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If you currently don’t have a job, finding ways to make money may be at the top of your to-do list. The good news is that there are numerous ways to earn income when you aren’t working a steady gig. Some opportunities require Wifi and a laptop or smartphone, while others require little more than your physical presence.

Starting a side hustle can be a great option for making money from home. Or if you’re interested in how to “make money with money,” you might lean toward passive income ideas. Keep reading to learn some of the most popular ways to make money with no job.

How To Make Money With Money With No Job

What does it mean to make money with money? In simple terms, it means finding ways to make the money that you already have work for you, without necessarily getting a traditional first or second job.

Learning how to make money with money often involves various ways to earn passive income. Passive income is money that you earn with little to no work involved. That doesn’t mean you don’t do any work at all: Some degree of work is required in the beginning to create passive income streams before you can start making money on autopilot.

If that sounds good to you, then you might consider these passive income ideas.

1. Sell Your Plasma

Selling plasma can be an easy way to make extra money without a job or without doing any real work. Plasma donation centers pay healthy people real cash to donate their plasma. Depending on where you donate, you can make $1,000 your first month as a new donor.

Keep in mind that there may be a limit on the number of times you can donate plasma each month. You may also want to read up on potential side effects of donating plasma and how the process works.

2. Sell Your Clutter

If you have things around the house you no longer need or use, you could sell them to make some quick cash. Some of the places you can sell items you don’t need include:

•   Craigslist

•   Facebook Marketplace

•   Facebook bargain groups

•   eBay

•   Etsy (for vintage items)

•   Consignment stores

You can also try selling items through an app like Mercari or Decluttr. Selling items for cash could generate a steady income if you’re interested in flipping.

Flipping simply means taking things you get for one price, then selling them for a higher price. For example, you might be able to find bargains on clothing or accessories at thrift stores and flea markets, then turn around and flip them on Facebook Marketplace or eBay. You might need to spend a little money to purchase your first items to flip, but this can be a great option for how to make money with money.

3. Get Paid To Do Market Research

Companies are always interested in figuring out how to gain a competitive edge. One way they do that is by paying everyday consumers to participate in market research.

For example, there are numerous apps and websites that pay you cash to complete surveys, share your opinions, or participate in focus groups. The amount you can make largely depends on which apps or sites you’re signing up for. But this can be an easy way to make money from home using your cellphone or laptop.

Recommended: Does Net Worth Include Home Equity

4. Earn Cash Back

Cash-back apps are another option for making money without a job. When you download cash-back apps, you can link your debit card or credit cards, then earn back a percentage of what you spend at partner retailers.

There are several different cash-back apps to choose from, and they all pay different cash-back reward rates. Some of the apps you might consider for online shopping, grocery shopping, or travel include:

•   Rakuten

•   Ibotta

•   Dosh

•   Mr. Rebates

You can sign up for one or multiple apps to maximize your cash-back earnings potential.

5. Start a Blog

Blogging can help you to generate passive income in a variety of ways. For example, you might earn passive income from advertisements on your site, affiliate marketing, or product sales. You can also make a more active income by writing sponsored posts or offering some type of service, like coaching or consulting.

There is a certain amount of work that goes into setting up a blog and growing various income streams. But it’s entirely possible to make a full-time income from home as a blogger, even if you’re starting with no experience and very little money. For more on blogging, check out this story on the costs of running a blog.

6. Invest in Real Estate

Real estate can be a great investment, especially when there’s uncertainty in the stock market and inflation is on the rise. But how can you afford to invest in real estate and buy a rental property if you don’t have a job?

The simple answer is that you figure out how to make money with money in real estate a different way. Investing in a real estate investment trust (REIT), for example, offers the benefits of real estate ownership without the hassles of operating a rental property. You can also invest in real estate mutual funds or exchange-traded funds (ETFs) to gain exposure to a variety of properties in a single investment.

These investment options might be offered through your online brokerage. You may also consider real estate crowdfunding platforms, which allow you to pool your money along with other investors in a variety of property types. You make money through any of these investments in the form of dividends, which is another type of passive income.

7. Childcare, Senior Care, and Pet Care

If you want to make money offline, consider babysitting, pet sitting, or dog walking within your social circle or local area. You might also branch out to offer help to seniors who need it. For example, if you don’t mind leaving the house, you can hire yourself out to run errands for elderly people who may not have transportation. Or you may earn extra money by sitting with a senior for a few hours a day while their regular caretaker does the grocery shopping or cleaning.

8. Invest in Dividend Stocks

A dividend represents a share of a company’s profits. Some companies pay out dividends to investors who own shares of their stock as a reward for their loyalty. Dividend investing is something that might appeal to you if you’re specifically interested in passive income or residual income, since you can make a one-time investment, then collect dividends as they’re paid out.

When comparing dividend stocks, it helps to familiarize yourself with how the stock has paid out historically. You’ll also want to consider how often dividends are paid out and what kind of tax liability you’ll incur by receiving dividend payments.

9. Rent Out a Room on Airbnb

If you’ve got a spare room, you might have an easy solution for how to make money without a job. You can rent out a spare room or part of your home on Airbnb to create passive income. Or you might take on a regular roommate, which can help to reduce your share of monthly expenses.

You’ll need to register for an account on Airbnb to start hosting guests in your home. Before you do that, however, it’s important to check the zoning laws where you live to determine whether you need any special permits to act as an Airbnb host.

Recommended: Should I Sell My House Now or Wait

10. Rent Out Your Car

Have a car that you rarely drive? You can rent it out to people who need a vehicle short-term through a site like Turo. Renting your car for cash is similar to renting out a room on Airbnb, in that you’re effectively sharing your vehicle with someone else. This can be a easy option for making money with your car passively versus driving for Uber or Lyft.

Recommended: What Credit Score is Needed to Buy a Car

11. Become a Tutor

Tutoring is something you might consider if you’re comfortable helping students learn and you want to be able to make money from home. You might offer tutoring services virtually through a site like Tutor.com or from the comfort of your home if you’re helping students locally. Keep in mind that with tutoring websites, you may be required to pass a skills test or show proof of a college degree in order to get approved.

12. Freelance Online

You might try freelancing to make money without a job if you have some marketable skills. Some of the ways you can make money as a freelancer include:

•   Proofreading

•   Virtual assistant services

•   Graphic design services

•   Website design

•   Freelance writing or editing

If you’re not sure where to get started with making money as a freelancer, you might try a site like Fiverr. With Fiverr, you can list your freelance skills and services, along with your preferred rate. Potential clients can browse freelancer profiles and if yours is a good fit, hire you for their project.

13. Sell Photography

Selling photography online is another way to make money from home. You’ll need a good camera (or smartphone camera) to take pictures, and it’s helpful to have good editing software on hand. Once you have some pictures to sell, you can upload them to a site like Shutterstock or Foap.

These sites allow you to license the rights to your photography. When someone purchases a license, you earn royalty income. Once again, this is another good way to make money passively without leaving home.

14. Peer to Peer Lending

Peer to peer loans are funded by money pooled from different investors. Those investors make passive income from the loans by collecting interest from borrowers.

You might consider P2P lending as an investor if you’re looking for another idea on how to make money with no job passively. Keep in mind that with peer-to-peer lending, a higher potential rate of return usually equates to higher risk. If the borrower defaults on the loan you’ve helped fund, you won’t be able to collect any remaining interest.

For that reason, you might want to diversify the types of loans you invest in. You can also balance risk by investing in other things, such as real estate, dividend stocks, or even fine art.

15. Sell eBooks or Low Content Books

Ebooks and low-content books like blank journals or lined notebooks can be an excellent way to create steady income without a lot of ongoing work. You can create an ebook or low-content book, upload to a self-publishing website like Amazon Kindle Direct Publishing (KDP), and collect income each time you sell a copy.

You typically don’t need much to get started with self-publishing, other than a great idea for a book and some graphic design software to create your covers and interiors. When deciding where to sell your finished books, take time to research the fees each platform charges, since they can eat into your earnings.

How To Make the Most of Extra Income

Figuring out how to make money with money can increase your cash flow, sometimes significantly. But it’s important to think about what to do with extra money that you’re earning from side hustles or passive income ideas.

Some of the best ways to put extra income to work include:

•   Paying down high-interest debt

•   Increasing your savings

•   Investing money in the market, where it can grow through compounding

•   Reinvesting it into new passive income ideas

Those are just a few ways to make the most of supplemental income, versus simply spending all of the extra cash you’re bringing in.

If you’re struggling to manage the extra money you’re making, using a free budget app can help. Budgeting apps help you keep track of your expenses and budget categories each month so that you know where your money is going. Seeing how you’re spending money can make it easier to pinpoint areas to cut back.

The Takeaway

Extra income is one of the main benefits of a side hustle, along with flexibility and the ability to earn money on your own schedule. If you’re testing out different ideas for how to make money with money, there are plenty of passive income ideas you can try. You can also research ideas for how to make money with no job that might require a little more work, such as low-content ebooks. Others require little more than your physical presence.

Having a money tracker to record income and expenses can help you stay on top of your financial situation. SoFi, for instance, lets you see your expenses at a glance, monitor your credit, and get a snapshot of your financial situation right from your mobile device. The best part is that it’s free to use.

Begin tracking your financial life with SoFi.

FAQ

How can I make money with no job?

Starting a side hustle or online business, or doing gig work, are great ways to make money without a job. It’s possible to make money online or from home doing things like market research, shopping with cash back apps, mystery shopping, or offering freelance services. The more side hustles you have, the more money you can make even without a job.

How can I make $100 without a job?

The fastest way to make $100 without a job is to sell something. For example, you might sell items around the house that you no longer need, or resell bargain items that you find on Facebook or at flea markets. If you’d like to make $100 a day or $100 a week consistently, then you might consider different side hustle options like pet sitting, dog walking, freelancing, or blogging.

How do I live without a job?

Living well without a job starts with creating a realistic budget and understanding how you spend your money. Having savings to rely on can make it easier to live without a job if you expect to be out of work temporarily. You can also work on finding ways to make money without a job, including passive income ideas, side hustles, or gig work.

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Photo credit: iStock/Natalia Bodrova

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*Terms and conditions apply. This offer is only available to new SoFi users without existing SoFi accounts. It is non-transferable. One offer per person. To receive the rewards points offer, you must successfully complete setting up Credit Score Monitoring. Rewards points may only be redeemed towards active SoFi accounts, such as your SoFi Checking or Savings account, subject to program terms that may be found here: SoFi Member Rewards Terms and Conditions. SoFi reserves the right to modify or discontinue this offer at any time without notice.

Non affiliation: SoFi isn’t affiliated with any of the companies highlighted in this article.

Third-Party Brand Mentions: No brands, products, or companies mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third-party trademarks referenced herein are property of their respective owners.

Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.

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Your credit card statement can feel like information overload with all of its numbers and terminology. Understanding the definition of terms like outstanding balance, statement balance, and billing cycle can help you to navigate this monthly statement a little more easily.

So what is an outstanding balance, how is it different from a statement balance, and can it affect your credit score? Put simply, the outstanding balance on a credit card is what the amount of money you still owe to the credit card company is called. Knowing this figure is important to avoiding interest and potential effects on your credit.

What Is an Outstanding Balance on a Credit Card?

Outstanding balance is another way to express current balance. In fact, depending on your credit card issuer, your monthly statement and mobile app may use the term “current balance” instead of “outstanding balance.”

But what is an outstanding balance in credit card terminology? A credit card outstanding balance is simply the amount of money you have not paid to the credit card issuer — i.e., it’s what you still owe.

Your outstanding balance includes any purchases you have made on your credit card but have not yet paid off (from the current and previous billing cycles), but it also includes:

•   Interest earned on previous balances

•   Balance transfers (and any balance transfer fees)

•   Cash advances

•   Any other fees you may owe, like late fees or foreign transaction fees

Recommended: Closing a Credit Card with a Balance

Where to Find Your Outstanding Balance on a Credit Card

You can check your outstanding balance by calling your credit card issuer or accessing your account online or through the mobile app. Depending on the terminology the company uses, you may see the outstanding balance listed as your current balance or simply your credit card balance.

Recommended: Does Applying For a Credit Card Hurt Your Credit Score

Current Balance vs Outstanding Balance

Current balance is simply another term for outstanding balance. Depending on your credit card issuer, you might see one term or the other used. In some cases, it may simply be labeled “account balance” or “credit card balance.”

Recommended: How to Avoid Interest On a Credit Card

Statement Balance vs Outstanding Balance

So what’s the difference between a credit card statement balance and outstanding balance? Your credit card statement balance is the total amount owed after a billing cycle. It can include any purchases made during the billing cycle, plus any balance, interest, and fees carried over from the previous billing cycle.

Once issued, the statement balance amount does not change, even if you continue to swipe your card for more purchases during the grace period (this is the period between statement closing date and due date, during which you won’t earn interest on your unpaid statement balance). As long as you pay off the statement balance in full by the due date, you should not accrue any interest.

Your outstanding balance encompasses everything you owe at a specific moment in time. Sometimes your outstanding balance can be higher than your statement balance; sometimes it may be lower. Consider this example:

Your billing cycle ends, and you now have a statement balance of $1,000. In the next week, you spend $500 more with your credit card. Your statement balance remains $1,000, while your outstanding balance grows to $1,500. But as long as you pay that $1,000 statement balance by the due date, you will not incur any interest — and your statement balance will drop to $0 until the end of the next billing cycle.

Recommended: Tips for Using a Credit Card Responsibly

Remaining Balance vs Outstanding Balance

Remaining balance refers to whatever amount is still due after you’ve made your monthly credit card payment. For example, if your statement balance is $500 but you only pay $300, your remaining balance is $200. This, along with the interest it accrues, becomes a part of your outstanding balance.

You can avoid accruing interest on a remaining balance by paying off your statement balance in full each month rather than only the credit card minimum payment.

Recommended: When Are Credit Card Payments Due

What Is an Average Outstanding Balance?

The typical amount of an outstanding balance can vary widely from person to person — it all depends on how much you use your credit card, what your credit limit is, and whether you carry a balance. That being said, your average outstanding balance is simply the amount you owe on a credit card, averaged over a certain period of time.

The average outstanding balance formula for a statement period would be the total of your balance for each day of the statement period, divided by the number of days in the cycle. This can be helpful to know given most credit card issuers calculate interest on a daily basis, based on your average daily account balance.

Recommended: What is the Average Credit Card Limit

Paying Your Credit Card Outstanding Balance: What to Know

The nuances of credit card balances can be tough to nail down, but understanding how they work — particularly outstanding balances — may help you avoid interest and impacts to your credit score.

Here’s the short version:

•   Paying the minimum balance due each month will help you avoid late fees and negative marks for late payments on your credit report.

•   Paying the statement balance in full by the due date will keep you from accruing interest.

•   Paying down the outstanding balance, or current balance, even outside of your normal payment cycle, can reduce your overall credit utilization, which influences your credit score.

How Interest Contributes to Outstanding Balances

When you make purchases with your credit card throughout a billing cycle, the card issuer has lent you money to cover the expenses. And if you don’t pay the lender the statement balance in full by the specified due date, any remaining balance will become part of your outstanding balance — and it will start accruing interest.

The best way to avoid paying credit card interest is to pay your statement balance in full by each due date.

Recommended: Tips for Using a Credit Card Responsibly

How an Outstanding Balance Affects Your Credit Score

When you carry over unpaid balances, you’ll do more than earn interest that you have to pay. You’ll also increase your overall credit utilization, which is the amount of your total available credit you’re using. That’s because your outstanding balance counts toward your credit limit.

For example, if your credit limit is $5,000 and your outstanding balance is $2,500, you’ve utilized 50% of your credit limit. In general, creditors prefer to see a credit utilization of 30% or lower. This signals to them that you can responsibly pay back your debts.

In fact, credit utilization is the second most important factor affecting your FICO credit score. It accounts for 30% of your overall credit score. Thus, carrying a high outstanding balance regularly can adversely affect your credit score.

For this reason, experts typically recommend paying off your full statement balance every month if you’re able. And if you make a large payment on your credit card during a billing cycle that increases your outstanding balance tremendously, you may want to pay it off early to reduce your credit utilization — or else you chance a drop in your credit score.

Recommended: What Happens If You Overpay Your Credit Card?

The Takeaway

Credit cards can be confusing, especially when you’re new to the terminology. But once you understand how your statement and outstanding balances work and can responsibly make payments in full and on time, credit cards can be a great tool for boosting your credit score.

FAQ

Does outstanding balance mean past due?

Having an outstanding balance does not necessarily mean it’s past due. Your credit card requires a minimum monthly payment; if you have satisfied that payment, you do not need to immediately pay your outstanding balance. But keep in mind that you generally need to pay the full statement balance each month to avoid accruing interest.

How do I clear the outstanding balance on my credit card?

To clear the outstanding balance on a credit card, you can make a payment equal to the amount. This should bring the balance down to zero. However, you do not always have to pay your outstanding, or current, balance to avoid interest. Paying your monthly statement balance in full should keep you from accruing interest, even if your outstanding balance is higher.

Why is my outstanding balance negative?

Your credit card outstanding balance can go negative if you pay off the card and then receive a credit for a returned item or claim cash-back rewards from your purchases. If you want, you can request a check from the credit card issuer in the amount of the negative balance. Or, you can apply the negative balance on a credit card toward future purchases on the credit card.

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Photo credit: iStock/SARINYAPINNGAM

Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.

Disclaimer: Many factors affect your credit scores and the interest rates you may receive. SoFi is not a Credit Repair Organization as defined under federal or state law, including the Credit Repair Organizations Act. SoFi does not provide “credit repair” services or advice or assistance regarding “rebuilding” or “improving” your credit record, credit history, or credit rating. For details, see the FTC’s website .


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Editor's Note: For the latest developments regarding federal student loan debt repayment, check out our student debt guide.


You can now apply for a one-time cancellation of up to $20,000 on your federal student loan debt through an online form posted on the Federal Student Aid website.

The program provides eligible borrowers with full or partial discharge of federal loans up to $20,000 to Federal Pell Grant recipients and up to $10,000 to non-Pell Grant recipients.

Who qualifies? Individuals who made less than $125,000 in 2021 or 2020, and families that made less than $250,000 in 2021 or 2020.

Read on to learn more about applying for student loan forgiveness — and the deadlines you need to know.

Steps to Take to Apply for Student Loan Debt Cancellation

President Joe Biden announced a student loan forgiveness plan in August that would provide one-time debt relief to low- and middle-income families through $10,000 or $20,000 payments.

The form went live on October 17.

Nearly 8 million borrowers may be eligible to receive relief without applying for it because the DOE already has their income information. But if you are uncertain whether you fall into that group, it’s recommended that you fill out the application.

Qualified borrowers are advised to apply by mid-November in order to receive relief before the pause on all federal loan payments expires on December 31, 2022.

Following these steps will help the application process go smoothly:

Figure Out if You’re Eligible

People with federal student loans may qualify for up to $10,000 in debt relief, and Pell Grant recipients may get up to $20,000. Borrowers are eligible for this relief if their 2020 or 2021 individual income is less than $125,000 or $250,000 for households.

Federal Pell Grants are typically awarded to undergraduate students with low or moderate income. Most borrowers can log in to StudentAid.gov to see if they received a Pell Grant.

Submit Your Application

The application “is simple, easy, and you don’t need to log in or provide supporting documents to apply,” the White House tweeted on October 17.

“We’ll determine your eligibility and will contact you if we need more information,” says the FSA site. “Your loan servicer will notify you when your relief has been processed.”

A beta version of the application was released less than a week before the official application went live. Those who applied during that stage do not need to apply again, according to the White House. The form they submitted will be processed.

You’ll have until Dec. 31, 2023, to submit your application.

Refresh Your Contact Information

You do not need to log in with your student loan servicer to apply for debt relief, but it’s recommended that you make sure your contact information is up to date for notifications. If you don’t know who your federal student loan servicer is, find out now. These companies work with the DOE on the administration of your loans.

If you don’t have a StudentAid.gov account (an FSA ID), you should create an account to help you manage your loans.

A New Deadline for Loan Debt Payments

Everyone who is paying down their federal student loans got a pause in payments starting in March 2020. The deadline to resume payments has been extended more than five times.

“To ensure a smooth transition to repayment and prevent unnecessary defaults,” President Biden said he will extend the pause one more time, through Dec. 31, 2022, with payments resuming in January 2023.

Biden said this past August that there will be no more extensions after his final one.

Recommended: How to Prepare for the End of Federal Student Loan Relief

Changes in Eligibility for Public Service Forgiveness

Along with extending the deadline for loan repayments and creating a one-time federal loan relief payment, President Biden made changes to the Public Service Loan Forgiveness program.

Borrowers who are employed by nonprofits, the military, or federal, state, tribal, or local government may be eligible to have all of their student loans forgiven through the existing Public Service Loan Forgiveness (PSLF) program. This is because of time-limited changes that waive certain eligibility criteria in the PSLF program.

Anyone interested in this opportunity needs to take action immediately. These temporary changes expire on October 31, 2022. For more information on eligibility and requirements, and to apply, go to PSLF.gov .

What About Opposition to the Biden Loan Forgiveness Program?

Biden’s federal student loan forgiveness plan has not met with universal approval. Some say that Biden does not have the authority to institute the plan; others criticize the cost to the economy. The White House said in August that canceling the federal debt will cost the government $240 billion over the next decade. Other estimates have put the price higher.

In late September, six states — Arkansas, Iowa, Kansas, Missouri, Nebraska, and South Carolina — filed a lawsuit to stop the plan, saying the Biden administration overstepped its regulatory authority.

Various court challenges and politicians’ petitions are moving forward. However, as of October 18, the opposition did not appear to have the legal authority to stop the debt cancellation plan from going forward.

Recommended: What Biden’s Student Loan Forgiveness Means for Your Taxes

The Takeaway

While federal student loan cancellation of up to $20,000 will be sent to about 8 million people automatically, there is now an online application for anyone who wants to apply and meets the income eligibility requirements.

You may want to take steps to get on top of all your student loan debt. Only federal student loans are eligible for cancellation, and only for those who meet certain income requirements. Refinancing your student loans — or what’s left of your student loans after forgiveness — might lead to lower payments, especially as interest rates are rising from historic lows. Explore student loan refinancing with SoFi to find out your options. Just be aware that after you refinance, that amount is no longer eligible for forgiveness.

Find out your rate for student loan refinancing

FAQ

Do you need to apply for the student loan forgiveness?

Nearly 8 million borrowers may be eligible to receive relief without applying — unless they choose to opt-out — because the necessary income data is already available to the DOE.

You may receive the one-time debt cancellation on your federal student loan if you filed the necessary income data through a Free Application for Federal Student Aid (FAFSA) in the last two years or an income-driven repayment application that uses income data from tax years 2021 or 2020.

But if you are at all unsure whether this applies to you, it’s recommended that you fill out an application
online .

How will I know if I qualify for student loan forgiveness?

You will either automatically receive forgiveness on your federal student loan or you’ll receive it after you fill out an application online. You will be notified through an email or text if you qualify and, later, you will be informed by your loan servicer once the money is deducted from what you owe.

What types of student loans will be forgiven?

Only federal loans are eligible for these forgiveness programs, not private student loans. Subsidized loans, unsubsidized loans, parent PLUS loans, and graduate PLUS loans held by the DOE are eligible.

Consolidation loans are also eligible for relief, as long as all of the underlying loans that were consolidated were DOE-held loans and were disbursed on or before June 30, 2022. Additionally, consolidation loans comprised of any FFEL or Perkins loans not held by DOE are also eligible, as long as the borrower applied for consolidation before Sept. 29, 2022.

Do parents get student loan forgiveness?

All DOE-held loans, including PLUS loans for parents and graduate students, are eligible for relief, according to the Biden Forgiveness Plan.

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Photo credit: iStock/SDI Productions

Third-Party Brand Mentions: No brands, products, or companies mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third-party trademarks referenced herein are property of their respective owners.

In our efforts to bring you the latest updates on things that might impact your financial life, we may occasionally enter the political fray, covering candidates, bills, laws and more. Please note: SoFi does not endorse or take official positions on any candidates and the bills they may be sponsoring or proposing. We may occasionally support legislation that we believe would be beneficial to our members, and will make sure to call it out when we do. Our reporting otherwise is for informational purposes only, and shouldn’t be construed as an endorsement.

Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.

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