I’m pretty sure “Top 10 ways to earn money with a side hustle” is all Google thinks I know how to say! I’m all about making extra money in whatever way I can! But one place you won’t find me making extra money? My car. I will never drive for Uber or Lyft and my reasoning is pretty straightforward. I like money. And if I do any ride sharing, I won’t be making much of it.
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Cost of driving for Uber & Lyft
It’s somewhat difficult to get a clear picture of how much you’d make driving because it all depends on the circumstances – time of day, day of the week, location, and so on. For instance, where I live it’s not uncommon to hear people complaining about having to pay their Uber driver $300 to drive only a few short miles on game day. I imagine that can be a pretty nice payday, but after that payments will drop back down to average. For instance, today it would cost me $14 to get an Uber for the 18 mile journey between my home and work. That’s a large difference in getting paid.
- Not reliable pay. Sure, you can choose when and where you’d like to drive, but if there are a lot of other drivers who decide it’s a good time to work, your pay will go down. Not to say it won’t go back up, but this can make budgeting very difficult and put the same wear and tear on your vehicle with not as much pay to show for it! Y’all know I love Airbnb, but at least I can set my nightly rate and I know it won’t waver unless I change it! Right now it’s only $36/night, which might not sound like a lot but it’s allowed me to save almost $3,000 in 8 months!!
A recent study by loan company, Earnest, tried to clear up the answer for how much an Uber driver makes. They found out that the majority of drivers only make $100 or less, the median Uber driver makes $155/month, which isn’t much better! I, personally pay about $120 in gas monthly. That puts my take home pay somewhere between -$20 and $30, when you take just the gas prices into consideration. That is definitelynot worth it to me. Just take it from Demek Dagnachew, he only ended up making $3/hour and quit this job after only 6 months.
On top of that, Uber doesn’t give you any money towards gas, car maintenance, oil changes, etc…
True cost of a 5 star rating
If you really want to make your mark and earn your 5 stars as an Uber driver there are way to make sure you stand out from the rest. These include offering bottled water, mints, having a trash can in your car, etc… But guess what? All this costs money. $18 for a bottled water, $7 for a bag of lifesavers, $14 for a car trash can brings your grand total to $39. Which means you wouldn’t break even by driving me roundtrip from home to work.
Other side hustles
On the other hand, nearly half of all hosts make $500/month or more on Airbnb, also according to the Earnest study. But you don’t just have to do a side hustle through someone else’s business, you can make your own! I’ve recently started to get more into Etsy, which I absolutely LOVE! It allows me to have a creative outlet and (hopefully) get paid for it! A few days ago I sold 2 sets of my farmhouse coasters – in the same day!!! If you’re interested, you can see my shop here. You can also petsit, babysit, rake leaves from your neighbors yards – you name it! Head over here if you need ideas on how you can start saving money today!!
Your turn! Have you tried Uber or Lyft? How did it turn it? Would you recommend it?
Photo by Daniela Cuevas on Unsplash