How to Make 700 a Month: Proven Strategies

Generating an additional $700 each month can significantly enhance financial flexibility and help achieve various personal goals. This objective is attainable through practical strategies, leveraging existing skills, available time, or underutilized assets. The following strategies offer actionable approaches to boost monthly income.

Online Income Streams

Leveraging digital platforms presents opportunities to generate income remotely, offering flexibility and access to a broad market. Freelancing remains a prominent method to monetize expertise, with various services in demand. Common areas include content writing, virtual assistance, graphic design, web development, and social media management. Platforms like Upwork and Fiverr connect freelancers with clients. Earning $700 monthly through freelancing might involve completing several writing assignments at $50-$100 each or managing a few social media accounts.

Online selling encompasses both digital and physical products. Individuals can create and sell digital products such as templates, e-books, or online courses, which require an initial time investment but offer recurring income potential. Selling physical products through e-commerce sites like Etsy or eBay, whether handmade crafts or resold items, can also contribute to monthly earnings. Income from online activities, including freelancing and selling, is generally considered self-employment income by the Internal Revenue Service (IRS) and may be subject to self-employment taxes. This income typically requires reporting on Schedule C (Form 1040), Profit or Loss from Business, if net earnings from self-employment are $400 or more.

Online surveys and microtasks can supplement income, contributing small amounts that accumulate over time. These activities typically involve completing short questionnaires or simple digital tasks for a nominal fee. While unlikely to generate $700 independently, they can fill gaps in income when other opportunities are scarce. Combining these online strategies can help individuals diversify their income sources and steadily work towards their financial goal.

Local Service and Gig Economy Work

Engaging in local services and the gig economy offers direct ways to earn money by providing in-person assistance or tasks. Rideshare and food delivery services, such as Uber, Lyft, DoorDash, and Uber Eats, allow individuals to earn income using their vehicle and spare time. These platforms typically require a valid driver’s license, vehicle insurance, and a background check. A driver might earn $15-$25 per hour, potentially reaching $700 by working approximately 30-45 hours per month.

Providing personal services directly to clients in a local community is another effective strategy. This can include pet sitting, dog walking, house cleaning, tutoring, babysitting, or elderly care, often benefiting from word-of-mouth referrals or local advertising. Setting competitive rates, perhaps $15-$30 per hour for services like tutoring or cleaning, can quickly accumulate towards the monthly income goal.

Task-based applications, such as TaskRabbit, connect individuals with people needing help with various odd jobs. These tasks can range from furniture assembly and minor home repairs to moving assistance and general errands. These platforms provide flexibility, allowing individuals to choose tasks that fit their schedule and skill set. Individuals working in the gig economy generally receive a Form 1099-NEC, Nonemployee Compensation, from platforms or clients if payments exceed $600 in a calendar year.

Selling and Renting Assets

Leveraging existing possessions or underutilized spaces can provide a straightforward path to generating additional income. Selling unused items around the home is an immediate way to create cash flow and declutter living spaces. Items such as clothing, electronics, furniture, or collectibles can be sold through online marketplaces like Facebook Marketplace and Craigslist, or through local consignment shops and garage sales. Generally, selling personal items for less than their original purchase price does not result in taxable income, as it is not considered a capital gain.

Renting out assets represents another strategy, potentially offering a more consistent income stream. Individuals with a spare room or property can rent it out through platforms like Airbnb, generating income from short-term stays. The income from renting out a portion of a home for less than 15 days in a tax year is typically not taxable, but exceeding this threshold requires reporting the income on Schedule E (Form 1040), Supplemental Income and Loss. Vehicle owners can rent out their cars through services like Turo, while those with specialized equipment, such as tools or cameras, can rent them to others on a per-use basis. Careful consideration of platform fees, insurance, and maintenance costs is advisable when engaging in asset rental.