Your Money_ The Missing Manual - J. D. Roth [63]
Tip
Any time you make a donation, keep a detailed record of what you donated where. If you itemize enough deductions on your tax return, you can pay less to Uncle Sam.
Earning Extra Cash in Your Spare Time
Maybe you don't have a productive hobby or an attic full of Stuff to sell, but that doesn't mean you can't make a little money on the side. Here are a handful of ways to add to your cash flow:
Research studies
You can earn quick cash by participating in medical research and marketing studies. I once earned $120 for spending an hour inside an MRI scanner while answering questions about money. Other folks have earned $150 for giving opinions on food packaging, $50 to record 40 minutes of audio for a speech-recognition program—and even $35 for watching porn!
Colleges and companies are always looking for people to join their experiments and focus groups. To find studies in your area, check Craigslist.org's "miscellaneous jobs" section or scope out college newspapers and bulletin boards. Here's a short video from MSN Money that describes one study: http://tinyurl.com/MSNmoneystudies.
Tutoring
Are you good at math? A piano prodigy? A computer whiz? Consider offering your services as a private tutor. For more info, check out http://tinyurl.com/GRStutoring and http://tinyurl.com/st-tutor.
Mystery shopping
Market-research companies use mystery shoppers to gather info on products and services. These people get paid a nominal fee to pose as regular customers, and then report on their experiences. Mystery shopping won't replace your day job, but you can have a good time while earning a bit of extra money. Here are sources for more info:
Be sure to read the FTC's consumer alert on mystery shopping: http://tinyurl.com/FTCmystery-shop. (Summary: Watch out for scams; you don't have to pay to become a mystery shopper.)
For the lowdown on mystery shoppers and how to become one, visit the Mystery Shopping Providers Association at www.mysteryshop.org.
Here's a first-hand account of life as a mystery shopper: http://tinyurl.com/freedmanMS. (The box below has more about the author, Donna Freedman.)
One popular hangout for mystery shoppers is www.volition.com/mystery.html.
Your Money And Your Life: Making Ends Meet with Odd Jobs
Donna Freedman has a history of odd jobs. She's found creative ways to make money since she was young, and at 52 she still draws income from a variety of sources. Since moving to Seattle in 2004, she's babysat, dogsat, participated in medical research studies, mystery-shopped, done light housework, run an Internet message board, and been an apartment manager.
"Simply put, I needed the money," Donna says. "I was at that point a freelance writer and, starting in September 2005, a full-time student. Neither of those gigs guarantees a lot of income, if you know what I mean. Any extra $10 or $20 I could pick up was a tremendous help."
Donna's most memorable gig was earning $35 for watching a short porn film in a study on female sexual response. The biggest boost to her budget has been her apartment management job, which for a long time meant she didn't have to pay rent. She now pays some rent to the new owners, but it's less than other tenants pay—plus she gets a monthly salary and an hourly wage for doing chores around the complex.
"I've scaled back on the odd-jobbery since getting a regular writing gig at MSN Money, but I haven't given it up entirely," Donna says. Since resolving to walk every day for exercise, for example, she's thought about doing a stint as a dog-walker. "I also plan to pick up more mystery-shopping gigs when I graduate."
You can read more about Donna's adventures in her "Living with Less" column at MSN Money: http://tinyurl.com/DFreedman.
Renting out a spare room
If you have space in your basement or garage, consider renting it out. If