Quick survey: Online survey sites are . . .
- A moderate but reliable alternative income stream.
- Not worth my time.
- A total scam.
- An easy way to earn HUNDREDS OF DOLLARS A WEEK!
Depending on your situation, all but D. might be correct.
You can't retire on this kind of income. Some sites offer low payback relative to the time involved. And yes, some are outright scams.Pick your spots, though, and you can earn anywhere from $50 to $250 a month for "work" that can be done while you watch your kids play in the yard. Because some surveys are about new products, you might also score free shampoo or toilet paper.
No, it's not a fortune. But it's one more way to build an emergency fund out of thin air, save for the holidays, pay down debt or cover extras like Little League fees or an occasional date night.
The new 'coupon-omy'
And if you're unemployed or underemployed? Online survey earnings might help you pay a utility bill or keep you from having to charge the groceries.
A reader named Ginger, a blogger at Frugal Students, lives in upstate New York and is currently unemployed. Her fiancé makes $24,000 a year. Online surveys bring in about to $250 a year in cash and CVS gift cards. The money, plus skillful use of the CVS Extra Care program, helps the young couple set aside a little more for pension and Roth individual retirement account contributions.
"We wouldn't be able to put (as much) money into retirement if it weren't for the surveys," Ginger says.
They want your opinion
It's easy to see why some people think it's a scam. Why would anyone pay for your opinion about automobiles or supermarkets? Why would a company pay thousands of people to watch a commercial or try a new laundry soap?"Companies are trying as much as possible to gear their advertising and their products to what people want," says Jonathan Tice, a spokesman for My View.
No matter where you roam on the Internet, you'll see "join our survey group" ads and pop-ups. You'll also be solicited through rewards sites such asMyPoints or SendEarnings, or through aggregator sites like QuickRewards,Sunshine Rewards or e-Rewards.
Among the favorite sites of Smart Spending message board readers arePineCone Research, Toluna, e-Rewards, Synovate, Lightspeed Online Research, i-Say, SurveySpot, Valued Opinions and Surveyhead.
When you sign up, be sure to fill out your profile completely. The more a company knows about you, the more surveys might be sent your way.
Of course, not every survey is designed for a specific group. "Sometimes we're looking for feedback from a wide variety of the population," says Janice Caston, a spokeswoman for Toluna.
How much can you get?
Some companies pay in cash and others in points that can be traded in for gift cards (or, sometimes, for cash). Generally, you can expect to earn 50 cents to $4 for an ordinary survey that takes between five and 30 minutes to complete.Bigger-ticket opportunities do exist, however. Baltimore reader Celia W. earned $25 with a questionnaire about restless legs syndrome. (Again: Fill out your profile!) She also got $15 to try a new brand of body wash.
It adds up. "By saving two years (worth) of these little piddly amounts, I was able to have an emergency fund," she says. These days, Celia banks her earnings -- at least $400 a year -- to help pay for an annual trip to Manhattan.
You may also be offered freebies such as detergent, paper towels, diapers, cold medicine, disinfecting wipes, cleaning products, paper towels, infant formula, sports drinks or snack foods. You might even be asked to watch the pilot episode of an upcoming television show.
Survey takers often relish this inside track. "Getting to see these products before everybody else can be fairly entertaining," says Tricia Meyer of Sunshine Rewards.