Money Management

Gig work is taking off, and these jobs can earn you good money. Find out how much they pay and how to get started. 

If it seems like everyone around you has a side hustle these days, you’re not that far off. An estimated 50% of American workers earn extra income from gig work. And it’s quickly become a big business, with the industry expected to grow to $455 billion this year, up from about $297 billion in 2020.

Most people use gig work to improve their personal finances by using the additional income to pad their savings or pay off debt. And some jobs come with significant earning potential. Here are a few gig economy jobs with decent pay that you may not have considered.

1. Freelance writing

While some people may have assumed that artificial intelligence bots, like ChatGPT, are taking away all the writing jobs, the freelancing platform Upwork still lists writing as one of the best gig economy jobs.

Freelancers can earn between $15 to $35 per hour for their writing, according to Upwork, with some specialty topics, including medical writing, paying between $23 to $50 per hour. Freelance writing has been my only job for the past 11 years, so you can indeed make a living doing it.

2. Online tutoring

There’s lots of demand for online tutoring, and there’s a nearly endless number of topics you can choose from. Sure, there are traditional subjects that kids need help with, like math and science or helping with homework, but there are also non-traditional topics, like music and even games, that kids are looking for.

A recent CNBC report said that if you have a hobby or interest in a topic, there’s likely someone who wants help learning it. One tutor began teaching English and essay writing through the online platform Outschool and was making $10,000 per month two years after starting.

Obviously, that’s an outlier amount, but some estimates put the earning potential of an online tutor at $28 per hour.

3. Social media manager

If you’ve spent time looking for jobs on gig platforms, you’ve likely come across social media manager jobs. Many companies need content — including videos, graphics, and written posts — added to their social channels, but may not have enough money to hire someone full time, hence the prolific postings.

Upwork says you can earn up to $35 per hour with this side hustle, and data from ZipRecruiter shows that top freelance social media managers can make up to $95,500 annually.

4. Handyperson services

There’s a lot of demand for people who come out to homes and replace a toilet, hang a ceiling fan, mow a lawn, or complete nearly any other home-based task. That’s caused platforms like Handy and Thumbtack to increase in popularity and give freelancers plenty of opportunities to make extra money.

These handy services can pay good money too. Thumbtack says the average hourly rate for doing such work is between $60 to $75 per hour.

5. Accountant

Accountants are in demand right now, considering 300,000 of them quit between 2019 and 2021, according to the Bureau of Labor Statistics data, and fewer people are pursuing accounting degrees than in the recent past.

You’ll likely need a bachelor’s degree in a related field and a CPA certification, but if you have the credentials, a freelance accountant job can be a great high-paying gig. The online job company FlexJobs says that you can earn up to $38 per hour crunching numbers for clients.

How to launch your freelancing career

If you’re interested in making extra money with a side hustle, here are a few ways to get started:

Pick a gig: There are nearly unlimited freelancing jobs you can do, so narrow it down to what you have experience in or what you’re passionate about. That could be anything from pet sitting to creating websites.Pick a platform: There are plenty of freelancing platforms to choose from, so spend some time considering which ones offer the jobs you’re looking for. It may be helpful to sign up for more than one to compare them and give yourself a better chance of finding the right gigs.Evaluate your efforts: After you’ve spent a few months trying your hand at your freelancing gig, it may be a good time to evaluate whether it’s working out. While you have to give your freelancing job time to grow, you also don’t want to spend too much time doing something that’s not paying enough.

The good thing about freelancing is that you can begin doing it whenever you want and stop doing it if it’s not working out. But taking time to plan out your side hustle strategy will help you know that you’ve put all the necessary effort into a gig to evaluate whether it’s worth your time.

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Have great credit? Read on to see why it’s in your best interest to keep that score high. 

Your credit score tells lenders how risky a borrower (or not) you are. If you have a higher credit score, you’ll generally be in a better position to qualify for a new loan or credit card than someone with a lower score. Also, the higher your credit score, the more favorable an interest rate you might snag on a personal loan or credit card.

If you have a higher credit score, you may already be aware of these benefits. But it may surprise you that having great credit could also result in these little-known perks.

1. You might snag a lower rate on your auto insurance premiums

Your driving history and record play a much bigger role than your credit score in the car insurance rates you’re quoted. But some insurers will consider your credit score as well when determining what premium rate you’re eligible for. So maintaining a high credit score could result in major savings on auto insurance.

2. You might save money on life insurance

Your age and health will play a more significant role in determining your life insurance premiums than your credit. But life insurance companies, like auto insurers, are in the business of assessing risk. And a higher credit score sends the message that you’re not very likely to take financial risks at the very least. So if you maintain a higher credit score, it might help you snag more affordable rates on a life insurance policy.

3. You might avoid having to pay a deposit for utility services

When you sign up for utility services, you’re basically applying for a line of credit. It’s not the same line of credit as a credit card, because you can swipe that card for a variety of purposes. But you’re effectively asking a utility provider to allow you to use its service as much as you need to and then pay for it afterward.

Because of this, it’s common for utility companies to look at customers’ credit histories. It’s also pretty common for utility companies to ask new customers or those with poor credit to put down a deposit when they sign up for service. But if you have a high credit score, you may not have to hand over a pile of money upfront.

How to maintain a high credit score

As you can see, having a favorable credit score can work to your advantage. So if your credit score is already in great shape, a few simple steps could help it stay that way. Those steps include:

Continuing to pay all bills on timeOnly using a limited portion of your total credit limit (ideally, 30% or less)Maintaining long-standing credit accountsNot opening too many new credit cards in short orderChecking your credit report for errors a few times a year

It’s not so easy to get to a place where you have a great credit score. But if you’ve already gotten over that hurdle, then you may find that maintaining your already high score is pretty doable. And from there, there’s a world of benefits to be reaped.

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We’re firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers.
The Ascent does not cover all offers on the market. Editorial content from The Ascent is separate from The Motley Fool editorial content and is created by a different analyst team.The Motley Fool has a disclosure policy.

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Black Friday will be here soon. Read on to see how you can make the most of it at Costco without going overboard. 

On Black Friday, retailers tend to pull out all the stops in an effort to lure in buyers. And Costco is no exception. As a member, you can expect to reap savings on a host of Black Friday deals, from jewelry to electronics to many things in between.

But one thing you don’t want to do on Black Friday is rack up a credit card tab you can’t afford to pay off in full. It’s true that Costco tends to have competitive prices in general, and that the deals on Black Friday may be out of this world. But that doesn’t mean you won’t end up overspending. To avoid that fate, take these key steps.

1. Set a budget before you shop

Costco might slash electronics prices by hundreds of dollars on Black Friday. But if you can’t afford those purchases, then you shouldn’t be making them.

Before Black Friday, set a spending budget based on your current savings and incoming paycheck. If you have $400 in the bank you can use for Black Friday purchases, plus an upcoming $200 from your next paycheck that isn’t earmarked for existing bills, then you have $600 to work with. And that could help you do a lot of shopping.

But if $600 is your budget and you see a great deal on a TV for $700, don’t buy it. It can be really hard to pass up a good bargain. But you don’t want to negate your savings by carrying a credit card balance forward, thereby racking up interest every day.

2. Look at the deals ahead of time

Costco is releasing some of its Black Friday deals ahead of time. It pays to check the site as the big day gets closer to see if more bargains are leaked.

But either way, use the information you have to do some research ahead of Black Friday. If there are big-ticket items you want, price them out across different retailers so you’re able to make a more-informed decision.

Some of Costco’s Black Friday deals may be proprietary, such as jewelry. So it’s hard to do an exact comparison. But as far as electronics are concerned, look at the model numbers being offered and see if you’re able to find them elsewhere.

3. Bring a Costco shopping partner along for accountability

If you have a history of overspending during events like Black Friday, then you may not want to shop alone this year. The good thing about Costco is that you’re allowed to bring a guest along with you, even if they don’t have their own membership. It could pay to enlist the help of a friend or neighbor who can help you keep your spending in check.

Of course, you’ll need to share your spending budget with that accountability partner so they can help you keep tabs. But having that second person there could prevent you from making a big financial mistake. If you decide to drag a friend along, consider treating your accountability buddy to a low-cost treat at Costco’s food court on your way out.

Even if you shop at a retailer like Costco on Black Friday that’s known for its competitive prices, you might still end up spending more than you want to. Take these steps to avoid that fate — and the stress that might ensue afterward.

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We’re firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers.
The Ascent does not cover all offers on the market. Editorial content from The Ascent is separate from The Motley Fool editorial content and is created by a different analyst team.Maurie Backman has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Costco Wholesale. The Motley Fool has a disclosure policy.

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Many Americans have medical debt. Take a look at some of the healthcare costs that caused it. 

Medical debt is surprisingly common in America. A recent study from the research firm KFF found that 40% of Americans have healthcare debt. Contrary to conventional wisdom, many people with medical debt say that it came from a one-time or short-term medical expense, often unexpected, and not from a long-term illness.

Whether someone goes into medical debt depends on how much money they have in a savings account, their level of income, and what type of insurance coverage they have. A medical expense doesn’t necessarily have to be huge to break the bank for someone.

Here are the five most common unexpected expenses that push people into debt.

1. Lab fees or diagnostic tests

The top reason people go into media debt is because of lab or diagnostic tests, like X-rays or MRIs. X-ray costs can vary depending on the part of the body that needs to be observed and how many X-rays need to be taken. But if you have a high deductible on your insurance, you could pay between $100 to $1,000, according to healthcare company K Health.

And if you need an MRI, you may have to pay much more. The average cost for an MRI varies widely between $400 to $12,000, according to GoodRx.

2. Doctor visits

The next-largest healthcare cost that puts some Americans into medical debt comes from accumulating expenses from doctor visits. Whether it’s for an illness that won’t seem to go away, a pediatric visit for your kids, or a trip to the cardiologist, there are lots of different ways a doctor’s bill could put pressure on your bank account.

If you don’t have insurance, the average doctor visit will cost between $300 to $600, according to Mira Health.

3. Emergency care

Emergency rooms are an excellent service when you need medical attention quickly, but they can also be one of the most expensive types of medical care. The average trip to the ER costs a staggering $2,200.

Like all other medical expenses, the type of treatment you receive will decide how much you end up paying. For example, Mira Health says that getting stitches in an ER may cost you $500, while going in for a broken bone and undergoing surgery for it may cost you $10,000.

4. Dental care

This was one of the most surprising reasons why people fall into healthcare debt that I came across. And it’s not just people without insurance who are at risk. According to KFF, 60% of people who are in medical debt because of dental visits had dental coverage when it happened.

Out-of-pocket expenses vary by procedure and insurance coverage, but a few common costs include up to $800 to have a single wisdom tooth extracted, $1,500 for a metal crown, and up to $1,500 for a molar root canal, according to health insurance company Humana.

5. Hospitalization

An extended stay in a hospital can be a scary and expensive thing. The average three-day hospital stay costs an eye-watering $30,000, according to the U.S. Health Insurance Marketplace.

Even when you have insurance, you could still be left covering part of the bill depending on your deductible and coverage type.

How to prepare for unexpected medical expenses

While there’s no sure-fire way to stay out of medical debt, there are two important things you can do to ensure you’re in the best position possible if unexpected healthcare costs pop up.

1. Review your current health insurance coverage

If you have health insurance, review your current coverage to ensure it meets your needs. Balancing your monthly premium with your deductible and out-of-pocket costs can be difficult, but knowing what circumstances you’ll be responsible to pay for — and adjusting your coverage accordingly — can help you close any potential gaps.

If you don’t have coverage, consider buying it from Healthcare.gov, the U.S. healthcare insurance marketplace. As an independent contractor that doesn’t receive insurance through an employer, I’ve used the marketplace many times to find health coverage for my family.

2. Build up your emergency savings

Putting even a small amount — like $10 or $20 per month — into a high-yield savings account could make a big difference the next time you have to pay for a doctor’s visit. One-third of adults with medical debt owe less than $1,000, so saving a little bit each month could help you stay out of debt.

You can’t plan for every worst-case scenario, but looking closely at your current insurance coverage and setting up automatic deposits into your savings account could keep you from struggling with unexpected healthcare costs.

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We’re firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers.
The Ascent does not cover all offers on the market. Editorial content from The Ascent is separate from The Motley Fool editorial content and is created by a different analyst team.The Motley Fool has a disclosure policy.

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It pays to visit Costco this month in particular. Read on to see why. 

Some people with a Costco membership make a point to shop there regularly. But if you’re someone who only uses your membership on occasion, then it’s conceivable that you might go months without setting foot inside your local warehouse club store.

November, however, is a month when you should seriously consider paying Costco a visit. Here’s why.

1. You can stock up on Thanksgiving essentials for less

If you’re expecting a large crowd this Thanksgiving, you may have to seriously dip into your savings account to cover the cost of that meal. Costco could come to your rescue with its low prices on a host of Thanksgiving essentials.

For one thing, you can buy low-cost produce at Thanksgiving. Whether you’re planning to make roasted Brussels sprouts, a broccoli souffle, or a spinach salad, buying your produce in bulk could help you keep your credit card tab to a minimum.

And then there’s dessert. Costco carries a host of items that are available at such a low price point that you probably can’t even bake them at home for less.

A Costco pumpkin pie, for example, generally retails for $5.99 for almost four pounds of deliciousness. You can also buy low-cost cookies and cakes from Costco’s bakery.

2. You can enjoy your share of Black Friday deals

If there’s one day you may want to visit Costco in November, it’s Black Friday (assuming you’re willing to deal with the crowds). Black Friday is when retailers commonly slash prices on a host of popular items, and Costco is no exception.

In fact, you may want to visit Costco before Black Friday because the warehouse club giant already has a host of in-store deals you can snag. Right now, for example, you can get $50 off a Cuisinart 13-cup food processor, $250 off an HP Pavilion 15.6-inch touchscreen laptop, and $50 off an LG 27-inch gaming monitor. And these are just a few of many examples. So if you don’t want to leave your holiday gift shopping to the last minute, get to Costco sooner rather than later.

3. You can enjoy general savings on food and household essentials at a time when your bills are higher

Many people find themselves spending more money than usual in November because they’re doing their holiday shopping. The upside of shopping at Costco this month is that outside of seasonal deals, you can enjoy the same general savings you get year-round on items like groceries and household essentials.

Imagine that instead of spending $150 for a week’s worth of groceries at your local supermarket, you can get everything you need for $130 at Costco and have plenty left over due to buying in bulk. Saving $20 could come in handy at a time when your bills are just plain higher.

Costco is a great store to visit at any time of the year. But if you’re not someone who shops there often, you may want to consider prioritizing a stop during November.

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We’re firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers.
The Ascent does not cover all offers on the market. Editorial content from The Ascent is separate from The Motley Fool editorial content and is created by a different analyst team.Maurie Backman has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Costco Wholesale. The Motley Fool has a disclosure policy.

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