Saving $1,000 can take a long time when you're on a tight budget. Taking on a side hustle can help you make quicker progress toward your financial goals.
But not all side hustles are created equal, particularly when you're trying to make money fast. When time is of the essence, you want gig work that doesn't require major upfront costs or extensive training. To make $1,000 fast, consider these five side hustles.
1. Delivering groceries for Instacart
Full-service Instacart drivers are 1099 contractors who do both the shopping and delivery for orders. As with many app-based side gigs, income on Instacart can be unpredictable since it depends on a host of factors, like how quickly you shop, demand, tips, and whether Instacart is offering incentives to entice more shoppers. But according to Glassdoor, drivers have median hourly earnings of $17 to $24 per hour between base pay and tips.
Top-earning drivers say they choose high-volume locations in a close radius and focus on busy times, like weekends and evening hours. Many shoppers save on gas and time by delivering multiple orders at once. Getting top-notch customer service ratings also helps shoppers score better gigs and tips.
2. Ride-hailing driver
As with Instacart, how much you make driving for Uber or Lyft depends on fares -- which, of course, can vary widely -- along with tips and incentives. Glassdoor estimates that Uber drivers earn about $25 an hour, while Lyft drivers make roughly $24 per hour.
If you want to boost your earnings, consider driving at times when people tend to drink more (think: holidays and Friday and Saturday nights) in busy downtown areas to earn more from surge pricing. Also, consider signing up for both Uber and Lyft, since they may offer incentives at different times.
3. Doing odd jobs on TaskRabbit
If you're handy, you have a knack for cleaning and organization, or you're good at yard work, you could make extra money on the TaskRabbit app helping people with various chores. TaskRabbit contractors, aka "Taskers," set their own hourly fee and create a profile, then get to keep 100% of their earnings. Clients pay a service fee on top of the Tasker's hourly rate.
TaskRabbit hourly rates vary widely, depending on the type of work and location, but here are a few examples of what an contractor in the Cincinnati area earns on average, according to TaskRabbit:
- Cleaning: $33/hour
- Heavy lifting and loading: $42/hour
- IKEA assembly: $15/hour (Note: IKEA acquired TaskRabbit in 2017)
- Minor home repairs: $39/hour
- Snow removal: $38/hour
- Yard work: $32/hour
You could also look for odd jobs by posting about your small business and the services you offer in local Facebook groups and NextDoor.
4. Search engine evaluator
If you want a side hustle that you can easily do from home, consider becoming a search engine evaluator. In this role, you provide feedback on how relevant and helpful search results are to help search engines improve their algorithms. The average search engine evaluator pay is $24 per hour, according to ZipRecruiter.
Many people like the flexibility of this gig. You can usually set your own hours, though you may have a minimum and maximum number of hours you can work in a week.
Some companies that frequently hire search engine evaluators include:
- Appen
- OneForma
- Teemwork.ai
- TELUS International AI
- Welocalize
5. Binge-watching House Hunters
If you're obsessed with HGTV, this job may sound too good to be true. Tool review site DIY Gear Reviews is hiring someone to binge-watch House Hunters for $1,000. The chosen applicant will be tasked with watching all 13 episodes in season 244 on FuboTV. You'll answer a few questions about each episode -- like the job titles of the prospective buyers, the final purchase price, and how they're financing it if that's discussed -- and write a one- or two-paragraph summary of each episode.
The project is part of a study DIY Gear Reviews is conducting about home affordability. If you're hired, you'll get a $75 subsidy to cover the cost of a FuboTV subscription on top of the $1,000 you'll earn.
Don't forget about these side hustle costs
Sometimes you need to spend money to make money, so if you're taking on a side hustle, don't forget about these extra costs:
- Ride-hailing insurance: You may need to add ride-hailing to your car insurance if you're driving for Uber or Lyft. Depending on the insurance company, ride-hailing insurance may also cover you if you make deliveries in your vehicle.
- Fuel: If driving is your side hustle, your gas costs will increase. A gas credit card can lessen the pain at the pump by letting you earn rewards for fueling up. You would also qualify for a business credit card, some of which come with excellent welcome bonuses and rewards for all of your work spending, not just gas.
- Equipment: If you're doing odd jobs for your side gig, you may need to shell out for equipment to help you get jobs done efficiently.
- Self-employment taxes: When you're a 1099 contractor, you have to pay both the employee and employer's share of Social Security and Medicare taxes. For most people, that translates to 15.3% off the bat for payroll taxes.
Getting a side gig can go a long way toward building financial security. If you're looking to make money fast, look for an opportunity that doesn't require you to spend a lot of time or cash upfront to get started.
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