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7 Ways to Make More Money in 2016

By U.S. News & World Report

If you found yourself living paycheck to paycheck this past year or just aren’t happy with your income level, make 2016 the year you give your income a boost. Start the year fresh by exploring different ways to generate extra money or increase your value as an employee to put yourself in line for a raise.

Here are just seven ways you could make more money in 2016.

1. Teach what you know. Are you passionate about a certain sport you excel in, or do you have a knack for photography? Teach someone else those skills for a fee to make some extra money as a coach. Think about what you are an expert in or very good at, then develop a curriculum that might help beginners build their skills and learn something new. You could offer in-person coaching sessions or make use of online education platforms like Udemy to sell an entire course and earn money on each course sold. The online course format could serve as recurring revenue for you since you only have to package and sell the course once in order to generate sales. If you prefer working one-on-one with people, consider offering half-hour or one-hour private sessions instead.

2. Monetize your favorite hobby. Whether you enjoy painting, photography, writing or crafting, consider selling your services as a freelance artist or selling items you create. Set up a website to showcase your work, and sell your handmade goods on sites like Etsy or eBay. Just make sure you set reasonable prices for items and services by taking a look at collections from similar sellers, and take the time to promote your offerings both online and offline.

3. Participate in a ride-sharing service. Uber and Lyft are always hiring new drivers, so if you have good navigation skills, a clean driving record and a reliable vehicle, you could make some extra money in your spare time. Sign up to be an Uber or Lyft driver so you can shuttle people around your town or city while earning some extra money from riders.

4. Develop new skills for your job. If a lack of a certain skill set is preventing you from getting a promotion at work, consider investing in your career with continuing education classes or an online course that will help you develop more skills. Take a look at free online education courses from sites like ALISON or Lynda where you can learn everything from basic computer programming to a new language. You can let your boss know you are investing in your career in this way and eventually add the new skills to your resume. These newly acquired skills could make you a stronger candidate for a better position at your current job, or give you a chance to apply for a higher-paying job elsewhere.

5. Serve as a pet sitter or child care provider. If you’re great with kids or pets, consider offering pet sitting or child care services to neighbors and community members during certain times of the day. Single parents in your neighborhood may need some extra help during the busy workweek, and larger families might just need someone trustworthy to count on throughout the month. Let people know that you are available, and open up your schedule to generate some extra income on a part-time basis.

6. Rent out a room or parking spot. If you own your house and other areas around your home that someone might be able to use, consider renting out that space to earn extra money every month with minimal effort. You could rent out a single room, guesthouse or even a parking spot in a popular location that you have available around your property.

7. Monetize your skills on the Internet. If you need to make some extra money, but don’t have time to commit to a part-time job outside the house, consider migrating your skills online. Amazon’s Mechanical Turk program features simple tasks and assignments from all types of companies looking to fulfill very basic work orders. You can choose your own hours and work on all types of data entry and research projects to earn some extra cash any time of day.

More from U.S. News

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How to Live on $13,000 a Year

11 Tips for Investors in Their 30s and 40s

7 Ways to Make More Money in 2016 originally appeared on usnews.com

Don’t Settle for Student Loans to Pay for Online Education

By WTOP Staff
Online college programs are becoming a more popular choice for prospective students, with one study finding that more than 6 million students enrolled in at least one online course in fall 2015. The popularity of these courses can be attributed in part to their flexibility with working adults' schedules, students' ability to progress more quickly through online programs and, oftentimes, cheaper tuition. [See 10 low-cost online bachelor's programs for out-of-state students.]Online degrees can be beneficial to many college students, but some studies have shown online learners complete their programs at lower rates than students at traditional brick-and-mortar campuses. Individuals with student loans but no degree comprise two-thirds of defaulted borrowers. Though these numbers are not encouraging, just like for traditional programs, there are ways to reduce how much you'll need to borrow for an online program to ensure you won't become one of these statistics. Don't just settle on borrowing student loans to cover the whole cost of your program and living expenses. Instead, start thinking about how to cut costs and cover your balance in different ways, such as the following. -- Grants and scholarships: Even though you are taking an online course, you can still apply and receive grants and scholarships. But your first step should be to complete the Free Application for Federal Student Aid, commonly referred to as the FAFSA, which will allow you to receive a Pell Grant if your expected family contribution is low enough. The EFC criteria and award amounts are adjusted annually, but the 2017-2018 academic year awards range from $606 to $5,920, which could significantly lower the amount you borrow annually. Your next step is to apply for scholarships. You can start by checking online scholarship search engines, such as the Salt Scholarship Search, College Board's BigFuture and Peterson's. But don't forget to take advantage of local organizations and your school's financial aid office. Both may offer scholarships that you can't find with a national scholarship search. [Review these 10 sites to kick off your scholarship search.]For instance, organizations like the Elks Club, Knights of Columbus or the Rotary Club typically offer scholarships annually to local students. Just because you're going to school online doesn't mean you're ineligible. Visit your local library for scholarship listings, and ask around town. You might be surprised how many local organizations offer scholarships. While these scholarships typically aren't large, every little bit counts. Each dollar you receive in a scholarship is a dollar you don't have to borrow and pay interest on. -- Work-study: Another option for online students may be work-study awards. Not all students enrolled in online programs are eligible, but students at some schools -- including, for example, SUNY Empire State College and Liberty University -- are. Work-study awards are not given upfront like scholarships and grants. In most cases, they are an offer to earn up to the awarded amount if you secure an eligible work-study job. While there is a misconception that all work-study jobs must be on campus, students can work for off-campus, nonprofit or public employers as long as the work is in the public's interest. You may be able to work for a for-profit employer if the job is relevant to your course of study. No matter who the outside employer is, it will need to have an established agreement with your college for you to receive work-study funds. Remember, to be eligible for federal financial aid, you must be enrolled and pursuing a degree or certificate. If you're not working toward a credential, Pell Grants and work-study won't be option, but you may still be able to take advantage of private scholarships -- just be sure to read the eligibility criteria carefully. [Explore what to know about financial aid in online programs.]-- Pay as you go: One of the great benefits to enrolling online is the flexible schedule, which can allow you to complete your college coursework around your responsibilities. But prospective students often overlook using their part- or full-time job earnings as an option for paying for college. Almost 80 percent of college students in 2015 worked at least part time while attending classes, according to the National Center for Education Statistics. By budgeting and thinking strategically about your college costs, you can likely reduce your dependence on student loans by paying a portion out of pocket. Many -- but not all -- online programs are less expensive than traditional programs and often have shorter payment periods. Six, eight or 10 weeks are common course durations. Because of the frequency of payments in an online setting, you may be well-placed to pay as you go and possibly avoid borrowing altogether. Attending college online and avoiding student loans may be challenging, but if you are willing to put in the effort, you can limit the amount you need to borrow. More from U.S. News Q&A: Understanding Student Loan Discharge Eligibility Student Loan Refinancing Isn't Right for All Borrowers
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