor and control card usage, set spending limits, and track your child’s spending and saving habits.
Learn to earn, save, and invest together. The banking and investing app for kids and teens.
Comes with a debit card
Allows kids to make savings goals.
Limited deposit methods
Monthly fee
Starts at $4.99/month
Description:
Prepaid cards and a family finance app for kids, teens, and parents.
More than money.
A financial education.
If you want your child to learn money habits that match your values, you’re in the right place.
No bank account needed.
No fancy phone needed.
Affordable for all! Plus free trial!
Mobile setup is not user friendly.
No investing option.
$5.99 month or $3.33/month for 12 months
Description:
Cash App is a user-friendly financial services platform that allows users to instantly send, receive, and invest money.
Simple way to save on everyday spending and back the way you want.
Only able to spend what is loaded on Card.
Free CashApp debit card.
No maintenance or annual fees.
Not FDIC insured.
No parental controls.
Remember, each app has its own unique strengths and weaknesses. Do some research and try out a few to see which one best suits your teen’s financial needs.
How do I create a Cash App account for my child?
Teaching kids about money management is vital for their financial future.
One excellent way to do this effectively is by setting up a Cash App account for children, giving them practical experience in handling finances while under a parent’s supervision. Also, known as a sponsored account.
This guide will walk you through the process of creating a Cash App account for your child and highlight the numerous benefits it offers.
Step 1: Download Cash App
To download Cash App, click this Cash App link to make sure you are in the right spot. Both you and your teen will need to do this step.
It’s easily recognizable – look for the white dollar sign on a green background. Once you’ve found it, simply hit ‘Install’ and sit back while your phone does the work.
Remember, this green goodness is only accessible to users in the United States.
When learning which payment type is best when trying to stick to a budget, you will be pleasantly surprised at how well Cash App works.
Step 2: Create an Account
This is a simple process. Both the teen and the adult will need to do this step separately. If as the parent you don’t have a Cash App account, then you will need to do this step.
To create a Cash App account, follow these steps:
Once installed, open the application and follow the on-screen instructions to set up your account.
You will have to enter your phone number or email address.
For security certification, the Cash App will send you a secret code to verify you. Enter it.
Select a $cashtag, which is a unique username to send and receive money (similar to Venmo)
Step 3: Connect a Bank Account
For the parent account, you need to complete this step and the teen will need to wait.
Remember, in “My Cash” you’ll spot the “Add Money” option for funding.
Open Cash App; it’s the icon with a white dollar sign on a green background.
Tap the top-right profile icon.
Navigate to “My Cash” – it’s a tab on the home screen.
Click “Link a Bank,” nestled within the options.
Follow the prompts to add your bank account or debit card info.
Once your card is linked, you’re all set.
Learn where can I load my Cash App card.
Step 4: Authorization Request of a Family or Sponsor Account
Now, you must link the two accounts together. Cash App calls this a sponsored account. There are one of two ways to accomplish this.
Option #1 – Parents Initiate the Request
To invite someone 13-17, then open the app:
Tap the Profile Icon on your Cash App home screen
Select Family
Tap Invite a teen
Follow prompts to share links using text or email
Option #2 – By the Teen
On the Home Screen, tap the Cash App profile icon.
Proceed to Family Accounts and choose the option “I’m a Teen”.
Complete the Cash App for Kids application form with your details including your name and birthday.
Hit the Request Approval button.
Enter the name, email, phone number, or $CashTag of your parent/guardian.
Lastly, tap Send. This will send an authorization request to your parent or guardian’s Cash App account. They need to approve this request before you can start using the app.
Note: You can’t add funds, send payment, or request a Cash Card until this authorization is approved.
Step 5: Have Your Child Design and Order a Free Cash Card
Now, the fun part! Ordering your own Cash App Card.
Designing and ordering your Cash Card is packed with creativity and ease.
Customize your card to represent your unique personality, with choices ranging from the material, font size, and base design, to text lines.
You can seek inspiration from an array of cool Cash App Card design ideas. Notably, the glow-in-the-dark cards are quite popular among minors.
The whole process is about making your debit card unmistakably yours.
Step 6: Limitations on Certain Features
Certain financial apps cater to teens by setting limits on transactions.
For example, a teen on Cash App can send and receive up to $1,000 every 30 days. This safeguard is designed to prevent overspending and encourage smart budgeting practices.
Furthermore, parents and guardians have the option to impose their own customized spending limits through the app according to their teen’s financial maturity. However, it’s essential to keep in mind, that these apps are not recommended to be used by teens just like regular accounts due to the risks of misspending and overspending.
Be aware that certain transactions are blocked, including bars, dating services, and rental car services
Encourage your kids to use robust, unique passwords and activate features like PIN lock and facial ID to enhance security.
You can ensure safety by setting a PIN, turning on notifications, and limiting money requests to ‘contacts only’.
This is similar to understanding the advantages of mobile phones for kids.
Step 7: Pick a unique $Cashtag
Tell your child to select a unique and fun $Cashtag for their Cash App account. It’s like a username and can be used in transactions.
Emphasize the originality of the $Cashtag as it needs to be unique.
Expert Tip: To secure their $Cashtag, avoid using personal information like birthdate or social security number. Instead, opt for quirky, fun, and uncommon word combinations.
Step 8: Send & receive money
Cash App provides an easy-to-use platform for instantly transferring money between friends and family at no cost.
A few quick taps allow users to request, receive, or send money, presenting a convenient method for paying a dinner, settling rent with roommates, or any other financial interactions.
In addition, users get a free custom Visa debit card, which they can order directly from the Cash App for both virtual and physical use. The card enables users to make purchases from any merchant accepting Visa cards.
Plus, with the Cash Boost feature, users gain from immediate discounts at select restaurants, stores, applications, and websites when they use their Cash App card.
An Alternative – Use Greenlight Debit Card for Kids
Looking for an all-in-one alternative to the Cash App for your kids?
Explore the Greenlight Debit Card for kids – a superb choice for money management and financial education.
The Greenlight debit card is a kid-friendly financial tool designed for comprehensive money management education.
Parents can monitor and control card usage, set spending limits, and track their child’s spending and saving habits.
Plus it offers 1% cash back on all purchases and up to 2% interest on savings, this card is accepted anywhere MasterCard is used and comes with built-in features that include educational programming and real-time notifications for every transaction.
Greenlight
The Greenlight debit card is a kid-friendly financial tool designed for comprehensive money management education.
Parents can monitor and control card usage, set spending limits, and track your child’s spending and saving habits.
Pros:
Offers a comprehensive financial education pathway
Broad acceptance due to affiliation with Mastercard
Parents retain control over spending limits
Real-time notifications improve security
Cashback rewards are an added bonus
Cons:
Greenlight charges a monthly fee starting from $4.99
Limitations on direct deposits
No possibility for payments from Paypal, Venmo or Apple Cash
Kids under 13 require parental access
Some transaction types are blocked
It’s an innovative and secure financial platform for kids, with plans starting at $4.99 a month.
Safety Measures for Using Cash App for Kids
Educating children about safety measures while using cash apps and debit cards is crucial in today’s digital age.
With increased online scams, it’s important that kids understand the equivalence of digital cash to real money and how to protect their accounts.
This brief overview will highlight key practices to ensure your child’s safety when handling digital transactions.
1. Know the App’s Safety Features
Knowing the app’s safety features is crucial for maintaining security while using cash apps.
These features can include password protection, two-step verification, and biometric scans such as fingerprint or facial ID. Many apps also offer robust encryption to secure data and transactions.
Keeping abreast of the app’s safety protocols not only helps safeguard against potential scams but also instills a better understanding of digital literacy. Understanding these safety measures and functionalities can greatly lessen the likelihood of falling victim to fraudulent activities.
Make sure they don’t learn how to unlock borrow on CashApp!
2. Talk to Your Kids About Money
It is essential to talk to your children about financial literacy from an early age especially if your parents never spoke about money.
Start by making them aware of the concept of saving by using tools like a piggy bank and elucidate the value of delayed gratification.
As they mature, introduce them to the functionalities of debit cards and apps like Cash App that provide hands-on experience in managing finances. Teach them about budgeting, saving, and investing in an age-appropriate manner.
Above all, impart the message that money doesn’t just grow on trees and that every purchase needs to be evaluated against future needs and plans.
3. Use Account Alerts to Stay Up to Date
Account alerts on Cash App are not only handy but critical to your kid’s financial safety. Setting them up is a breeze.
Firstly, head to the “Notification” tab in your app settings.
Thereafter, opt for “Account alerts” and switch it on. This will ensure you’re notified of all transactions.
For an added layer of security, enable “Suspicious activity” alerts; this helps to flag any odd movements swiftly.
4. Set Up a Strong Account Passwords
It is crucial to ensure that your online accounts are secured with robust and unique passwords.
Complex passwords that incorporate a mix of uppercase and lowercase letters, numbers, and special characters can provide a strong line of defense against unauthorized access. Also, you should look at changing these passwords regularly, which further enhances security.
Using a password manager, either online or paper-based, can assist in maintaining and keeping track of different account credentials, maximizing security while minimizing the risk of forgetting passwords.
However, if opting for a paper-based version, it is crucial to store it in a secure and confidential location to prevent unauthorized access.
5. Have a Conversation About Scams and Fraud
The proliferation of digital transactions and cash transfer apps has given rise to numerous scams, making it critical for users to look out for fraud.
Online scams can result in financial loss, with cash apps often not assisting in the recovery of misdirected funds due to errors or fraudulent activities.
Additionally, cybercriminals use these scams to steal personal data, leading to issues like identity theft and fraudulent transactions. Furthermore, the anonymity of digital platforms enables scammers to disappear without a trace after executing a scam, sometimes befriending and exploiting minors.
Therefore, everyone must stay vigilant about potential scams to protect their money, personal information, and overall digital safety.
Key Tips to Watch for:
Discuss current scams happening. Use reliable resources to educate them about how fraud works and precautions to take.
Teach them to *slow down* during transactions to avoid sending money to the wrong contacts.
Advise against sending money to strangers to avoid being scammed.
6. Check Bank Accounts for Any Unauthorized Payments
As a parent, it is essential to regularly check your teen’s checking accounts linked to their mobile wallet for unauthorized payments.
By staying vigilant, you can detect suspicious activity early and prevent possible instances of fraud.
Tracking their spending patterns also helps you understand if they are managing their digital money wisely or if there are sudden changes in their spending habits.
Remember, it is better to be proactive in monitoring these accounts, as most money transfer app funds are not FDIC insured, making the recovery of accidental transfers or payments a challenging task.
7. Ability to Give Your Kids an Allowance
If you choose to do so, giving your kids an allowance on Cash App is a safe and effective way to teach them about responsible money management. It provides hands-on experience while putting the power of monitoring in your hands.
To set this up, simply create an account for your minor and periodically send money to it as an allowance. They can spend or save it, while you observe their spending habits.
This is a simple way for kids and teens to start managing a small amount of money.
Cash App – Do More with Your Money
Cash App is a user-friendly financial services platform that allows users to instantly send, receive, and invest money.
Simple way to save on everyday spending and back the way you want.
Which cash app will you choose for your kids
To sum it up, equipping your kids with financial responsibility via Cash App or Greenlight is an intelligent move.
These apps provide a platform for learning about savings, investments, and the value of money.
Although risk exists its potential scams, with proper guidance, your teen can safely navigate this. The added perks of trading, direct cash exchanges, and options like BusyKid and Bankaroo can further enrich their financial literacy journey.
So, which digital wallet will you pick for your kid’s first leap into financial independence?
Know someone else that needs this, too? Then, please share!!
Is your poor credit history preventing you from obtaining your financial goals, such as getting a credit card, buying a car, or purchasing a home? If so, there are steps you can take right now to improve your credit score in as little as three months.
This article provides actionable steps you can take today to start on the path to rebuilding your credit.
In This Piece
How Quickly Can You Improve Your Credit?
The exact amount of time it can take to repair your credit score depends on several factors, such as your current credit score, the amount of debt you owe, your ability to repay your debt, and your overall credit history.
Despite this, you can start making improvements in as little as three months. Below is a look at five things you can do to improve your credit score, along with tips to keep in mind.
1. Pay Off the Debt You Can
Start by paying off as much debt as possible. There are several strategies you can use to pay down your debt, including the debt avalanche method, the snowball method, and a debt consolidation loan. No matter which method you use, the faster you can pay down some of your debt, the sooner your credit can start to improve.
Keep in mind that it could take your creditors up to 30 days to report payments to the credit bureaus and another 30 days for the credit bureaus to post these payments to your account.
2. Minimize Your Credit Utilization
Your credit utilization ratio accounts for up to 30% of your overall credit score. This ratio compares the amount of credit you have available with the amount of credit you’ve used. It’s recommended to keep this ratio below 30%. If you’re having trouble hitting this number, here are some things you can do.
Ask for a Higher Credit Limit
If your credit utilization ratio is above 30%, you can ask your credit card company to increase your credit card limit. This strategy will increase the amount of credit you have available, which can help lower your credit utilization ratio.
Use as Little Credit as Possible
Instead of using your credit card to make multiple or large purchases, consider using another method to pay. The less you have charged to your credit card, the better your credit utilization ratio will be.
Taking these steps to decrease your credit utilization rate could start to improve your credit in as little as 60 days.
3. Keep an Eye on Your Credit Report
According to a recent study, 34% of Americans found at least one mistake on their credit report. Just one credit card error could damage your credit score. This is why it’s so important to keep an eye on your credit report.
You can request a free credit report from all three major credit reporting agencies, Experian, Equifax, and TransUnion, at annualcreditreport.com. Obtaining your credit report is just the first step; you also want to perform the following tasks.
Check Your Report for Errors
Carefully review your credit report to make sure all the information listed is correct, including your personal information and account details. Make a list of any incorrect information and any accounts or personal information that’s missing.
Dispute Inaccurate Information
The best way to remove incorrect information on your credit report is to file a dispute with the credit reporting agency. Write a dispute letter that clearly explains what inaccurate information is listed on your credit report and why it’s incorrect. Submit this letter, along with any supporting documents, to the credit bureaus listing the error.
Typically, the credit reporting agencies have up to 30 days to investigate your dispute and another 5 days to let you know their decision.
Ask if Lenders Will Remove Paid-Off Items From Your Report
Many lenders report past-due accounts to credit reporting agencies to entice customers to pay their debts. Once you pay your debt off, the lender may be willing to remove this debt from your credit report. Contact your lender directly to make this request.
It could take days, weeks, or months to receive a clear answer from your lender. If they do agree to remove this debt, it could take up to 60 days to reflect on your credit report.
How to Add Your Utility Bills to Your Credit Report
Typically, utility companies don’t report on-time payments to the credit bureaus. You can, however, work with a reporting service company, such as Credit.com’s ExtraCredit service, to make sure these payments along with your rent payments are listed on your credit report. This step can help prove you have a strong payment history.
Once you sign up for a credit reporting service, you can expect to see these payments on your credit report within 60 days.
4. Consider Applying for a New Line of Credit
Having a mix of different types of credit accounts, such as revolving credit accounts and fixed-payment accounts, makes up to 10% of your credit score. If you want to boost your credit score, it’s important to have a nice mix of different accounts. Below is a look at some types of credit accounts you may qualify for even if you don’t have good credit.
Are Credit Builder Loans Right for You?
As the name suggests, credit builder loans are designed to help you build credit. This type of loan is different from traditional loans, as you don’t have access to the money until you make all your payments. Obtaining a credit builder loan can be a great way to save money while building your credit because these lenders often report loan payments to the credit bureaus.
Types of Credit to Consider
If you can’t obtain a traditional credit card, there are other options, such as:
Secured credit card. With a secured credit card, you’ll be required to put down a cash security deposit prior to obtaining your card. Otherwise, these credit cards work just like traditional cards and can help you build your credit.
Authorized user. If you can’t obtain your own credit card, you can ask a friend or family member to add you as an authorized user to their account. If the credit card company reports your authorized user status, it can help build your credit.
Tips for Applying for New Credit
While maintaining a mix of credit accounts can help you build your credit, you want to make sure you don’t open too many new accounts too quickly. This action could damage your credit score due to excessive credit inquiries. Instead, take it slow and gradually open a mix of accounts.
Opening just two different types of credit accounts, such as a car loan and a credit card, can impact your credit as soon as they’re reported on your credit report.
5. Keep on Top of Your Finances
Keeping on top of your finances is a very important building block in your credit foundation. Start by building a budget and sticking to it. This step can make sure you don’t overspend, help you start to save money, and learn to be more conscious of how you’re spending your money on credit.
What to Do if You Don’t Have Credit
If you currently have little to no credit, you may be wondering how you can build credit in just a few months. Taking some of the steps above, such as working with a reporting service company, obtaining a secured credit card, or becoming an authorized user, can help you build credit as soon as they are reported.
Knowing how to raise a credit score in three months is just the first step. Now, it’s time to take action.
In May 2021, the median price for a home was $350,300. That reflected a 23% increase year-over-year, demonstrating that the housing marketing was bustling after the impact of the COVID-19 pandemic. But it’s not just a rise out of the pandemic that has created a competitive housing market in 2021 and beyond. The record high in May 2021 followed 111 months of year-over-year gains, starting in March 2012.
In 2021 and 2022, the housing marketing has been awash in demand. But there aren’t enough homes to go around, leading to bidding wars and other challenges for buyers. Looking at this landscape, you may wonder, can you buy a house with bad credit?
The Challenges of Buying a Home with Bad Credit
Mortgage lenders look at a lot of factors to determine if you qualify for a home loan. Of course, your annual income and debts are crucial, but your credit score is also a significant factor. Applicants with great credit scores—750 or higher—tend to have an easier time getting approved for a mortgage and getting the most competitive interest rates available. Applicants with credit scores below 650 may have a more difficult time getting approved for a mortgage or securing low interest rates.
For a mortgage lender, all applicants present some sort of calculated risk. Lenders perceive those with higher credit scores as being at lower risk of foreclosure or defaulting on their home loans. As a result, people with high scores can get a lower interest rate and more favorable terms on a loan. Unfortunately, those with bad credit scores are automatically perceived to be a higher risk and—if they can get a loan—may end up paying higher interest rates and having to agree to less appealing terms that come with a bad credit mortgage.
COVID-19’s Impact on Buying a Home
The pandemic had some impact on the mortgage-buying process. That’s true for individual buyers as well as the entire process.
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Homebuyers may have faced financial struggles during the pandemic, for example. Job or income loss could have led to difficulties paying bills or the need to take out loans to cover living expenses short-term. Those situations can impact credit and your ability to get a home loan.
At the same time, the Federal Reserve dropped interest rates in 2020 to help support the struggling pandemic economy. One result was that buying a house became very attractive, in part due to the lower overall cost of the loans.
Bad Credit in a Competitive Market
But now rates are increasing again—and may continue to rise throughout the year. Increasing rates may decrease competition between buyers, but they can make it more difficult for someone with less-than-great credit to buy a home for a number of reasons, including:
You may not be able to outbid others. Lenders may be willing to take a risk on someone with poor credit, but that risk is usually fairly limited. That means you may not be able to get approved over a certain amount, limiting how much you can pay for any home.
Your loan options may limit you. Buying a house with bad credit often means leveraging a government-backed loan, such as FHA or USDA loans. These loans must follow certain requirements about loan-to-value ratios, inspections and other steps to buying a home. In today’s housing market, having to stick to strict requirements can put you at a disadvantage.
Sellers may not choose your offer. Even if your offer is competitive, if you’re bidding with an FHA loan or other such financing, sellers may opt for a cash offer or one backed by a traditional commercial loan. Right or wrong, there’s some perception that cash or traditional loan offers are more likely to go through.
How to Buy a House with Bad Credit
It’s not all a lost cause, though. There are options for buying a home with poor or bad credit, such as Federal Housing Administration (FHA) loans. That’s true even in a competitive market.
FHA Loans
FHA loans have some of the most lenient qualification requirements. And they’re available to any homebuyer, not just first-time buyers.
To be eligible for an FHA loan, you need a credit score of at least 500. You’ll also have to meet other requirements, including appropriate debt-to-income ratios and not having certain types of open collection accounts in your credit history. Overall, you need to demonstrate to the lender that you’re reasonably able to pay the mortgage associated with the loan.
If you have a credit score between 500 and 579, the loan-to-value ratio is limited to a maximum of 90% on any FHA loan you might be approved for. That means you’ll need to come up with at least 10% of the purchase price as a down payment. For example, if you buy a home for $200,000, you’ll need at least $20,000 for the down payment.
If you have a credit score of 580 or above, you could be eligible for maximum financing. That means you may be able to get a loan with as little as 3.5% down.
VA Loans
Veterans Administration loans are available to military veterans and qualified spouses. The VA doesn’t set a specific credit score requirement for its programs, though it does state that borrowers will need to meet creditworthiness requirements. At the very least, the lender must determine that you have the means to pay the mortgage.
Some benefits of VA loans include:
They don’t necessarily require a down payment
No requirement for PMI, even if you don’t put down 20%
Competitive interest rates you might not be able to access elsewhere
USDA Loans
The United States Department of Agriculture offers mortgages to home buyers in eligible rural areas whose incomes fall in the low-to-average income range for their areas. The USDA doesn’t publish a minimum credit score requirement. It simply states that borrowers must have the willingness and ability to repay the loan, as demonstrated in part by their credit history. USDA lenders must look at three years of credit history.
Other Options
There are ways to increase your chances of getting approved for a mortgage with bad credit, even if you don’t want to go with one of the above government-backed options. Consider saving up for a larger down payment. A larger down payment reduces the amount you need to borrow and increases your likelihood of getting approved for a mortgage.
You may also be able to avoid the need for Private Mortgage Insurance with a higher down payment. Bypassing the need for PMI can easily save you $1,000 per year or more. It also frees up more money so you can pay down other debts, which can improve your credit.
Know Your Credit Score
If you’re thinking about trying to buy a home in the near future, the first step you should take is finding out where your credit stands. Begin by looking at your current credit reports and carefully reviewing them. Specifically, be on the lookout for any mistakes or errors on your report.
If you notice something incorrect on your report, you can file a dispute—most credit bureaus let you file a dispute online. You should also take the time to calculate how much of a mortgage you can reasonably afford before applying for one.
If you’re not sure what your credit score is, you can see your credit score for free on Credit.com. You also get a free credit report card that shows you ways to improve your credit score in each of the five areas that factor into how your score is calculated.
For even more information about where your credit stands, consider signing up for ExtraCredit®. You’ll get access to 28 of your FICO® scores, including the type of scores used by lenders to evaluate you as a mortgage borrower.
Once you know where you stand with your credit score and have done what you can to improve it, you can start shopping for mortgage rates and loans.
Has a close friend or loved one asked you to cosign a loan or credit card? You may be tempted to help them out. But does cosigning hurt your credit? Becoming a cosigner may not immediately affect your credit. However, there are many circumstances when this type of financial agreement could impact your credit negatively.
Before you agree to cosign on a credit card, student loan, car loan, home mortgage, or any other credit account, it’s important to understand the advantages and disadvantages of becoming a cosigner and what impact it could have on your credit score.
What Is a Cosigner?
A cosigner is someone who guarantees that they will be legally responsible for paying back a debt if the borrower cannot pay. Some of the best people to cosign are trusted friends or family members with a good credit history and a solid income history.
How a Cosigner Helps
A loved one might ask you to cosign to help them qualify for a loan if they:
Don’t meet the minimum income requirements for a loan
Have no established credit
Have bad credit
Meet the minimum income requirements, but their debt-to-income ratio is too high
Are self-employed
Changed jobs recently or their income is variable
Getting a cosigner only helps, though, if they pay their cosigned loan as agreed. Doing so will help them to build a good payment history, which will also give their credit score a lift.
If they manage their cosigned loan payments responsibly, they can reap the benefits and watch their credit score climb over time.
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How Cosigning Affects Your Credit
When you cosign a loan, credit card, or other credit account, you’re agreeing to be financially responsible for that loan. This means that if the primary borrower fails to make payments on the account, you’re legally liable for paying the remainder of the debt in full.
Although you’re the cosigner, lenders treat the loan as if it’s yours. Depending on the type of credit account or loan, it could impact your credit utilization ratio, which accounts for up to 30% of your credit score.
Does cosigning on a car loan for a family member affect your credit? Yes, lenders view this new loan as if it were your loan, affecting your credit utilization ratio. Depending on your specific situation, the new loan could lower your credit score almost immediately.
However, if the primary borrower continuously makes on-time payments, being a cosigner could positively impact your credit in the long run.
Does Cosigning Show up on Your Credit Report?
Once you cosign a loan or credit card, it’s likely to show up on your credit report. In fact, the only way the new credit wouldn’t show up on your credit report is if the lender fails to report it.
It’s important to note that most lenders report loans and credit accounts to the credit bureaus. Even if the new account doesn’t immediately show up on your credit report, the lender could report late or missing payments at a later date. If the loan goes into default or collections, this too could be reported on your credit report.
Not only is the new account likely to appear on your credit report, but it’ll show as if it’s your personal loan. Lenders don’t distinguish between your personal loans and those that you cosign.
Does a Cosigner Need to Have Good Credit?
The answer is yes. Lenders treat cosigners just as they do the primary account holder. They want to know that you can financially afford to pay for the loan and have a good credit history. Once you submit the application as a cosigner, the creditor will conduct a hard inquiry on your credit.
Before you agree to be a cosigner, you may want to check your credit score with Credit.com’s Credit Report Card. While each lender has its own credit requirements, most expect a cosigner to have good credit with at least a 670 credit score.
What Are the Disadvantages of Cosigning?
There are numerous risks involved in becoming a cosigner. The most crucial disadvantage is the impact cosigning can have on your credit. Not only can becoming a cosigner increase your credit utilization ratio, but late or missed payments, repossessions, and loan defaults can be detrimental to your credit.
If your credit score drops, you could have trouble securing new credit in the future. For example, you cosign a personal loan for a friend, and this friend stops making payments and defaults on the loan. This could damage your payment history and credit utilization ratio as well as lower your credit score. Depending on the impact on your credit score, it could affect your ability to secure a loan in the future, such as a car loan.
Most importantly, if the primary account holder fails to make on-time payments, it could destroy your relationship.
What Are the Advantages of Cosigning?
The biggest advantage of cosigning a loan is that it gives you the opportunity to help a loved one build their credit. You can also help a loved one reach their personal and financial goals. For example, cosigning a student loan for your child can help them obtain the degree they need for their career.
If all goes well, cosigning a loan may also boost your credit score. First of all, having a mix of credit accounts makes up about 10% of your credit score. If this is a new type of loan, it could help you improve that rating.
Secondly, if the primary account holder continues to make on-time payments, it can help boost your payment history.
Disadvantage of cosigning
Advantages of cosigning
You’re responsible for repaying the loan if the primary account holder stops paying.
You can help a friend or family member build their credit and reach their personal or financial goals.
Late payments, repossessions, loan defaults, and increased credit utilization can negatively impact your overall credit score.
Adding new credit could increase your credit mix, which accounts for up to 10% of your credit score.
Cosigning a loan could impact your ability to secure future credit for yourself, such as a car loan.
If the primary account holder continues to make on-time payments, it could boost your credit score.
Issues with the loan and payments could destroy the relationship between the cosigner and the primary account holder.
How to Remove Yourself as a Cosigner
Once you agree to be a cosigner, removing yourself from the account can be difficult, but not impossible. In almost all cases, you’ll need the primary account holder’s permission to remove yourself as a cosigner.
Some student loans and auto loans offer a cosigner release process. While this can make it easier, securing approval can still be very difficult. However, if the primary account holder has established good credit during the duration of the loan, it may be possible.
If the loan doesn’t offer a cosigner release option, it’ll likely require a new agreement with the lender to remove yourself as a cosigner. If the lender doesn’t agree to this arrangement, the primary account holder can consider refinancing the loan without a cosigner or taking out a consolidation loan. Since these would be new loans, both options will remove you from the cosigned loan.
Does Removing a Cosigner Affect Your Credit?
Removing yourself as a cosigner of a loan will also remove all the data related to that loan. So, if the primary cardholder made consistent on-time payments, removing yourself could actually lower your credit score.
If, on the other hand, that account has several missed or late payments, removing yourself from the loan could help repair your credit.
Questions to Think About
Before you agree to become a cosigner, there are several things you should consider, such as:
Do you have good credit?
Can you afford to take over the payments if necessary?
Do you trust the primary account holder?
Can the primary account holder afford the payments?
Does the primary account holder have a steady employment history?
Why does your loved one need a cosigner?
Are there other options to help your loved one build credit?
Knowing the answer to these questions can help determine if being a cosigner is the right option for you.
Are you looking for the best side jobs for teachers? Teaching is a great career choice and teachers are very much needed in the world. Unfortunately, though, it is not the highest-paying job that exists. Due to that, you may be looking to find ways to make extra money as a teacher. Side hustles for…
Are you looking for the best side jobs for teachers?
Teaching is a great career choice and teachers are very much needed in the world. Unfortunately, though, it is not the highest-paying job that exists. Due to that, you may be looking to find ways to make extra money as a teacher.
Side hustles for teachers are great because they can help you make extra income, pay off debt, save for a vacation, and more.
Teachers have many useful skills, which make them a great fit for many different side hustles alongside their main teaching job.
Quick Summary on Side Jobs For Teachers:
Online tutoring and selling lesson plans are popular side jobs for teachers that use their existing skills
Selling crafts, selling printables, or teaching online courses can be a nice creative outlet
Short-term and seasonal side gigs like coaching sports or teaching summer school may be better for your schedule than year-round gigs
Best Side Jobs For Teachers
There are 36 side jobs for teachers listed below. If you want to skip the list, here are some jobs that you may want to start learning more about first:
Below are 36 side hustles for teachers.
1. Sell educational printables
Selling educational printables can be a great way for teachers to make extra income and it is great for anyone who wants to learn how to make passive income as a teacher.
An educational printable is a teaching resource, either digital or physical, that educators create to help with learning.
Other teachers buy these for their classes and so do parents.
Educational printables are things like math problems, vocabulary cards, and science experiments. They work for different grades and learning goals, making it an easy way to add to regular teaching or homeschooling. You can share these resources online or print them for in-person classes, making them a helpful tool for improving education.You can learn more at How I Make $400,000 Per Year Selling Educational Printables.
Do you want to make money selling printables online? This free training will give you great ideas on what you can sell, how to get started, the costs, and how to make sales.
2. Tutor online or in person
Tutoring services or helping kids get ready for standardized tests either online or in person can be a great side hustle for teachers.
This option can be a natural fit, as you can use your teaching skills to tutor students.
To start, check out different online tutoring websites like Tutor.com or you can also do in-person tutoring sessions. For in-person tutoring sessions, you can contact local tutoring companies or promote your services on social media or in local Facebook parent groups for your area.
3. Sell your lesson plans
As a teacher, you already make lesson plans for your classes. You can actually sell your lesson plans, earn extra money, and help other teachers.
The most popular platform for this kind of side job is Teachers Pay Teachers (TPT). Here, you can upload your lesson plans, activities, assessments, and other educational resources. Each time someone purchases one of your items, you’ll earn some income.
Lesson plans need to be well-organized, easy to understand, and tailored to specific grade levels and subjects (such as fifth grade math). You should include clear objectives and step-by-step instructions to make your lesson plans more appealing to potential buyers.
4. Coach a school sport or other after-school program
Coaching a school sport is something that you can do within your own school district as many schools are in need of help with their sports teams.
Some sports and after-school programs that can be a teacher’s side hustle include soccer, basketball, volleyball, and track-and-field, as well as clubs such as yearbook, chess, choir, and more.
5. Start a dog bakery
Starting a dog bakery can be a fun side job for teachers who love both dogs and baking.
You can make an extra $500 to $1,000, or even more, each month by making treats for dogs. You can make dog treats like cupcakes, cookies, cakes, and more.
You can learn more at How I Make $4,000 Per Month Baking Dog Treats (With Zero Baking Experience!).
6. Sell crafts on Etsy
Selling crafts on Etsy can be a great way to make extra money by being creative.
Etsy is a website where people from all over can buy and sell handmade and digital products.
Some ideas for products you can create and sell on Etsy that are teaching-related include:
Classroom decor items
Educational games and activities
Customized planner pages and stickers
Flashcards and study materials
Of course, you can create things that aren’t related to teaching at all, such as knitwear, jewelry, and more.
7. Sell on Teachers Pay Teachers
Teachers Pay Teachers (TPT) is a site specifically for educators to buy and sell educational materials, and this is a popular teacher side hustle. If you’ve developed lesson plans, worksheets, or other teaching tools for your classroom, you can share and earn from them on TPT.
I know I talked about selling education printables and lesson plans above, but I want to talk more about Teachers Pay Teachers in its own section because it is such a popular teacher side hustle.
You can sell:
Lesson plans and unit studies
Worksheets and printable activities
PowerPoint presentations and interactive notebooks
Posters, charts, and visual aids
For example, I looked on Teachers Pay Teachers and searched for third grade lesson plans. There, I found over 49,000 results such as math lesson plans about rounding, substitute teacher plans for third graders, reading comprehension lesson plans, and more. Here’s an example of one that you can look at.
The average teacher on Teachers Pay Teachers can make around $300 to $500 extra, but there are some teachers that make hundreds of thousands of dollars extra each year.
8. Babysit
As a teacher, you may find that babysitting is an easy side job to pick up, and, depending on where you live, you may be able to earn around $15 to $25 an hour. Parents love hiring teachers as babysitters because they have so much experience with children.
While babysitting, you’ll find that your existing skills from teaching make a difference in providing the best care possible.
9. Teach English as a second language online
Teaching English as a second language (ESL) online is a popular side job for teachers. As an online ESL teacher, you can help students learn English and work from home.
Most jobs require you to be a fluent English speaker with a bachelor’s degree.
10. Teach summer school
One of the obvious ways for teachers to make extra money in the summer is to teach summer school.
It’s a great way to make use of your teaching skills while earning extra income. Plus, summer school takes place during summer break, so it should fit well with your schedule of already being off from school.
11. Summer camp counselor
Another great option during the summer months is to become a summer camp counselor.
As a counselor, you’ll supervise children in activities such as sports, arts, and crafts. Camps are always looking for instructors with teaching experience, making this a good side job for educators.
12. Grade papers
Grading papers as a side job may appeal to you if you’re looking for a more flexible, at-home option.
Companies such as Measurement Inc. hire teachers to grade student work, such as essays and test answers.
They are hiring evaluators to score in the subjects of English, mathematics, science, and more and pay starts at $15 per hour.
13. Work at a restaurant
If you’re looking for something completely different from teaching, you could take a part-time job at a restaurant.
Working in restaurants can be a good fit for teachers because they often offer flexible hours that can align with your teaching schedule. You can choose jobs like being a server, host, and more.
14. Proofread
As a teacher, you are probably already a great proofreader and are able to spot mistakes easily. With these skills, proofreading can be a great side job. By proofreading, you can help authors, website owners, students, and more improve their writing while earning some extra income.
Even the most skilled writers can make mistakes in grammar, punctuation, and spelling. That’s why hiring a proofreader can be very helpful for pretty much anyone and everyone.
If you want to find online proofreading jobs, I recommend watching this free 76-minute workshop all about how to get started proofreading.
Recommended reading: 20 Best Online Proofreading Jobs For Beginners (Earn $40,000+ A Year).
15. Blog
Blogging can be a fun way for you, as a teacher, to make extra money from home. Many blogs are run by teachers, and I completely get why – you can blog in your spare time and you don’t have to stick to any formal schedule.
To start your own blog, first, choose a topic that you’re interested in writing about, maybe something related to your teaching field or a hobby you enjoy.
You can make money from your blog in ways such as:
Affiliate marketing – Share links to products or services related to the topic you are writing about, and earn a commission for sales generated from your referral links.
Advertising – Include display ads or sponsored posts on your blog.
Courses and ebooks – You can create courses or ebooks related to your area of expertise, and sell them through your blog.
Since I began Making Sense of Cents, I’ve made more than $5,000,000 from my blog, and it all started as a side job.
Learn more at How To Start A Blog FREE Course.
Similar to blogging, a teacher could also start a YouTube channel, a TikTok, and more.
16. Freelance write
If you are looking for side jobs for teachers from home, then becoming a freelance writer can be a great choice.
Freelance writers write content for blogs, websites, magazines, newspapers, advertising companies, and so much more.
You can find different writing jobs on platforms like Upwork and Fiverr, or even find clients on your own, such as by reaching out to websites that you are interested in writing for.
Recommended reading: 14 Places To Find Freelance Writing Jobs – (Start With No Experience!)
17. Transcribe
An online transcriptionist’s job is to listen to video or audio files and then type out everything that they are hearing. There are many different types of transcriptionists, such as legal, general, and medical transcriptionists.
This job requires strong typing and listening skills, and you can work from home on your own schedule.
Transcriptionists earn around $15 to $30 per hour on average.
I recommend watching FREE Workshop: Is a Career in Transcription Right for You? You’ll learn how to get started as a transcriptionist, how you can find transcription work, and more.
Recommended reading: 18 Best Online Transcription Jobs For Beginners To Make $2,000 Monthly
18. Flip used items for resale
Flea market flippers find underpriced items at flea markets, yard sales, and thrift stores, then resell them for a profit. This job requires a good eye for finding valuable items that you believe can be sold for a higher price.
As a teacher, you could find and sell items in the evening, on the weekends, over holiday breaks, and in the summer. You get to make your own schedule, and it can be however many or few hours as you want.
Some items that you can resell include:
Vintage furniture
Collectibles, such as toys, coins, stamps, books, and more
Sporting equipment
Clothing
Electronics
I recommend signing up for a helpful webinar on this topic, How To Turn Your Passion For Visiting Thrift Stores, Yard Sales & Flea Markets Into A Profitable Reselling Business.
19. Bookkeep
Bookkeepers are people who keep track of all the money-related things for businesses. Bookkeepers do tasks like:
Tracking income
Organizing expenses
Making financial reports
This is typically a flexible job that you can do from home on your own time.
You can join the free workshop that focuses on finding virtual bookkeeping jobs and how to begin your own freelance bookkeeping business by signing up for free here.
Recommended reading: How To Find Online Bookkeeping Jobs
20. Sell Canva templates
Creating and selling Canva templates online allows you to work from home in your free time.
A Canva template is like a pre-designed layout that you can use for creating things like social media graphics, Pinterest pins, ebooks, or presentations. It is a helpful starting point if you’re not very skilled at designing from scratch. Business owners, marketing professionals, nonprofit organizations, educators, event planners, restaurants, and more buy templates all the time.
Canva templates come with blank spaces where buyers can add their own words or pictures, adjust colors and fonts, and more. They’re useful for people who want their graphics to look high quality without spending a lot of time in the process (or perhaps they don’t know how to do it so templates help them a lot!).
Making and selling Canva templates can be a great way to earn extra money as you only need to create them once, and then you can sell them as many times as you’d like.
Recommended reading: How I Make $2,000+ Monthly Selling Canva Templates
21. Rover (walk and watch pets)
Rover is a website that links pet owners with pet sitters and dog walkers. You can do this job on the weekends throughout the year, or simply only open up your schedule during the summer months. It is up to you.
Getting started is easy on Rover – you set up a profile that talks about your experience with pets and the services you can provide, like dog walking, pet sitting, and house sitting.
Then, you will receive requests from customers and talk about pricing. Rover takes care of processing payments, and you’ll receive payments directly into your account.
You can sign up for Rover here.
22. Care.com
Another platform for finding pet and house sitting side jobs is Care.com. Care.com is not limited to pet care and includes other caregiving services, such as childcare and senior care.
You can browse available jobs in your area and apply to those that match your skills and interests. Care.com also allows clients to contact you directly for your services after you’ve created a profile. Once a job is completed, you’ll receive payment through the site.
23. Be a virtual assistant
A virtual assistant provides administrative, technical, or creative support to clients from home.
Some of the tasks you might do as a virtual assistant include managing schedules, responding to emails, making travel arrangements, handling social media accounts, and even writing articles or creating presentations.
If you want to become a virtual assistant, I recommend taking the free workshop called 5 Steps To Become a Virtual Assistant.
Recommended reading: Best Ways To Find Virtual Assistant Jobs
24. Be a food photographer
Food photography can be a fun and creative way to earn extra income during your free time. Food photographers do just that – take pictures of food.
Whether you’re working directly for restaurants, magazines, or on a freelance basis, this job allows you to use your skills and interests to create beautiful images.
You can learn more at How To Become a Food Blog Photographer And Earn Over $50,000 Each Year.
25. House sit
As a teacher, you might be looking for ways to make some extra money during breaks or weekends. One option to consider is house sitting, and this is when you watch someone’s home (such as watering their plants and collecting mail) and sometimes take care of pets while their owners are away. People also hire house sitters so that their homes aren’t sitting empty because a visible presence can deter potential thefts.
To get started in house sitting, you can join house-sitting websites to find opportunities in your area, or ask friends and family for referrals (you might want to start by house sitting for people you know and then ask for references that you can use to broaden your job search).
26. Rent out an unused room in your home
If you have a room in your home that you are not using, then you may be able to rent it to someone on either a short-term (such as by becoming an Airbnb host) or long-term basis (getting a full-time roommate).
I have rented out rooms many times in the past, and it was a great way to make some extra income for space that I wasn’t using.
You can learn more at What You Need To Know About Renting A Room In Your House.
27. Rent your garage space
If you have empty storage space, such as a garage, driveway, closet, basement, or attic, you may be able to rent it out and make extra money. This can be a lucrative side hustle where you don’t have to use up much of your spare time.
You can use Neighbor to list your extra space for rent and make up to $15,000 per year by doing so. With Neighbor, you can rent out your garage, driveway, basement, or even a closet.
You can sign up at Neighbor for free here and list your space.
You can also learn more about Neighbor at Neighbor Review: Make Money Renting Your Storage Space.
28. Rent out a photo booth
Renting a photo booth can be a fun side job for teachers.
To get started, you will need to buy a photo booth as well as things like backdrops and props for people to hold in the picture (such as hats, signs, fun things to hold, etc.).
On average, photo booth rentals can range from $500 to $1,000 per event, and in some cases, even more for specialized events or packages with additional features.
I have personally rented a photo booth for an event in the past, and it was a lot of fun!
29. Online surveys and focus groups
Taking online surveys and answering questions for focus groups is very part-time and can be a way to side hustle for teachers.
You share your thoughts plus answer questions and can earn cash or free gift cards.
The survey companies I recommend signing up for are:
American Consumer Opinion
Survey Junkie
Swagbucks
InboxDollars
Branded Surveys
Pinecone Research
PrizeRebel
User Interviews – These are the highest paying surveys with the average being around $60.
Recommended reading: 18 Best Paid Survey Sites To Make $100+ Per Month
30. Voice over act
A voice-over actor is the person whose voice you hear but don’t see in YouTube videos, radio ads, educational videos, and more.
Different companies need a wide variety of voices, and that’s where you come in.
Recommended reading: How To Become A Voice Over Actor And Work From Anywhere
31. Mystery shop
I was a secret shopper in the past, and there were often mystery shops that gave me $100 to put toward a free dinner. I always looked forward to these, as I was living paycheck to paycheck, and I used these restaurant mystery shops to reward myself every now and then.
There were other mystery shops that paid me actual money, and some paid me in free items, such as makeup, movie theater tickets, and car oil changes.
Companies hire mystery shoppers to get an understanding of their customer’s experience. Companies want to know a real product opinion, how the customer felt they were treated at their business, how phone calls were handled, and more.
Basically, mystery shopping is a way to anonymously test the entire shopping experience.
You can learn more at How To Become A Mystery Shopper.
32. Fitness trainer
Fitness trainers help people reach their health goals through customized exercise plans and nutrition advice. This is typically a job where you can choose your schedule, so you can choose to work hours outside of your teaching job, such as in the evenings and on the weekends.
I actually know a few teachers who are fitness trainers on the side, so it must be a good fit!
Another positive is that you can even choose between in-person and online coaching. Online coaching can mean that you can work remotely, making it a more flexible side job for teachers looking to earn extra income.
33. Find random gigs on Craigslist
As a teacher looking for side jobs, you can look for random gigs on Craigslist to earn some extra income. To begin your search, simply go to the Craigslist website and select your city from the home page.
Here are some jobs I found through a quick search:
Cleaning a house
Help assembling furniture
Taking down a shed in a backyard
Garage cleanup
Mover
Handyman
Movie extra
Sign holder
You can even post your own services on Craigslist if you have a skill you’d like to share with others, such as giving music lessons or tutoring.
34. Deliver groceries with Instacart
Grocery delivery services are popular because there are more and more people who want someone to do their grocery shopping for them.
Services like Instacart need personal grocery shoppers, and the average shopper makes $15 to $20 an hour to deliver groceries. Drivers are paid per order, and you get to keep 100% of your tips. You also get to choose your schedule, so a teacher could choose to work in the evenings or on weekends. Or, you could choose to only deliver groceries during the summer.
You can click here to sign up to be an Instacart Shopper.
You can also learn more at Instacart Shopper Review: How much do Instacart Shoppers earn?
There are many other gig ideas that you can try out too, such as Uber Eats and DoorDash.
35. Real estate agent
Some teachers are real estate agents on the side of their full-time job as a teacher. This is because you can list and sell homes on your weekends, during breaks, at night, and over the summer.
Selling homes can be more difficult, though, as your clients may want your full attention during the day occasionally and you would be busy teaching, so this is something to think about.
36. Driver’s ed teacher
A common side hustle for teachers is teaching driving lessons to teenagers and adults. As a teacher, you may be able to check if the high school near you is in need of a teacher for this subject. Or, you can reach out to a local driving school to see if they are hiring.
Driving instructors make around $20 an hour more or less, depending on where you live.
Frequently Asked Questions
Below are answers to common questions about side hustles for teachers.
How can I make money on the side while teaching?
Some good side jobs for teachers include tutoring, freelancing, transcribing, blogging, selling lesson plans, and more.
What can teachers do to make extra money?
Teachers can do a lot of things to make extra money, such as jobs like tutoring, freelance writing, blogging, or creating educational printables.
What is a second career for teachers?
Second careers for teachers can include jobs such as educational consultants, curriculum developers, or even working in corporate training and development.
Do most teachers have 2 jobs?
Many teachers have two jobs. This is for many reasons, such as the typically low pay of a teacher as well as teachers wanting to make money while they are off in the summer.
How to make extra money on Teachers Pay Teachers?
Teachers can make extra money on Teachers Pay Teachers by selling lesson plans and printables.
How can teachers make money in the summer?
Teachers can make money when they’re off in the summer by teaching summer school, helping students with test prep, babysitting, selling lesson plans, working at a restaurant, working as a real estate agent, and more.
What to do after quitting teaching? How do you pivot out of teaching?
Quitting teaching and moving on to something else will take a few steps, and you can begin by thinking about your skills and interests. Then, start exploring different job options and connect with people in the field you’re interested in, attend industry events, and consider getting any certifications that you may need.
How can teachers earn extra income through online tutoring?
Sites like Tutor.com look for teachers to tutor students remotely, and you can even offer your services through social media.
How can a teacher make six figures by utilizing their skills?
While it’s not always easy for teachers to earn a six-figure salary, it is possible if you find ways to make extra income or by starting a business of your own.
What opportunities do music educators have for side income?
Side income ideas for music educators can include jobs like giving private music lessons or working as a weekend or evening instructor at a music school. Music educators can also sell lesson plans (I found some examples on Teachers Pay Teachers here).
What are some good side jobs for teachers?
I hope you enjoyed this article on the best side jobs for teachers.
Whether you are looking for side jobs for teachers from home, side jobs for teachers in the summer, or if you want to learn how to make passive income as a teacher, there are many ways to make extra money as a teacher.
Some of the best side hustles for teachers include:
Sell educational printables
Tutor online or in person
Sell your lesson plans
Coach a school sport
Start a dog treat bakery
Sell crafts on Etsy
Sell on Teachers Pay Teachers
Babysit
Teach English as a second language online
Teach summer school
Summer camp counselor
Grade papers
Work at a restaurant
Proofread
Blog
Freelance write
Transcribe
Flip used items for resale
Bookkeep
Sell Canva templates
Rover (walk and watch pets)
Virtual assistant
Food photographer
House sit
Rent out an unused room in your home
Rent your garage space
Rent a photo booth
Online surveys and focus groups
Voice over act
Mystery shop
Fitness trainer
Find random gigs on Craigslist
Deliver groceries
Real estate agent
Driver’s ed instructor
What do you think are the best ways for teachers to make extra money?