Last updated Feb. 2, 2025 by Charles Zemub
In tough economic times, making extra money can become a necessity rather than a luxury. A recession, characterized by high unemployment rates and economic downturn, can force individuals and families to rethink their financial strategies. However, challenging times can also be prime opportunities for creative solutions and resilient actions. Here are 17 actionable ways to supplement your income during a recession, helping you to not only survive but thrive.
1. Freelancing Online
The digital age offers an abundance of freelancing opportunities. Platforms like Upwork, Fiverr, and Freelancer allow you to leverage your skills in writing, graphic design, programming, and more. Register, build a compelling profile, and start bidding on projects aligned with your expertise.
2. Rent Out Extra Space
If you have an unused room or a vacant property, platforms like Airbnb can help monetize it. Many travelers and temporary residents search for short-term rentals, making this a lucrative option for homeowners.
3. Part-Time and Remote Opportunities
Many companies hire part-time or remote employees to cut costs during recessions. Websites like Indeed, Glassdoor, and FlexJobs list numerous part-time and telecommuting opportunities spanning diverse industries.
4. Gig Economy Jobs
Platforms like Uber, Lyft, DoorDash, and Instacart continue to thrive even in economic downturns. These gig jobs offer flexible schedules and immediate earnings, making them ideal for those needing quick cash.
5. Online Tutoring
With education increasingly moving online, opportunities for online tutoring have expanded. Websites such as Tutor.com, VIPKid, and Chegg Tutors allow you to teach subjects you’re proficient in to students worldwide.
6. Sell Unused Items
Recessions prompt many individuals to declutter and sell non-essential items. Declutter your home and list unwanted items on sites like eBay, Craigslist, or Facebook Marketplace to earn quick cash.
7. Participate in Market Research
Companies pay for consumer opinions to improve products and services. Sign up on sites like Survey Junkie, Swagbucks, and Vindale Research to participate in paid surveys and focus groups from home.
8. Craft and Sell Handmade Goods
If you’re crafty, consider selling handmade items on Etsy or at local markets. Handmade goods command a premium price, especially when they offer unique value or intricate craftsmanship.
9. Start a Blog or YouTube Channel
Blogging and vlogging are long-term projects that can lead to significant income through advertising, sponsored content, and product sales. Choose a niche, build your audience, and monetize through affiliate marketing and advertisements.
10. Pet Sitting or Dog Walking
With pet ownership on the rise, services like pet sitting and dog walking remain in demand. Platforms such as Rover and Wag! connect pet owners with caregivers, allowing you to earn from your love of animals.
11. Become a Virtual Assistant
As businesses cut costs, virtual assistants become essential for administrative support without the overheads of full-time employees. List your services on Upwork or Virtual Assistant Platforms to find work.
12. Rent Out Your Car
During a recession, some people stop using their cars due to high maintenance costs. Platforms like Turo allow you to rent out your vehicle when not in use, providing you with steady cash flow.
13. Invest in Dividend Stocks
While riskier than other methods, investing in dividend-paying stocks can provide passive income. Focus on established companies with a history of paying out dividends, ensuring a steadier return even during downturns.
14. Launch an Online Course
Share your knowledge by creating an online course. Websites like Udemy and Teachable allow you to build and sell courses on any topic, from cooking to coding, offering a continuous revenue stream.
15. Home-Based Baking or Cooking Services
Turn your culinary skills into a business by offering homemade baked goods or catering services. Promote your offerings on social media or through local community boards to attract clients.
16. Real Estate Wholesaling
This involves acquiring properties at a low cost and selling them for a profit. This requires little capital and can be lucrative if you have negotiation skills and understand the real estate market.
17. Gardening and Landscaping
Green thumbs can turn gardening into a profitable venture. Offer lawn care services, sell homegrown produce, or even build custom landscaping projects for neighbors and local businesses.
✓ Short Answer
During a recession, making extra money requires creativity and leveraging available resources. Engage in online freelancing, rent out unused space, or explore opportunities in the gig economy like delivery services. Sell unused items, tutor online, participate in market research surveys, and offer pet-sitting or virtual assistant services. Skills in crafting, cooking, or gardening can be monetized locally or online. Additionally, investing in dividend stocks or creating an online course can yield passive income. These options offer flexibility, allowing you to adapt to changing financial situations while enhancing your skillset and strengthening financial resilience.
FAQs
What is the gig economy?
The gig economy refers to a labor market characterized by short-term contracts or freelance work, as opposed to permanent jobs. It is facilitated through platforms like Uber, Lyft, and Fiverr, offering flexible and on-demand work opportunities.
Are dividend stocks safe during a recession?
Investing in dividend stocks is generally considered safer than other stock types during a recession, especially if the company has a history of consistent dividend payments. However, all investments carry risk, so it’s important to research and diversify your portfolio.
How can I start blogging during a recession?
Begin by selecting a niche you are passionate about and knowledgeable in. Set up a blog using platforms like WordPress, regularly produce high-quality content, and use social media to promote it. Gradually, you can monetize through ads, affiliate marketing, and sponsored content.
Is it profitable to sell handmade goods during economic downturns?
Yes, handmade goods may still sell well during downturns. People often seek unique, personalized items as gifts or for personal use. Platforms like Etsy provide a global marketplace to showcase and sell your creations.
How do online tutoring platforms work?
Online tutoring platforms connect tutors with students based on subject expertise. Tutors can register, complete profile verifications, and set availability to begin tutoring sessions conducted through video calls, chat, or other electronic formats.
