24 Sep 2024
People from all over the world move to Germany either to seek better job opportunities or to get a quality education. In 2023, around 15% of Germany's population consisted of foreigners, with nearly 14 million expats. But, it becomes more work to manage your expenses in a new country. Your regular job income is only sometimes enough to cover all your needs, especially for an expat. Whether it's unexpected bills, rising living costs, or you want to send money to Sri Lanka from Germany, relying on your primary income alone isn’t enough. There’s always a need for extra earnings to meet your needs.
Are you struggling to cover your expenses in Germany? Earning extra money could be the solution. Whether you’re a student or an expat, this article has practical tips to help you increase your income.
Here are five strategies to earn some extra to reduce your financial stress as an expat.
A part-time job is the first refuge when you are unable to meet your expenses with your regular job. Germany offers a diverse range of part-time job opportunities. Students and expats can easily find work in cafes, coffee shops, retail stores, etc. These jobs allow you to earn extra cash in flexible work hours.
Most of the time, you have zero energy to go to another workplace after a full-time job, so it is recommended to go for online jobs as a side hustle. If you don’t have any in-demand soft skills, learn at least one, like writing, graphic design, social media management, or web development. Freelancing is an excellent way to earn extra money in this era of technology. Platforms such as Upwork, Freelancer, and Fiverr allow you to offer your services to a global audience from the comfort of your couch at home. Freelancing gives you the flexibility to choose your projects according to your chosen schedule
To enhance your skills, consider taking free online courses available on platforms like YouTube, Coursera, and Udemy. These platforms offer a wide range of courses that can help you learn new skills or improve existing ones. Certifications in your specific field can make you more attractive to potential clients, ultimately opening doors to higher-paying projects. Additionally, if you want to make a money transfer from Germany to Sri Lanka, utilizing efficient money transfer services can further support your financial goals while you focus on your professional development.
Succeeding in freelancing starts with building your personal brand. A strong online presence is really important for success nowadays. Make sure your LinkedIn profile is always up-to-date. You can also create a personal website that highlights your skills and past projects. Engage with people in your industry by sharing helpful content and joining conversations online. A strong personal brand makes it distinct from the crowd. It generates leads by attracting more valuable clients.
Networking can lead to new opportunities and increase your income.
Update your LinkedIn profile. Join relevant groups and connect with industry leaders. Participate in discussions on Twitter and Facebook. Attend virtual events and join industry forums. These actions help you discover new opportunities and make valuable connections.
Attend local events and seminars in your field. Join professional organizations and community groups. Engaging face-to-face helps you build strong relationships. It opens doors to job opportunities and ways to earn extra money.
Passive income lets you build wealth with minimal effort. It creates revenue even if you are not actively working. You can generate passive income through multiple sources like investments, rental properties, digital products, etc. Passive income helps you to make an online money transfer from Germany to Sri Lanka back home to meet your familial needs.
If you have some extra space, make it a source of income. Rent it out. Whether it's a spare room, a basement, or even a parking space, rental income can provide a steady source of income. You can find tenants through online platforms.
You might think saving a part of your salary in a bank is enough. Your money stays safe and accessible so why invest? While your savings are safe, inflation lowers their value over time. The 100 Euros you save today won’t have same value in next 20 years. This is why investing is important. Instead of freezing your money, you can grow it. Investments can increase your wealth tremendously. The earlier you start the investment, the more likely you will gain the benefit.
In Germany, you can invest in stocks or real-estate. Popular platforms like Trade Republic allow easy access to the stock market. Buying property in big cities can also be a great option for steady returns.
To run your own business offers you the freedom to build your dream, while a job keeps you build someone else’s. If you have a passion or hobby, try to turn it into a side business. Whether it’s baking, photography or creative crafting a small business can provide extra income to send money back home. Such side business allow you to do something you enjoy. You can start small and grow gradually.
To open a physical store is obviously challenging. With platforms like eBay, you can set up your online store easily. You can sell your products and earn a good amount beyond your regular pay. You can also open tuition center or academy to teach students. It is a great way to amplify your knowledge along with earning extra income.
Follow these strategies to improve your financial situation and support your family in a better way.
While you’re away from your family, staying connected is simple with ACE Money Transfer. You can send money online to Sri Lanka from Germany quickly using this service. With competitive rates and low fees, you can support your family without wasting on extra costs of remittance. Additionally, ACE Money Transfer offers a user-friendly app that helps you to track your transactions in real-time, ensuring peace of mind throughout the process. Plus, their dedicated customer support team is available 24/7 to assist you with any queries or concerns you may have.
To start freelancing, identify your skills, such as writing, graphic design, or coding. Create profiles on platforms like Upwork, Freelancer, or Fiverr. These platforms connect you with international clients.
Yes, online courses are a great way to enhance your skills. Platforms like Coursera, Udemy, and YouTube offer many free courses.
Success depends on quality content and consistency. It often takes time to build an audience and generate income.
Popular freelance platforms include Upwork, Fiverr, GlassDoor, Indeed and Freelancer. These sites connect you with clients looking for various services.
You can provide essential caregiving services like assisting elders or babysitting. No formal education is required for these services. Only experience and compassion are required.
