Whether it’s writing, photography, gaming, cooking or another pastime, there might be money in the offing. Profitable hobbies could be the answer for tight family budgets.
Beverly Harzog, credit card expert and consumer finance analyst for U.S. News, and certified public accountant Michael Moe joined with consumer credit reporting company Experian to give advice for those who want to start a business but don’t know where to begin.
Hobbies come in all types. When people are sheltered at home, they have lots of opportunity to perfect their skills.
“I’ve spent a lot of time gardening,” Harzog said. “I love to cook with fresh herbs. I’m also learning Spanish, and I’ve been reading a lot. I finally got tired of Netflix.”
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According to Experian, earning extra cash can help you achieve your money goals faster. A hobby can lead to a side business that lets you earn money doing it. This might include creating jewelry and selling it on Etsy, or freelancing as a writer, editor or graphic designer.
“I took up running after a baby arrived,” Moe said. “It’s been a joy since then.
Hobbies can be welcome diversions.
“I tend to be a workaholic,” Harzog said. “Hobbies bring balance to my life. I’m more relaxed. Ironically, I’m even more productive.”
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A hobby keeps the mind active and busy,” Moe said. “It connects interests with others and contributes toward an enriching life.”
For Youngsters as Well
Teens are especially in the market for money-making activities.
“Babysitting is a good one for ladies,” Moe said. “There’s automotive work for the boys. However, these roles can be easily flipped.”
“Teens can try baking and selling cookies to their community, creating and selling art work on Etsy and turning gaming hobbies into income via donations,” Harzog said. “They can also create a YouTube video about gaming and get a sponsor or ad revenue.”
Something pretty as a picture can beautify income from a photography hobby.
“Photograph events, and sell your pictures,” Harzog said. “Write about photography. Teach others how to take great photos.
“With teaching, you can create several classes by categories: portrait, nature and so on,” she said. “Classes could be online or in weekend workshops.”
“Invest money into a good camera,” Moe said. “Then, start with family and friends doing portraits and school photos. Get publicity through word of mouth.”
Cooking stirs up a tasty recipe for extra cash.
“Host bake sales at local events or at the farmers market,” Moe said. “Catering for family and friend gatherings would be really fun and a great way to make extra money.”
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Animal lovers can also cash in.
“Work for a vet,” Harzog said. “Start a pet sitting or dog walking business. Start a blog about animals. Monetize that or train dogs for clients. I’m a dog person. I don’t know if you can train cats.”
Crafts can be a source of do-it-yourself money.
“Unique mask making would be really good right about now,” Moe said. “Seasonal items such as holiday crafts or even St. Patrick’s Day ideas are fun.”
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“Make decorative or aromatherapy candles, or knit scarves to sell,” Harzog said. “Get a Shopify site or start a blog where you can sell products. Another idea is to make unique or personalized holiday ornaments.”
Games and Streaming
Those who are game can make money with them as well.
“Become a game creator,” Moe said. “Come up with game ideas. I watched on Amazon Prime how games such as Jeopardy! and Wheel of Fortune came from ideas that turned into reality TV game shows.
“Blogging or becoming a freelance writer is another option to make money,” he said. “I’ve been writing a bunch of reviews on Yelp.”
“Develop your craft first,” Harzog said. “Then start pitching ideas.
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Then there is the growing promise of video.
“Use YouTube as a monetization tool,” Moe said. “If you can video something you love online, that’s a huge outlet to make money. However, you’ll need to build up a reputation and brand name.”
About the Author
This article is intended for informational purposes only, and should not be considered financial advice. You should consult a financial professional before making any major financial decisions.