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After you purchase a new home, there are many things to budget for, including moving costs, new furniture, and ongoing expenses such as your mortgage. Although it may seem like many of the significant expenditures are out of the way once you close on a property, there are additional costs that can add up.

To avoid financial surprises, it’s wise to jot down and budget for all of the extra expenses you will encounter when you move into your new place. To help you organize your finances, here are the things to budget for after buying a house.

Moving-Out Expenses to Budget for

Before you take up residence in your new home, you must move all of your things. Even if you pack and move all your belongings yourself, you’ll still have to spend on things like boxes, packing materials, and a truck. And if you use movers, it will cost you even more.

Recommended: The Ultimate Moving Checklist

Moving Your Belongings

There are three main options for moving your belongings:

•   Renting a truck and doing it yourself. It’s more cost efficient than using professional movers, but DIY moving yourself still adds up. You’ll have to pay for the truck rental fee, gas, and damage protection. If you’re moving across the country, you may also have to factor in the costs of shipping some of your items. Even though you can enlist your friends and family to help you do the heavy lifting, the cost of moving yourself can still be significant, and it’s a lot of work.

•   Hiring movers. If you decide to use professional movers, it’s wise to shop around to find the best price. Here’s why: For moves under 100 miles away, the national average cost of moving is $1,400, and it ranges from $800 to $2,500. If you’re moving long distance, the average cost can be as high as $2,200 to $5,700. To cut costs, you can do your own packing, which may save you money.

•   Moving your things in a storage container. Another option is to use a hauling container — you load your things in it, and the container company moves it to your new location. This usually costs between $500 and $5,000, depending on the distance and how much stuff you’re moving. Long-distance moves will usually cost more than local ones.

Moving Supplies

If you decide to go the DIY moving route, you will need to buy boxes, bubble wrap, labels, and tape. And you likely have more items to wrap and box up than you think, which requires even more supplies.

Cleaning Supplies

You’ll probably want to clean your current property before you move out, and you’ll definitely want to clean the new place when you move in. That means buying mops, sponges, cleaning solutions, and paper towels. You may also want to get the carpets cleaned or hire a professional house cleaner if the place needs a deep cleaning.

10 Common Expenses After Buying a Home

Once the move is done, there are other expenses you’ll need to account for as you settle into your new abode. Here are a few things to budget for after buying a home.

Furniture and Appliances

You’ll likely bring some furniture and decor from your old place, but you’ll probably want to purchase some new things as well. For example, if the appliances are outdated, you might want to upgrade to new ones. And you may have more rooms to furnish, which requires additional furniture.

Consider opening a savings account for the new items you want to purchase. It can also help pay for any unexpected costs, such as having to replace a hot water heater that breaks.

Mortgage Payments

As a homeowner, every month you will making a mortgage payment that typically includes:

•   The principal portion of the payment. This is the percentage of your mortgage that reduces your payment over the life of the loan. The more you pay toward principal, the less you will have to pay in interest.

•   The interest. This is the amount you pay to borrow funds from the bank or lender to purchase your home.

If you are using an escrow account to pay your mortgage, other things may be included in your payment, such as your property taxes, insurance, and private mortgage insurance. This guide to reading your mortgage statement can help you understand all the costs involved in your mortgage payment.

Property Taxes

Property taxes are the taxes you pay on your home. In many cases, these taxes are the second most significant expense after your mortgage. Property taxes are based on the value of your home, which is typically governed by your state. The county you live in collects and calculates the sum due. Usually, property tax calculations are done every year, so the amount you owe may fluctuate annually.

Homeowners Insurance

Homeowners insurance helps protect your home from damage or destruction caused by events like a fire, wind storm, or vandalism. It can also protect you from lawsuits or property damages you are liable for. If someone slips and falls on your sidewalk, for instance, homeowners insurance will pay for the injured person’s medical bills and the legal costs if they decide to sue you.

The cost you pay for this coverage will vary by the type and amount of coverage you select.

Private Mortgage Insurance (PMI)

For borrowers who can’t afford a down payment that’s 20% of the mortgage value, lenders usually require private mortgage insurance (PMI). This type of coverage is designed to protect the lender if you default on your mortgage payments.

PMI can cost as much as a few hundred dollars per month, depending on the sum you borrow.

HOA Dues

This is a Homeowner’s Association fee, which goes toward the upkeep of property in a planned community, co-op, or condo. The amount can range from a couple of hundred dollars a year to more than $2,000, depending on the amenities you’re paying for (like a pool and landscaping). You typically pay HOA fees monthly, quarterly, or annually.

Utilities

Your utility payments include water, gas, electric, trash, and sewer fees. Some bills like water and electricity are based on the amount you use every month, so monitoring your electric and water usage, like taking short showers and turning lights off, can help lower your cost. Other payments, such as your trash or recycling, might be a fixed amount.

Lawn Care

Maintaining the curb appeal of your home requires landscape services and lawn care. If you choose to mow your own lawn, you may need to factor in the purchase of a mower, which can cost about $1,068 on average. If you hire a lawn service to cut your grass, you may pay $25 to $50 a week.

Pest Control

Pests, such as ants, ticks, rodents, or mice, can wreak havoc on your home and your family’s health. For these reasons, many homeowners hire a pest control company to prevent the infestation of pests around their homes. The company’s initial visit may cost between $150 to $300, then $45 to $75 for every follow-up.

Home Improvement Costs

As a homeowner, there are likely things you want to change about your house. From painting the walls to a complete kitchen renovation, transforming your property can add to the cost of owning a home. According to the HomeAdvisor 2023 State of Home Spending Report, homeowners spend an average of $9,542 on home improvement each year.

Additionally, as the features of your home age, you will need to replace and repair them accordingly.

Common Mistakes After Buying a Home

One of the most common mistakes people make when buying a home is spending more than they can afford. For instance, you may forget to factor in utilities, lawn care, HOA fees, costs of upkeep, and other hidden expenses that come with owning a home. It’s crucial to do your research to determine extra costs and add them up before you move forward with purchasing a property.

Another mistake new homeowners make is taking on too many DIY projects. TV shows can make home renovations look easy. However, many of these projects require professionals who know what they are doing. Attempting a home improvement project could cost you more to fix than hiring a pro in the first place. In fact, about 80% of homeowners that attempt their own renovation projects make mistakes — some of them serious.

Unless you can afford an expert, you may want to rethink purchasing a home that requires a lot of renovation.

The 50/30/20 Rule

For help planning your budget as a homeowner, you can use the 50/30/20 rule, which breaks your budget into three categories:

•   50% goes to to needs

•   30% goes to wants

•   20% goes to to savings

That means you’ll be budgeting 50% of your income to go toward necessities such as housing costs, grocery bills, and car payments. Then 30% will go toward things you want, such as entertainment (movies, concerts), vacations, new clothes, and dining out. The remaining 20% goes towards saving for the future or financial goals such as home improvement projects.

Using a 50/30/20 budget rule is simple and easy. It allows you to see where your money is going and helps you save.

Recommended: How to Track Home Improvement Costs

Lifestyle Tradeoffs in Order to Budget

With so many things to budget for after buying a home, you may need to cut back on spending. Start by looking at your discretionary spending and think about where you can trim back. For example, instead of eating out regularly, you can cook more meals at home. Or perhaps you can put your gym membership on hold and do at-home workouts for a while to stay in shape physically and financially.

Recommended: How to Budget in 5 Steps

The Takeaway

After you buy a house, there are many expenses you may not have accounted for, such as the cost of hiring movers; buying furniture; and getting your new place painted, cleaned, and ready to move into. Making a budget is vital to keep you on track financially, so you can enjoy your new home.

Take control of your finances with SoFi. With our financial insights and credit score monitoring tools, you can view all of your accounts in one convenient dashboard. From there, you can see your various balances, spending breakdowns, and credit score. Plus you can easily set up budgets and discover valuable financial insights — all at no cost.

See exactly how your money comes and goes at a glance.

FAQ

How much money should you have leftover after buying a house?

After buying a home, the amount you have left will vary depending on your financial situation. However, it’s a good idea to have at least three to six months of living expenses in reserve. That way, in case of an emergency, you can stay afloat financially.

Is it worth putting more than 20% down?

Putting more than 20% down on your home can help lower your monthly mortgage payment and interest because you’ll be borrowing less money. It also gives you more equity in your home from the beginning. But make sure you can afford to pay more than 20% in order not to stretch beyond your budget.

What’s the 50-30-20 budget rule?

The 50/30/20 rule means that you budget 50% of your expenses for needs (housing, groceries, loan payments), 30% for wants (entertainment, eating out, shopping), and 20% toward savings goals (retirement, renovations, new furniture).

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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.

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.

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No matter your age, it’s probably a good time to think about getting life insurance. It’s a key step in financial planning, so let’s get to know the two main types – term and permanent – so you can understand which is the right option to protect your loved ones.

First, a crash course in what insurance is: When you purchase a life insurance policy, you make recurring premium payments. Should you die while covered, your policy will pay a lump sum that you’ve selected to the beneficiaries you have designated. It’s an important way to know that if you weren’t around, working hard, your loved ones’ expenses (housing, food, medical care, tuition, etc.) would be covered.

Granted, no one wants to imagine leaving this earth, but buying life insurance can give you tremendous peace of mind.

Types of Life Insurance

Now that the basic concept is clear, let’s take a closer look at the two types of life insurance policies: term and permanent.

Term life insurance offers coverage for a certain amount of time, while permanent life insurance provides coverage for the policyholder’s whole life as long as premiums are paid. (These policies come in a variety of options. We’ll break those down for you in a moment.) There’s no right or wrong type; only a policy that is right for you and your needs. Figuring out which one will be easier once you understand the eight different kinds of life insurance and the needs they were designed to satisfy.

1. Term Life Insurance

Term life insurance, as the name suggests, protects a policyholder for a set amount of time. It pays a death benefit to beneficiaries if the insured person dies within that time frame. Term life insurance coverage usually ranges from 5 to 30 years. Typically, all payments and death benefits are fixed.

There are several reasons why a term life insurance policy might be right for you. Perhaps there is a specific, finite expense that you need to know is covered. For instance, if covering the years of a mortgage or college expenses for loved ones is a priority, term life insurance may make the most sense.

These policies can be helpful for young people too. If, say, you took out hefty student loans that are coming due and your parents co-signed, you might want to buy a life insurance policy. The lump sum could cover that debt in a worst-case scenario.

Another reason to consider term life insurance: It tends to be more affordable. If you don’t need lifelong coverage, a term policy might be an excellent choice that’s usually easier on your budget.

A few variables to be aware of:

•   Term life insurance may be renewable, meaning its term can be extended. This is true “even if the health of the insured (or other factors) would cause him or her to be rejected if he or she applied for a new life insurance policy,” according to the Insurance Information Institute. Renewal of a term policy will probably trigger a premium increase, so it’s important to do the math if you’re buying term insurance while thinking, “I’ll just extend it when it ends.”

•   If you would be comfortable with your coverage declining over time (that is, the lump sum lowering), consider looking into the option known as decreasing term insurance.

💡 Quick Tip: Term life insurance coverage can range from $100K to $8 million. As your life changes, you can increase or decrease your coverage.

2. Whole Life Insurance

Whole life insurance is the most common type of permanent life insurance, which protects policyholders for the duration of their lives.

As long as the premiums are paid, whole life insurance offers a guaranteed death benefit whenever the policyholder passes. In addition to this extended covered versus term life insurance, whole life policies have a cash value component that can grow over the policy’s life.

Here’s how this works: As a policyholder pays the premiums (these are typically fixed), a portion goes toward the cash value, which accumulates over time. We know the terminology used in explaining insurance can get a little complicated at times, so note there’s another way this may be described. You may hear this referred to as your insurance company paying dividends into your cash value account.

This cash value accrues on a tax-deferred basis, meaning you, the policyholder, won’t owe taxes on the earnings as long as the policy stays active. Also worth noting: If you buy this kind of life insurance and need cash, you can take out a loan (with interest being charged) against the policy or withdraw funds. If a loan is unpaid at the time of death, it will lower the death benefit for beneficiaries.

The cash value component and lifelong coverage of this type of life insurance can be pretty darn appealing. And it may be a good fit for funding a trust or supporting a loved one with a disability. However, buying a whole life policy can be pricey; it can be many multiples of the cost of term insurance. It’s definitely a balancing act to determine the coverage you’d like and the price you can pay.

For those who are not hurting in the area of finances, whole life can have another use. A policy can also be used to pay estate taxes for the wealthy. For individuals who have estates that exceed the current estate tax exemption (IRS guideline for 2024) of 13.6 million, the policy can pay the estate taxes when the policyholder dies.

3. Universal Life Insurance

Who doesn’t love having freedom of choice? If you like the kind of protection that a permanent policy offers, there are still more varieties to consider. Let’s zoom in on universal life insurance, which may provide more flexibility than a whole life policy. The cash account that’s connected to your policy typically earns interest, similar to that of a money market. While that may not be a huge plus at this moment, you will probably have your life insurance for a long time, and that interest could really kick in.

What’s more, as the cash value ratchets up, you may be able to alter your premiums. You can put some of the moolah in your cash account towards your monthly payments, which in some situations can really come in handy.

This kind of policy is also sometimes called adjustable life insurance, because you can decide to raise the benefit (the lump sum that goes to your beneficiaries) down the road, provided you pass a medical exam.

4. Variable Life Insurance

Do you have an interest in finance and watch the market pretty closely? We hear you. Variable life insurance could be the right kind of permanent policy for you. In this case, the cash value account can be invested in stocks, bonds, and money market funds. That gives you a good, broad selection and plenty of opportunity to grow your funds more quickly. However, you are going to have more risk this way; if you put your money in a stock that fizzles, you’re going to feel it, and not in a good way. Some policies may guarantee a minimum death benefit, even if the investments are not performing well.

This volatility can play out in other ways. If your investments are performing really well, you can direct some of the proceeds to pay the premiums. But if they are slumping, you might have to increase your premium payment amounts to ensure that the policy’s cash value portion doesn’t fall below the minimum.**

This kind of variable life insurance policy really suits a person who wants a broader range of investment options for the policy’s cash value component. While returns are not guaranteed, the greater range of investments may yield better long-term returns than a whole life insurance policy will.

5. Variable Universal Life Insurance

Variable universal life insurance is another type of a permanent policy, but it’s as flexible as an acrobat. If you like to tinker and tweak things, this may be ideal. Just as the name suggests, it merges some of the most desirable features of variable and universal plans. How precisely does that shake out for you, the potential policyholder? For the cash account aspect of your policy, you have all the rewards (and possible risks) of a variable life insurance policy that you just learned about above. You have a wide array of ways to grow your money, which puts you in control.

The features that are borrowed from the universal life model are the ability to potentially change the death benefit amount. You can also adjust the premium payments. If your cash account is soaring, you can use that money towards your monthly costs…sweet! It’s a nice bonus, especially if funds are tight.

6. Indexed Universal Life Insurance

This is another type of permanent life insurance with a death benefit for your beneficiaries as well as a cash account. You may see it called “IUL.”

In this instance, the cash account earns interest based on how a stock-market index performs. For instance, the money that accrues might be linked to the S&P (Standard & Poor’s) 500 composite price index, which follows the shifts of the 500 biggest companies in America. These policies may offer a minimum guaranteed rate of return, which can be reassuring.

On the other hand, there may be a cap on how high the returns can go. A IUL insurance plan may be a good fit if you are comfortable with more risk than a fixed universal life policy, but don’t want the risk of a variable universal life insurance product.

7. Guaranteed or Simplified Issue Life Insurance

With most life insurance policies, some form of medical underwriting is required. “Underwriting” can be one of those mysterious insurance terms that is often used without explanation. Here’s one aspect of this that you should know about.

Part of the approval process for underwritten policies involves using information from exams, blood tests, and medical history to determine the applicant’s health status, which in turn contributes to the calculated monthly costs of a policy. Underwriting serves an important purpose: It helps policyholders pay premiums that coincide with their health status. If you work hard at staying in excellent health, you are likely to be rewarded for that with lower monthly payments.

However, sometimes insurance buyers don’t want to go through that process. Maybe they have health issues. Or perhaps they don’t want to wait the 45 or 60 days that underwriting often requires before a policy can be issued. With guaranteed or simplified issue life insurance, the steps are streamlined. Applicants may not have to take a medical exam to qualify and approvals come faster.

These policies tend to have lower death benefits (think $10,000, $50,000, or perhaps $250,000 at the very high end) than the other types of life insurance we’ve described. Less medical underwriting also means policies tend to be more expensive. Who might be interested in this kind of insurance? It may be a good option for someone who is older (say, 45-plus), has an underlying medical condition that would usually mean higher insurance rates, or has been rejected for another form of insurance. The coverage may suit the needs of someone looking for insurance really quickly, like the uninsured people who, during the COVID-19 pandemic, wanted to sign up ASAP.

One point to be aware of: Many of these policies have what’s called a graded benefit or a waiting period. This usually means that the beneficiaries only receive the full value of the policy if the insured has had it for over two years. If the policyholder were to die before that time, the payout would be less — perhaps just the value of the premiums that had been paid.

Of the two kinds we’ve mentioned, guaranteed is usually the easiest to qualify for (as the name suggests) but costs somewhat more than the simplified issue variety, which tends to have a few more constraints. You might be deemed past the age they insure or a medical condition might disqualify you.

Worth noting: You may hear these life insurance policies are known as final expense life insurance or burial insurance. As with any simplified issue or guaranteed issue life insurance policies, no medical exam is required. These plans typically have a small death benefit (up to $50,000 in many cases) that is designed to cover funeral costs, medical bills, and perhaps credit card debt at the end of life.

8. Group Life Insurance

Group life insurance is often not something you go out and buy. Typically, it’s a policy that’s offered to you as a benefit by an employer, a trade union, or other organization. If it’s not free, it is usually offered at a low cost (deducted from your payroll), and a higher amount may be available at an affordable rate. Since an employer or entity is buying the coverage for many people at once, there are savings that are passed along to you.

That said, the amount of coverage is likely to be low, perhaps between $20,000 and $50,000, or one or two times your annual salary. Medical exams are usually not required, and the group life insurance will probably be a term rather than permanent policy,

A couple of additional points to note:

•   There may be a waiting period before you are eligible for the insurance. For instance, your employer might stipulate that you have to be a member of the team for a number of months before you can access this benefit.

•   If you leave your job or the group providing coverage, your policy is likely to expire. You may have the option to convert it to an individual plan at a higher premium, if you desire.

Deciding Which Life Insurance Is Best for You

So many factors go into creating that “Eureka!” moment in which you land on the right life insurance policy for you. Your age, health, budget, and particular needs play into that decision.

If you need life insurance only for a certain amount of time, you may want to select a term life insurance policy that dovetails with your needs. Covering a child’s college and postgraduate years is a common scenario. Another is taking out a policy that lasts until your mortgage is paid off, to know your partner would be protected.

A term life insurance policy may also be a good fit for someone who has a limited budget but needs a substantial amount of coverage. Since term policies have a specific coverage window, they are often the more affordable option.

For someone who needs coverage for life and wants a cash accumulation feature, a permanent policy such as whole life insurance might be worth considering. Not only will this policy stay in place for life (as long as the premiums are paid), but the cash value element allows use of the funds to pay premiums or any other purpose.

Permanent life insurance lets you know that, whenever you pass on, funds will be there for your dependents. It can be a great option if you have, say, a loved one who can’t live independently, and you want to know they will have financial coverage. Whole life insurance is typically more expensive than term life insurance, but the premium remains the same for the insured’s life.

In terms of when to buy life insurance, here are a few points to keep in mind:

•   It’s best to apply when you’re young and healthy so you can receive the best rate available.

•   Typically, major life events signal people to buy life insurance. These are moments when you realize someone else is depending on you (and, not to sound crass, your income). It could be when you marry or have a child. It could be when you realize a relative will need long-term caregiving.

•   Even if you are older or have underlying health conditions, there are options available to you. They may not give as high an amount of coverage as other life insurance policies, but they can offer a moderate benefit amount and give you a degree of peace of mind.

💡 Quick Tip: With life insurance, one size does not fit all. Policies can and should be tailored to fit your specific needs.

The Takeaway

Picking out the right life insurance policy can seem complicated, but in truth, the number of choices just reflects how easy it can be to get the right coverage for your needs. There’s truly something for everyone, regardless of your age or budget. Whether you opt for term, permanent, group, or guaranteed issue, you can get the peace of mind and protection that all insurance plans bring.

SoFi has partnered with Ladder to offer competitive term life insurance policies that are quick to set up and easy to understand. Apply in just minutes and get an instant decision. As your circumstances change, you can update or cancel your policy with no fees and no hassles.

Explore your life insurance options with SoFi Protect.

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Coverage and pricing is subject to eligibility and underwriting criteria.
Ladder Insurance Services, LLC (CA license # OK22568; AR license # 3000140372) distributes term life insurance products issued by multiple insurers- for further details see ladderlife.com. All insurance products are governed by the terms set forth in the applicable insurance policy. Each insurer has financial responsibility for its own products.
Ladder, SoFi and SoFi Agency are separate, independent entities and are not responsible for the financial condition, business, or legal obligations of the other, SoFi Technologies, Inc. (SoFi) and SoFi Insurance Agency, LLC (SoFi Agency) do not issue, underwrite insurance or pay claims under LadderlifeTM policies. SoFi is compensated by Ladder for each issued term life policy.
Ladder offers coverage to people who are between the ages of 20 and 60 as of their nearest birthday. Your current age plus the term length cannot exceed 70 years.
All services from Ladder Insurance Services, LLC are their own. Once you reach Ladder, SoFi is not involved and has no control over the products or services involved. The Ladder service is limited to documents and does not provide legal advice. Individual circumstances are unique and using documents provided is not a substitute for obtaining legal advice.

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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If you’re trying to decide if you need life insurance, ask yourself: Would anyone be put at risk financially if I weren’t around anymore?

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There are two main types of life insurance: term and permanent. The costs and coverage time of term life and whole life differ.

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If you’re interested in bringing in more cash, you may be happy to know there are countless weird ways to make money, from selling your hair to testing food to beekeeping. With today’s high cost of living and inflation chipping away at paychecks, many consumers are seeking extra income by starting part-time work or a side hustle.

So, if you want to pad your wallet with extra cash, here are some odd ways to make money in your spare time.

Benefits of Weird Ways to Make Money

Generating additional income is a key benefit of starting a side hustle, and sometimes you need to be creative about how to do that. When you hit on an idea that pulls in more cash, you can use that to afford some small splurges (go ahead and get that pricey salad you love twice next week), but it can also help in a more lasting way. Whether you bring in an extra $100 or $1,000 per month, you can reap the following advantages:

•   Repay debt. High-interest debt, especially from credit cards, can gobble up your income and inhibit financial growth. Paying off debt can be a huge step forward in your financial health.

•   Boost retirement savings. Take advantage of the power of compounding returns by stashing more money into your IRA or 401(k) — your retired self will thank you!

•   Achieve financial stability. Your extra money can build an emergency fund that allows you to handle unexpected expenses or survive for a few months without work, protecting you from the consequences of sudden job loss or a downshifting economy.

•   Follow your passion. While your day job might not be the career path of your dreams, a side hustle allows you to explore what you love and earn money along the way. For example, your woodworking hobby or love of knitting can become a profitable business.

•   Accomplish a financial goal. Whether you want to take an overseas vacation or update your kitchen, making extra money can help you afford a financial goal without taking on debt or dipping into your savings.

•   Grow professionally. Although your second job might be unusual, such as becoming a professional eater, it can allow you to make new connections, acquire new skills, and open the door for career opportunities.

•   Structure time intentionally. Another job will cut down your free time, but this can be a net positive — for example, it can help you direct the hours you have to yourself to what matters most, such as spending time with friends and family. Hard work can help highlight the good times with the ones you love.

Making Money: 27 Unusual Ways

If you’re looking for ways to make money from home or in the outside world without loads of special training, check out this list of weird ways to make money.

1. Renting Your Backyard for Campers

No matter where you live, if you’re in a house, your lawn could be a sought-after destination for adventurers and budget vacationers. Via websites like Hipcamp, you can advertise a comfortable, affordable place to stay for a couple of nights for backpackers or vanlifers. Bonus points if you’re near popular attractions. At Hipcamp, the average active host pulls in between $8,000 to $15,000 per year.

2. Becoming a Professional Sleeper

Another one of the strange ways to make money is by sleeping (seriously!). Despite its necessity and benefits, sleep is mysterious to us, and the scientific community has much to research about it. For instance, you could become a subject for researchers trying to better understand sleep. One University of Colorado study paid almost $3,000 for a study to be completed in less than a day. Sleeping also has commercial utility in various situations. For example, you might try out a company’s products, such as a prototype pillow or sleep mask. To find gigs, set up some search-engine alerts with keywords such as “sleep study” or “sleep tester” and also comb job boards, especially at universities doing research.

3. Renting Out a Shed

Have enough room on your property for extra boxes, appliances, or tools? An app like Neighbor lets you rent out your extra storage space for other people’s possessions, processes payments for your services, and is free to use. It’s like Uber or Airbnb — but with your attic or garage.

Recommended: What to Know Before Renting Out a Room in Your House

4. Test Websites

You can be a professional web surfer by testing websites for companies wanting to improve their online capabilities. Tasks range from clicking a link to finding a specific page on a website. A few minutes a day could earn you income (anywhere from 10 cents to 10 dollars per assignment, depending on the time required), and payments usually come to you through a convenient app like Venmo or PayPal.

5. Being a Professional Mover

Moving is a challenge and can be a very stressful experience. People will often pay big money for help packing, cleaning, and transporting items. This job is physically demanding, so it may not be for everyone. You can work weekends for a moving company or become an independent mover with a company like U-Haul. You might also advertise your services locally if you have a van and access to moving supplies.

6. Professional Eating

Here’s another odd way to make money: If you can gulp down food in a matter of minutes, professional eating is a viable side hustle. Local restaurants might give rewards for accomplishing food challenges. In addition, Major League Eating hosts food challenges across the United States with cash prizes for winners. Want to aim high? The annual Nathan’s hot-dog eating contest pays a $10,000 prize.

💡 Quick Tip: Want a simple way to save more everyday? When you turn on Roundups, all of your debit card purchases are automatically rounded up to the next dollar and deposited into your online savings account.

7. Cuddling

Today’s modern, fast-paced world can deprive people of physical touch, a vital factor in mental and emotional health. Cuddle Comfort is a secure website that sets up platonic cuddling sessions. At around $80 per hour, you could be well-compensated for helping others snuggle up and feel less isolated.

8. Befriending a Stranger

If you’re personable and love embarking on new experiences, being a professional friend may be right for you. RentAFriend.com is a website helping those lacking companionship. Whether you’re walking through a park or attending an evening event, your job is to spend time with people looking for friendship, make interesting conversation, and let your personality shine. Rates typically range from $20 to $50 an hour.

9. Being a Test Subject

Looking for more crazy ways to earn money? According to Ziprecuriter, the average income for a test subject nationwide is $53 an hour. By participating in market research, psychology studies, and clinical trials, you can turn your spare time into profitable experiences where you can reap the financial rewards.

10. Selling Plasma

Blood plasma is helpful for medical studies and healthcare procedures. It can save lives during surgery complications and aid scientific breakthroughs. Your body naturally produces this valuable substance, which you can sell twice per week in a process that’s similar to donating blood (but takes longer). For most people, the process has no side effects.

Plasma donors typically receive payment in a prepaid card and can earn around $100 per donation. Plus, companies like CSL Plasma pay new donors up to $700 for their first month of service to sweeten the deal.

11. Joining Writing Contests

If you have a way with words, a writing contest could be right up your alley. Whether you write as a creative outlet or to explore new ideas, you can get paid for your passion by entering a writing contest. Dozens of fee-based contests exist, meaning you can likely find your niche, enter your pieces, and hopefully win the top prize. As a bonus, you may receive reviews of your work and pointers for sharpening your craft. Search online for opportunities.

12. Being a Food Tester

Who doesn’t love to eat? This delicious pastime could become a weird way to earn money if you become a food tester. You might test new snacks and meals for a “sensory testing company” like Matrix Sciences. You can generally earn a minimum of $25 to $30 per session, though it could be more depending on the type and length of the test.

13. Reviewing “Sensitive Content”

Another unusual way to make quick cash is to review sensitive content for websites like YouTube and Reddit. Millions of users post content every day, making it almost impossible to review all of it. Therefore, large companies often hire people to review sensitive content to ensure everything is appropriate for the internet.

Remember, though; you may have to view some vulgar and upsetting content. So, if you have a weak stomach, this might not be your side hustle.

14. Recommend Items You Love

We all have our go-to essentials, like a preferred makeup brush or olive oil brand. Rather than just waxing poetic to your friends about them, you can write or post videos about your recommendations. Affiliate links online can earn you commissions. How it works: You direct your web audience to your favorite company’s website and receive cash rewards when they make purchases.

15. Cleaning Pet Poop for Others

While not the most appetizing of propositions, that poop needs to get taken care of somehow. Pet owners without the time or physical ability to clean up after their beloved animals can make good use of your services. All you need is transportation and clean-up equipment to get started. You can build your clientele base by posting flyers around your neighborhood or advertising online. Consider charging between $40 and $80 to clean up a messy yard.

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16. Host City Tours

Another unusual way to make money: If you live in a town that attracts tourists, you can conduct tours for visitors. You might have a passion for your city’s beloved parks or knowledge of its history. Whatever your specialty, you can build a website advertising your services or use an app like Showaround or FreeTour (where you earn money via tips) to put your skills to work.

17. Waiting in Line for Someone

While it’s boring when doing this for yourself, waiting in line in someone else’s place can be a profitable side hustle. Apps like Spotblaze or TaskRabbit allow you to connect with customers looking for someone to wait in line for a concert ticket, new tech gadget, or parking permit renewal. The more popular the event or product, the more you can charge (some people report having made $80 per hour). Plus, you can listen to an audiobook, podcast, or music while you wait.

18. Losing Weight

Here’s a weird way to earn money that’s also potentially healthy. Shedding pounds can also mean big capital gains with websites like HealthyWage. Here’s how it works: You set your weight loss goal and then wager a dollar amount of your choice that you’ll be successful. This setup gives you extra motivation by putting your money where your mouth is. If you hit your goal, you win prize money and receive your initial investment back. However, failing to hit your goal means losing your wager.

Recommended: 39 Passive Income Ideas to Build Wealth

19. Selling Your Hair

This opportunity is more selective, as you’ll have to grow your hair at least 10 inches long in most cases to sell it for a significant profit. However, if your hair grows quickly, you can pair this side hustle with others to generate income. Human hair is excellent for weaves, wigs, and scientific uses, and you can sell yours on websites like Hairsellon or eBay.

20. Give Your Opinion With Online Surveys

If you love giving your opinion, filling out online surveys can be a great way to earn extra cash. Platforms like Survey Junkie and Swagbucks want people to share their detailed opinions on specific topics. Surveys can take anywhere from five minutes to one hour to complete. If you complete three surveys daily, you can earn as much as $40 a month.

21. Selling Digital Templates

Folks with a knack for design can enjoy selling digital templates and potentially make thousands of dollars monthly. You can create e-book page layouts, brand kits, social media packages, and more. Using a site like Canva, you can create endless digital templates that you may be able to sell from the comfort of your own home.

22. Beekeeping

Here’s another offbeat way to bring in money: Beekeeping is the practice of caring for bees so they can contribute to the growth of your garden or the environment. Before you can start making money, you will need to gain some experience (if you don’t have any). Once you gain experience, you can make money by selling bee products such as honey, providing pollination services, or educating others on beekeeping.

23. Organize Other People’s Things

We can thank The Home Edit and Marie Kondo for encouraging everyone to live a life of organization. But, while it comes easy for some, others may struggle to get started. So, if you enjoy organizing the closet, cabinets, papers, or anything, you could make between $30 and $130 per hour organizing people’s homes. To get started, sign up for sites like Thumbtack and Westtenth and let people know about your services.

24. Being a Statue

Believe it or not, you can make money without even lifting a finger, or actually moving at all. Acting as a statue on a busy street can help you earn some extra dough from passers-by and tourists who leave tips. Depending on the time and traffic of the location you choose, you can make as much as $60 to $80 per hour.

25. Taking Notes for Others

Another unusual way to make money is to sell your college lecture notes. Sites like EduBirdie allow you to sell your notes to students who missed a lecture or need help getting through course material. Keep in mind that notes need to be typed, not handwritten. Pay runs around $1 per lecture note.

26. Mystery Shopping

When you become a secret shopper or mystery shopper, you can earn cash by shopping at local retailers, completing shopping surveys, or taking photos of displays. Registering for an account with apps like Mobee or Marketforce can help you start earning extra money shopping.

27. Review Music

Music lovers can make extra money by reviewing unsigned artists online at Slicethepie. Some categories will pay more than others. However, all payments will be listed at the top of the category page so you can decide if the review is worth your time. Typical pay for those just starting out is less than 20 cents per review, but if you love listening, this could bring in some extra pocket change.

The Takeaway

Using these weird ways to make money can help you boost your savings, pay off debt, or allow you to get paid for doing something you love. So whether you make extra cash sleeping, eating, shopping, or giving your opinion, you can inch one step closer to your financial goals.

Interested in opening an online bank account? When you sign up for a SoFi Checking and Savings account with eligible direct deposit, you’ll get a competitive annual percentage yield (APY), pay zero account fees, and enjoy an array of rewards, such as access to the Allpoint Network of 55,000+ fee-free ATMs globally. Qualifying accounts can even access their paycheck up to two days early.

Better banking is here with SoFi, NerdWallet’s 2024 winner for Best Checking Account Overall.* Enjoy 3.30% APY on SoFi Checking and Savings with eligible direct deposit.

FAQ

Where can I sell weird things?

Websites like Ecwid, Facebook Marketplace, Etsy, and eBay are just a few platforms where you can sell weird items like keychains, eccentric jewelry, or clothes. People have even marketed air on some of these sites.

How much money can I make from these weird ways to make money?

The amount of money you make in these weird ways will depend on the gig you choose and how much time you invest in it. For example, if you choose to start reviewing music and only post a few critiques, you might only make a dollar; if you clean up someone’s messy yard of dog poop, you might earn $80 per session after proving to be a competent and reliable provider.

Are any of these weird ways to make money illegal?

No, all of the crazy ways to make money above are legitimate and legal.

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About the author

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Photo credit: iStock/Diamond Dogs

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