How to Make Money During the Coronavirus Pandemic
As a result of the new coronavirus epidemic and associated closings and shelter orders on the spot, more Americans have never been unemployed, underemployed, or in desperate need of a little more money than ever. The US Department of Labor Office March Jobs Report showed that the unemployment rate rose to 4.4% and that the economy lost 701,000 jobs this month. And in the first week of April, a record 6.6 million Americans filed unemployment claims. For the context, the previous record was 695,000.
At the time of publication, no one really knows how long it will take before our lives return to normal, which means that the unemployment rate could very well worsen before improving. But don’t despair yet: from creativity with a distant work to the transformation of your new organizing fervor into money, are Ways to Make Money During the Coronavirus Epidemic.
Take a look at your budget
One of the easiest ways to “earn” money is to find it in your current budget, recommends Rebecca Hall, CFP, APMA, Ameriprise private banking advisor. Many people find themselves spending less on entertainment and restaurant meals these days, which gives you more financial leeway in this area. But sitting down and watching your spending can help you figure out where you can cut.
Now may not be the time to give up streaming services, but Hall recommends looking at other extras like gym memberships and little luxuries. “Now is a great time to reassess your budget and see if there may be opportunities to save some extra money,” she notes.
Consider temporary delivery work
If you are not a member of a high-risk population, some companies like Amazon are hiring additional employees to meet skyrocketing demand. Hall notes that grocery stores and food pick-up and delivery services may also use your help as more and more customers order and stock up for shelter on site.
Just make sure you keep your health and safety in mind and consult the personal protective equipment guidelines before doing so. If you’d rather not commit to working for a company like Amazon or Instacart, see if one of your neighbors would be willing to cut out the middleman and pay you a little something to add their grocery order to yours . Just be nice: now is not the time to take advantage of anyone.
Look in the tutoring
Anyone with training or even a knack for organization and a lot of patience can take on extra work in education – by far, if your state has social distancing measures in place. With many schools closed and children climbing the walls, offering homework help, distance education or even home schooling can help give parents a well-deserved break. “Many families have been affected by the school closings while parents may still have to work full time at home,” said Hall. “This adjustment can be difficult to juggle, especially since some children adapt to online learning.”
Teach a class online
Those with specialized skills or talents may also consider offering lessons. “If you have a particular skill that you can pass on, you can bet there is a market for it,” said Matt Dowling, CEO and founder of the Freelancer Club.
Think that craft, software, or even gift-based technology helps others who are stuck at home and want to fill their time. Websites like Teachable can help you create and promote your own online courses, in any area of your expertise.
Help people get in shape from home
With so many people trapped at home away from their usual gyms, yoga studios and Crossfit communities, the time has come for those with fitness certification to put their talents online. Many fitness professionals have started offering classes on video platforms like Zoom, so you can check out a few to get a feel for how they work before hosting yours.
And if you like to exercise and want to go further, consider getting certified to teach. “It’s a good time to get certified,” notes Dowling. “You can become a qualified personal trainer entirely online.” The National Strength and Fitness Council can help you get started.
Offer virtual assistance
With the federal tax deadline extended to July 15, accountants and tax preparers have as much work to do as ever and in a longer time frame than most years. They may need help entering data or managing their schedules, notes Hall.
Many traditional transcription and even translation services still need help and may also offer flexible hours if you have to juggle parenting with work. And many industries, from tech support to website design, offer jobs you can do entirely at home.
Become a podcaster or blogger
While not a foolproof income generator, podcasting and blogging can help you build a profitable platform in the long run. All you need to get started is your medium of choice – be it Instagram, YouTube, your own website, or a podcast. Dowling explains that sponsored posts and affiliate links can generate income, especially once you gain an audience. “The top names are streamlining their presence on all platforms, but each is a good place to start,” he adds. All you need is a smartphone and something to say and you’re on your way.
Start your own resale business
If you find yourself cleaning your closet just to pass the time, make money while you’re at it. Resale sites like eBay, ThredUp and Poshmark can help you turn the sale of your used goods into a real business. Myra Gonzalez has sold her thrift store finds on Poshmark since 2015. “I already had savings for a long time, so I had a lot of stock and it worked perfectly,” she explains. “I was able to clean my closet and also use it as a creative outlet, which was great for me.”
Gonzalez recommends taking well-lit photos of your business against a clean background to attract buyers and increase sales. She tries to include information about a product that the buyer would like to know about and send it out as soon as possible for a good customer service experience.
For Rosalyn Figueroa, selling on Poshmark has helped her earn extra money as a stay-at-home mom and find an online community. She adds that many veteran sellers like her are happy to help beginners learn how to optimize their online stores. And whether it’s to include measures to facilitate home shopping or to include a thank you note with their shipments, it always puts the customer first. “It’s customer service – if you have a business, you want people to come back,” she says. “So you want people to feel special.”
Know your help options
To help those in dire straits, the U.S. government has instituted the Coronavirus Aid, Relief, and Economic Security Act to help mitigate some of the impact. CARES Law Provides 100% Federal Funding To States To Provide Up To 13 Weeks Of Compensation In The Event Of An Emergency Unemployment Pandemic And Creates An Unemployment Pandemic Assistance Program For Those Who Exhaust Their Benefits and workers, such as entrepreneurs or freelancers, who would not normally be eligible.
“Be sure to check if you qualify, apply through your state program and indicate that you have been affected by the coronavirus,” said Hall. “You may also be eligible if you have lost your job, been on leave, or your business has closed due to COVID-19.”