July 23, 2024

How to Make $500 Fast: 10 Practical Ideas

Life has a habit of throwing curveballs, be it an unexpected pet surgery, medical deductible, or car repair. Any number of situations might require you to need quick cash.

This article shares 10 practical ways to learn how to make $500 fast, from joining the gig economy to selling your stuff. With some hard work, you can earn $500 in a week — or even a day.

10 ways to make $500 fast

When in a financial bind, an extra $500 can make all the difference. Here are 10 tips for making money fast so you can achieve financial stability and enjoy more peace of mind.

1. Sell things

Look around your home, pick up every object, and ask yourself: Does this item bring joy? Has it been used within the last year? If the answer to both questions is no, consider selling it.

Facebook Marketplace, Craigslist, and eBay are all great options for posting items for sale. Focus on tech, jewelry, and other high-priced items to maximize your payout.

2. Explore the gig economy

Apps like Uber, TaskRabbit, and Instacart let you work when you want to — all you need is a car. Being highly available and providing excellent service are two great ways to maximize your earnings on these platforms.

3. Freelance

If you have a unique skill or passion, like writing, web design, or personal fitness, consider offering your services on a freelance or contract basis. Your skills could benefit countless individuals and businesses of every size. Just make sure freelancing doesn’t go against your current job’s rules.

4. Sell your designs or crafts on Etsy

Are you a creative person who enjoys 3D printing, woodworking, or other hands-on activities? Platforms like Etsy are a great way to make money fast by selling physical or digital creations. This is an especially solid option if you already use your free time to follow your passion. Now, you can make a profit from it without drastically changing your schedule.

5. Pet, child, or house-sit

Monitor social media and community bulletin boards for people looking for pet, baby, or house sitters. People want someone friendly and responsible to care for their loved ones and property — and they’ll pay well for this peace of mind. Consider putting up posters and sharing your availability on social media to be proactive about gaining clients.

6. Rent out a house, room, or car

Apps like Airbnb (for an empty room or house) and Turo (for an unused car) make earning extra cash from unused spaces easy. A single night for a room or day with a vehicle can lead to some quick money, all with minimal effort.

7. Look for odd jobs

Ask around, post on social media, and put up posters to advertise your willingness to do odd jobs like lawn mowing and snow shoveling for cash. Consider focusing your outreach on seniors within your community — they likely need the help. You can even place flyers in local senior centers or make small talk with locals you catch outside.

8. Work overtime

If applicable, ask your employer if you can pick up extra shifts at work. It’s always a good idea to express your interest in working more. Even if there’s nothing available right now, your employer will think of you when shifts open up in the future.

Just keep your work-life balance in check. Extra cash is rarely worth burning yourself out.

9. Review your expenses

You’d be amazed at how much money you can save by reviewing your monthly expenses. Compare insurance providers, internet service providers, and cellphone companies to make sure you get the best deal for your needs.

While you're at it, look into refinancing or renegotiating your loans for a better interest rate or monthly payment. Combined, these cost-saving maneuvers could free up enough cash to cover that unexpected expense — and then some.

10. Get a part-time job

Review local job boards and hand out resumes to businesses to show that you're interested in part-time employment. Part-time work won’t let you make as much as $500 a day, but it offers an opportunity to continually earn extra income you can save for emergencies and surprises.

4 more tips for enjoying more financial freedom

While the above methods help you make money fast, the safest solution is to build a solid financial plan for when unexpected expenses come up. Follow these tips to enjoy more financial freedom, no matter what comes your way:

1. Start an emergency fund. A standard recommendation is to have 3–6 months’ worth of expenses put away in an emergency fund, but you can start small. Open a high-interest or tax-free savings account and begin by putting in just $20 or $50 per month. You’d be surprised at how quickly it adds up.

2. Create a budget. A zero-based budget is a popular technique that can help you optimize your spending and reach financial goals. But regardless of what strategy you go for, track what you spend every month by reviewing receipts and bank statements to make sure you're keeping to it. A little diligence goes a long way.

3. Strategically use credit cards. Credit cards can be powerful tools in your financial journey. They provide cashback and rewards programs so you can earn more back from the money you already spend, technically giving you extra cash. But proceed with caution. Spending too much on credit can be a slippery slope.

4. Build your credit score. The world effectively runs on credit, and having a good score can lead to better interest rates on credit cards, car loans, and mortgages. Fortunately, you can always improve a low score, even if it takes time. Make at least the minimum payments on interest-accruing debts like student loans and credit cards.

Need money fast? Try EarnIn for instant cash access

Sometimes, the need for cash comes at you fast, and you don’t have time to try the strategies listed above. That’s where EarnIn comes in.

EarnIn is an Earned Wage Access app that delivers your hard-earned income as you earn it — not days and weeks later. Use EarnIn’s Cash Out tool to get up to $100/day and up to $750/pay period with no interest, credit checks, or mandatory fees. That way, you have what you need to keep moving forward, no matter what life sends your way.

FAQs

Is it possible to make $500 fast?

Depending on your definition of fast, it can be. Earning money depends on the effort you're willing to put in — and a bit of luck. For example, you can sell one valuable piece of jewelry and make $500 in an hour, while earning from gig economy jobs can take days or weeks.

Should I pay off high-interest debt first before all others?

Logically speaking, a financial advisor will likely tell you to pay off your highest-interest debt first and work your way through others based on how expensive they are. But sometimes, you just need to take the weight off and start small. If you begin with the smallest dollar amount of debt, you enjoy the momentum built by quickly crossing debt off your list. It’s up to you, as long as you have a plan to pay everything off.

Should I invest my money?

Investing is a great way to make money with little effort, but it’s not something you should try without doing research. Meet with a financial advisor from your bank to discuss the best investment options for you. And only approach this option if you’re consistently covering your basic expenses and have an emergency fund set aside.

What’s a side hustle I can do to make $500 a week from home?

The list of side hustles you can do from home is near-endless. Start by considering at-home skills you’re good at — be it cooking, woodwork, or graphic design — and find a hub online that allows freelancers to offer these services.

Please note, the material collected in this post is for informational purposes only and is not intended to be relied upon as or construed as advice regarding any specific circumstances. Nor is it an endorsement of any organization or services.

1. EarnIn is a financial technology company, not a bank. Banking Services are provided by Evolve Bank & Trust, Member FDIC. EarnIn does not charge mandatory fees for use of its services. EarnIn does not charge interest on Cash Outs. EarnIn services may not be available in all states. Restrictions and/or third party fees may apply, see EarnIn.com/TOS for details.