You must agree with me: current economic times are hard and virtually everyone in Singapore and around the world is looking to make an extra income.
While research confirms that peoples’ earnings have gradually been increasing, it is also important to note that, the cost of living has been escalating very fast.
What does this mean? People are not able to keep step with their expenses. Basically, this is the key reason why many Singaporeans are looking for alternative ways to boost their monthly income. For some, they take on fast cash personal loans to tide over financial problems.
Find out how much you need with our personal loan calculator here.
Being innovative is all that you need. Whether you are a business owner or employed, the following ideas can help increase your monthly cash flow.
Singapore gets a lot of visitors from all over the world. Do you have an exciting experience that you think can be shared with these visitors? Creating and providing an experience on Airbnb is a perfect way to turn your passion into a cash-generating undertaking.
Technically, you can’t be a tour guide as this requires you to be licensed by the Singapore Tourism Board (STB). But, what about becoming a home chef or giving a fun “Singlish” class to your visitors?
You can go through the Airbnb help center to find out the licenses needed, to offer these kinds of experiences. Basically, if the idea of tour guiding and sharing your home sounds interesting, it is the high time you got a license from STB and started making that extra cash.
Tutoring is a popular side gig done by many Singaporeans. It isn’t hard to pick up and it actually pays well. For example; if you are an undergraduate and wish to teach JC students, you can charge about $65/hr. On the other hand, a charge of $25-35/hr is fair when dealing with lower secondary school pupils.
If you are an experienced MOE teacher, you are expected to charge higher rates. A rate of $130/hr would be ideal for teaching a JC student, while a $50-70/hr rate would be reasonable for lower secondary pupils. This rate can even be higher, especially for tutors who market themselves well.
Generally, getting a consistent stream of pupils in Singapore isn’t a difficult matter; however, you must be a bit selective about the pupils you pick, if you really wish to reduce the travel time from one house to another.
Depending on the industry you are in and the work experience that you have, freelancing can get you significant extra earnings. Think of what you are good at; you can start doing photography, teaching yoga, consulting for your industry, or singing at weddings.
Assuming you love writing and have the necessary experience, your charge rate can range between $35-40/hr if you work with clients preferably from the UK and USA. Remember though, you are responsible for chasing down your own clients; hence the reason why freelancing is a perfect way to earn a side-income, but quite risky to be a full-time gig.
Here is the deal: we are not saying you operate as a Grab driver full-time. There are easier and alternative ways to that. If you own a decent car, you can earn from GrabHitch. How, you might ask. Just pick up commuters along the road whenever you are driving.
Going for a movie or heading out for lunch with acquaintances on the weekend? You can pick up a person along the road when leaving your residence and accept one more, when heading back home. Earning an extra dollar this way is quite easy, since you can notice anyone heading in the same street as you and opt whether or not to give them a ride.
With this extra income, you can finance your car loan or upgrade your car.
Babysitting requires a lot of energy, as you are forced to watch over kids all day long. Fortunately, pet sitting isn’t so hard.
For instance, pet-sitters on Pawshake claim to turn their backyards or compounds into some sort of pet playing grounds, where they entertain their clients’ pets.
Of course, you are responsible for feeding them. In the case of dogs, you may also be required to take them out for short walks. However, you can charge an additional fee for that. That said, your major responsibility, is to provide the pets with a safe and healthy place to stay when their owners are away.
There are certainly many other great ways to earn extra money in Singapore, though you have to be daring and ready to think more openly. Think about selling photos online, jewelry making, doing odd jobs on Craigslist, and you will realize that, living in Singapore can be easy and interesting.
A good rule of thumb is to keep yourself debt-free. This prevents the accumulation of large interest rates. For those who need to clear their credit card debt, they can make use of a personal loan.
Reliable and well-known financial institutions like Katong Credit can help you!