This January marked the launch of Student Dream’s monthly Make Money Challenge. My work with students in Brooklyn inspired me to create the challenge. I realized that during the school year, the main source of income for my 9th to 11th graders was allowance. Allowance only goes so far, so I began to challenge them to make money from another source. This makes it possible to hit income and savings goals for things like a car, prom and even college. The big question they had was, “how do I make money? My mom doesn’t let me work during the school year.” We brainstormed a list of ideas and began testing them out. Some sold clothes and shoes and others worked construction for a few days. The point is that each student found a way to make an extra dollar.
Since time is just as valuable as money, I’ve only included options that are worth your time. Don’t spend hours filling out 1000 surveys for $10 – it’s not a good return on investment. Aim to make AT LEAST $15/hour (NY State minimum wage). Try it out, have fun, and let me know what worked for you!
1. Sell like-new clothes and shoes – I had a lot students promoting and selling their clothes and shoes on Instagram. There are other apps you can use that require nothing more than your camera phone and internet access. Expect to make at least $30/item
2. Sell Furniture – People are always looking for low cost lamps, chairs, side tables. If your parents have pieces around the house they don’t want or need, sell them. Ask before you post it to Facebook Marketplace or Craigslist. Expect to make at least $30/item
3. Research studies – Companies pay you to share your thoughts and experiences as a consumer. I recommend Respondent.io, Usertesting and Userinterviews. You may not always get selected, but completing surveys takes minutes and when you are selected you can have an average payout of $50/hour.
4. Babysit – People have mad babies! Parents work a lot of hours. Parents need babysitters. If you like kids and have a few house after school or on the weekend, let folks know that you’re available to provide childcare for a minimum of $15/hour. If you have experience working with children you can charge more. Care.com, Sittercity and Bambino are sites you can use to find families looking for childcare.
If you want to go more in depth about how to make extra money outside of allowance or your part-time job sign up for our free Wealth 101 webinar.