Money

How to Make $500 a Month Driving for Uber

January 5, 2017

If I had to list the biggest mistake I made when paying off my student loans, it would be not earning more money on the side. I was only making about $30,000 and struggling to balance student loans, savings and the fun stuff. I barely enjoyed my salary because I could only afford to pay my bills and focus on my student loans.

Earning more money would’ve not only helped me pay off my student loans faster, but it could’ve allowed me to splurge a little bit more. Remember, I’m the girl who debated whether it was worth getting a $1 Redbox movie.

Making more money is key to financial success, whether you want to pay off debt, buy a house or go on an awesome vacation.

That’s why I’m launching the Make More Money series on this blog, where I’ll feature people who have successful side hustles. My first post is with Harry Campbell aka The Rideshare Guy, who writes about how Uber and Lyft drivers can earn more money.

Why did you decide to start earning more money?

My wife was in medical school and I had a lot of free time. I’ve also always had an inclination towards side hustles and driving for Uber/Lyft seemed like a great way to make money.

What’s the main way you earn more money (outside of a traditional 9-5 job)?

I drive for Uber and Lyft part time on weekends, holidays and whenever I have some free time. I’ve also tried delivering food for services like Postmates and DoorDash.

How much extra do you earn per month?

Up to $500.

What does that money allow you to do?

I like to pay down some of my wife’s debt with that money and I also spend some of it on myself. I like to eat out so I usually spend some of the extra money on a nice meal or two.

What would you say to someone who wants to earn money driving for Uber/Lyft?

One of the nice things about working in the on-demand economy is that there’s a low barrier to entry. You can apply online and be approved in less than a week and be making money on your first day.

What to Know Before You Start

Not every car will qualify for Uber. Your beater might get you from point A to point B, but it likely won’t qualify for Uber or Lyft. Some requirements include having a four-door car, having a car built in 2001 or newer, and having driven for at least three years.
Track your expenses. Tracking your expenses is key when you’re earning extra money, because you’re likely not paying taxes on it until the end of the year. The more expenses you have, the more you can deduct from your earnings. You can track your mileage through the app directly or through MileIQ.
Look at your schedule. Rideshare drivers make the most when they work during popular times and capitalize on surge pricing. For example, working during holidays or weekend evenings can yield more than driving on Sunday mornings. That might mean you’ll have to miss spending time with family and friends, but you can always adjust your schedule.

What’s your experience driving for Uber or Lyft? Have you made good money doing it?

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