With inflation going up and companies cutting workers, having a single source of income isn’t comfortable. Over the years, I’ve learned that it’s often not good to put all my eggs in one basket. Even if your income is stable, it doesn’t always cover all your expenses.
Micro-income streams that pay small amounts are a good option to look into. You can easily supplement your main income. And over time, you might combine several sources for something more serious. Many micro-income sources are also low effort.
Here are nine micro-income streams that I find worth considering. They can actually add up if taken seriously.
Rentals
While some people make a living from this one, it’s more realistic as a micro-income stream for others. Like most people, you probably have something you’re not using but that someone else would be fine with paying you for. A room, tools, a car, clothes, a fancy camera, a parking spot, a pool, or anything else that’s in demand where you live.
You can list things for rent on Airbnb, Turo, Hygglo, and many other sites. Other routes are posting on social media or asking people where you live if they’re interested. You just need someone who you can trust with your stuff.
I recommend researching how much your rental is worth and considering fees and other costs in your micro-income potential here. Don’t forget the hassle, too. Renting a parking spot is a lot different than letting someone stay in a spare room.
Online Surveys
I started doing these in college, though you have many more options today. It’s pretty easy to join platforms like InboxDollars or Survey Spot. You answer surveys as they become available, and then you make a few bucks if you qualify and complete all the questions.
I’m an opinionated person, so I’ve enjoyed surveys for the most part. But unfortunately, surveys don’t always go smoothly. Sometimes, I’ve gotten deep into a survey just to see a message that I don’t qualify. I recommend joining multiple sites and seeing what’s worth your time.
Cash-Back Apps
Tight budget or not, we can’t avoid spending money. Cash-back apps can help make shopping less painful to your wallet. I recommend the ones that reward you for uploading any receipt. But you can also earn by buying certain items. Both online and local purchases can work.
I usually use the Fetch and Ibotta apps and make around $5 to $10 per month. It’s not much, but I can get a free coffee or pizza after redeeming the rewards for gift cards. According to the AARP, someone beat me at this and earned $90 in a month. So, it’s a worthy income option.
But make sure you’re not buying things just for those rewards. You’re looking to boost your income, not your spending. I offer the same advice if you earn credit card rewards, which combine nicely with this option.
Digital Products
If you’re a creative person, digital products might be your thing. You can make something once and keep earning from it. This is much less intimidating than a second job. Plus, you can usually avoid expenses like shipping and materials.
There’s no limit to what you can offer. While there are tons more, popular product ideas include:
- Online classes on Teachable, Udemy, or Outschool
- E-books on Amazon, Apple Books, or your own website
- Templates for spreadsheets, learning materials, and patterns on Etsy
- Photos on Alamy or Adobe Stock
- Apps on Google Play and the App Store
- Memberships for various products on Patreon, Substack, and Ko-fi
The payment situation can vary here. You might get a price you set minus any fees, or you might only earn royalties. It’s smart to dig into the terms of any platform and find one that maximizes your earnings. Plus, plan to set yourself apart to find customers these days.
Task and Gig Work
Out of all the micro-income streams on the list, I think this one is the closest to feeling like regular work. However, I’ve also found that the earning potential can be high if you take the work seriously and find something you’re both decent at and enjoy. Depending on the setup, you might get an hourly rate or get paid by task or “gig” for online or in-person work.
There are too many platforms and options to name, but here are some ideas:
- Delivering groceries for Uber Eats, Shipt, or Walmart Spark
- Driving locals as a Lyft or Uber driver
- Doing freelance projects on Upwork or Fiverr
- Completing micro tasks for Clickworker or Amazon Mechanical Turk
- Testing apps and websites for Userlytics or UserTesting
- Offering local services via TaskRabbit, Thumbtack, or Nextdoor
- Walking dogs for people who find you on Rover or Wag!
- Offering babysitting or elder care services on Care.com
In my experience, it’s possible to make $20+ an hour with some of this type of work. If you’re lucky, it might even become a small business or new career. But you might have costly expenses. So, think carefully if your gig will require travel or expensive tools.
Print-on-Demand Items
Maybe you don’t want to limit yourself to digital products. But you also don’t want to physically make things, pay for materials, and store everything at home. In that case, print-on-demand platforms may be a good micro-income idea.
You upload and edit a graphic you made to a platform, like Redbubble. The site lets customers buy physical products with your design. That includes things like t-shirts, phone cases, and coffee cups. Then, the company handles the shipping and everything else for you.
You’ll usually get a small cut minus fees. Luck out with a popular design, and you might make much more than a micro income. But only upload what you personally created. You don’t want to deal with copyright issues.
Referral Bonuses
Many companies will reward you for getting others to sign up for or buy something. Credit card companies, apps, job sites, and even stores offer money for referrals. The person usually needs to click a special link or enter a code, and it’s your job to share that so you get paid.
Sometimes, you make a few bucks. But it’s not unheard of to get $100 or more for certain referrals. But that’s only if the person you refer meets all the requirements. Signing up alone may not cut it. They might also need to complete a task or spend/deposit a certain amount by a deadline.
Micro-Investing Platforms
You’re probably familiar with making money from investments in your 401(k) or IRA. Micro-investing is a much smaller commitment, though. You can take as little as a dollar or even your spare change and buy portions of stock shares in companies. The Acorns and Robinhood apps are popular for this.
The idea is you regularly micro-invest and make small amounts of income as those investments grow. You might get dividends, too. This one requires a bit of caution, though. FINRA says you should research the apps and connected brokerages carefully and know what fees you’ll pay. It’s also wise not to go overboard and invest more than you’re willing to ask.
Savings Account Interest
For your financial security, many experts recommend an emergency fund with at least a few months’ worth of your expenses. So, why not earn something by simply keeping these necessary funds safe?
This is an easy income stream if you research and find the right high-yield savings account. It doesn’t make sense to get pennies at your current bank when somewhere else offers 3% to 5%. The more you save, the more it adds up. That’s a good incentive to spend less and save more.
Get Creative for Better Results
There are a lot of ideas here. I recommend choosing an easy one to start. Maybe start earning some interest. Later, you might add gig work and other streams that require more time. Ultimately, having multiple sources will keep things more interesting and help you make the most from everything.
Frequently Asked Questions
What’s the easiest micro-income stream to start with?
It’s probably easiest to earn savings account interest or returns on micro-investments. You’re simply putting your money into something where it earns more in the background.
Do I pay taxes on micro-income streams?
Unfortunately, the IRS wants its cut of most income sources. Some good news is that you might be able to deduct some business expenses. I recommend having a tax professional look things over.
Can I make $1,000 a month from micro-income streams?
If you combine several options on the list, it might be possible to make $1,000 a month. It’s harder with lower-paying or inconsistent options, such as paid surveys and referral bonuses.
How do I know which micro-income option is right for me?
I advise thinking about how much time you have, what you enjoy doing, and how much effort you’re open to putting in. If your micro-income opportunity requires money to start, you’ll need to consider your risk tolerance as well.
The information provided on this website is for general informational and educational purposes only and should not be considered financial, investment, legal, or tax advice. While we strive to provide accurate and up-to-date information, we make no guarantees regarding the completeness, reliability, or accuracy of any content. Any financial decisions you make are your responsibility. You should consult with a qualified financial advisor, accountant, or other licensed professional before making decisions based on information found on this site.
Past performance is not indicative of future results. Any examples provided are for illustrative purposes only and may not reflect your individual circumstances. By using this website, you agree that we are not liable for any losses or damages arising from your reliance on the information provided.
Sources:
https://www.bls.gov/news.release/cpi.nr0.htm
https://www.indeed.com/career-advice/finding-a-job/micro-jobs
https://www.finra.org/investors/insights/micro-investing
https://www.uschamber.com/co/start/business-ideas/passive-income-business-ideas
https://www.coursera.org/articles/passive-income
https://www.aarp.org/money/personal-finance/trying-cash-back-apps
https://www.fidelity.com/learning-center/smart-money/passive-income-ideas
https://www.indeed.com/career-advice/finding-a-job/how-to-make-money-at-home
https://www.fidelity.com/learning-center/smart-money/how-to-make-money-online
https://journeybee.io/resources/top-100-referral-programs-to-make-money
https://www.irs.gov/businesses/small-businesses-self-employed/what-is-taxable-and-nontaxable-income
