It pays to have a solid strategy if you’re looking to make extra money. The strategy explained here is for you if you’re short of time each day but still keen to make worthwhile amounts of money over the long-term.
At MoneyCortex we call this the ‘money drip method’.
For this to work, you need to be fairly patient and someone who is in it for the long haul. Some people look at making extra money and give up quickly. If you’re someone who gives up quickly it’s not for you.
How the ‘money drip method’ works
The principle is very simple. You need to make an effort, every single day to earn a small amount of extra money. It can be done by taking surveys, performing user tests, carrying out microtasks or freelancing on platforms such as Fiverr. The earnings are often referred to as “beer money” in the personal finance industry. Set a target to earn per day on average, even if it is only a couple of pounds or dollars depending on your location.
Each day’s effort will only bring in a small amount. A drip. But what do drips eventually build up to? That’s right, a big lovely puddle! The only question will then be; what to do with your big puddle?
Ignore that bear he doesn’t know what he’s talking about.
The vital ingredient is consistency. The maths add up very nicely. For example, you could set a daily target of just £2 if you’re in the UK. Or maybe $3 in the U.S. Whether you answer surveys (find survey websites), click on sponsored ads at Qmee, or review music at SliceThePie. It doesn’t matter which you pick, stick with your trusted sources.
Considering you can sit down each day and get the £2 target in no time it’s not difficult. Over a year it will bring in £730. Or in the U.S. $3 a day would be $1,095. That’s a fantastic puddle that could be spent on gifts, travel, or reducing debt.
How to succeed with the ‘money drip method’
This is one of those methods that sounds easy. You could even do it on top of existing money-making efforts. But as with everything, it’s about the execution. You have to do it right!
Create a routine that fits in with your lifestyle
A routine is your best friend. If you can set a time each day, say in the evening, 8 pm maybe. Fire up your laptop, smartphone or whatever you will be using. Then get going.
Set a realistic daily target
Your second-best friend will be a daily target. We are dripping money remember, this is something we want to do very quickly each day, so it needs to be a low daily value.
Track results every day using a spreadsheet or calendar
You’ll need some sort of document to track it. A spreadsheet is a good way to track beer money earnings. If you use Google Sheets it’s free and you can access it from any device with an internet connection. In the spreadsheet have one column of dates, then next to it put whether you met your daily target. That’s it! You could have an auto-calculated daily average in a spreadsheet cell too.
If you don’t like spreadsheets or aren’t good with them you could buy a calendar to keep on the wall and each day you complete your money drip method, chuck a big tick in for that day. That has the benefit of being visual and good at reminding you to do it.
Go and get started
If you like the sound of this method and think it’s for you don’t just leave this page and plan to do it later. Start now, right now! Grab a calendar or make your daily spreadsheet, write down your routine and daily target and get dripping!