Ways to Snag Extra Cash in Recession Economy

Even for workers who are employed full-time, an economic slowdown can mean lowered commissions, reduced hours and an end to overtime. That leads many to find second jobs or alternative sources of income to compensate for the loss.

Among the possible avenues to pursue:

Freelance work. Figure out how many hours per week you can devote to freelance work, as well as the skills you can offer to prospective companies, and post a free profile on both Odesk.com and Elance.com.

Related

Layoffs: A New Generation of Jobless

Recession Nation: 'R' Word in 27 States

WATCH: What's Another $540 Billion?

Odesk connects skilled professionals such as software developers, graphic designers, copywriters and sales reps with businesses that are eager to hire freelancers for project-based and hourly work. Odesk says it has seen a 16 percent increase over last month of new freelancers looking for 15 hours of work or less per week.

Elance.com, another platform to connect freelancers with companies of all sizes, saw a record number of jobs posted on its site: 22,000 new jobs were added in September 2008 compared with 13,000 in September 2007. Craigslist.com and Guru.com also offer access to opportunities.

Seasonal work. Hundreds of thousands of workers typically rely on holiday help to bring in extra cash at year's end. This year, hiring is expected to be lower among retailers, shippers and restaurants, but that doesn't mean it's coming to a halt. Don't wait until Thanksgiving to hit the mall to apply; start now by going into stores and restaurants. Be ready to interview (dress appropriately) and talk to managers who can give you the lowdown on their expected hiring needs. Ask when you should check back. That face-to-face connection is more powerful than simply applying online. SnagAJob.com is devoted exclusively to hourly work.

Explore direct sales. The Direct Selling Association says many of its member companies are seeing an increase in the number of Americans becoming independent representatives to generate some extra cash. DSA.org has a list of opportunities to pursue.