5 Ways for Retirees To Make Extra Cash — Just To Cover Groceries

The post-pandemic economy has been characterized by high costs and continued, stubborn inflation. It’s no surprise to anyone how expensive everything has gotten these days, including the cost of groceries.

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According to some of the most recent data available from the U.S. Bureau of Labor Statistics , the average American household spends an average of $475.25 a month on groceries. That’s $5,703 per year — no small sum.

To combat rising costs and economic uncertainty, many Americans have adopted a side hustle: 54% of them in the past 12 months, according to MarketWatch . In fact, 32% of boomers have already taken on a side hustle to make extra cash.

If you haven’t joined this demographic just yet — but you’re a retiree on a fixed income who’s in need of a side hustle — you have options.

Here are five ways for retirees to make extra cash just to cover groceries, according to Indeed and U.S. News & World Report .

Open a High-Yield Savings Account

If you have cash lying around, consider parking it in a high-yield savings account. Instead of savings accounts at traditional brick-and-mortar banks, high-yield savings accounts are typically online-only but offer a significantly higher APY on your money (sometimes more than 5%).

It’s a virtually risk-free way to earn a passive income on your liquid cash so you can buy all the groceries you need.

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Invest In Dividend Stocks

Investing in dividend-yielding stocks is another great way to make a passive income. Some companies pay a dividend yield for owning shares of their stock.

You can use your dividend payments to pad your retirement income and not worry about getting everything you need at the grocery store.

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Become a Tutor

If you’re an expert in your particular field — or you simply have strong knowledge about a particular topic — consider becoming a tutor.

Start by advertising your services in local community Facebook groups and bulletin boards to spread the word about your services. You can also sign up on a website like Tutor.com if you’d prefer to tutor online from the comfort of your home.

Freelance

If you spent decades during your career becoming an expert in your field, think about leveraging your knowledge with freelancing.

You can work on a per-project basis for your previous employer, or perhaps the competitors. It’s a great way to start professionally active and make extra money without the commitment and responsibility of a 9-to-5 job.

Pet Sit

If you’re a pet lover or pet parent yourself, why not become a pet sitter? People always have a need for someone to check on their pets, whether it’s because they’re stuck at the office or they’re on vacation.

You can spread the word about your services in your local community and also sign up on platforms like Rover and Wag so people can find you online, too.

This article originally appeared on GOBankingRates.com : 5 Ways for Retirees To Make Extra Cash — Just To Cover Groceries