There are many ways you can make money but it depends how many followers you have on your instagram profile and how many followers you can engaged in you instagram content.
If you have more than 10k followers and more than 50% engagement with you content then you can Publish Sponsored Posts. There are many influencers maketplace on internet where you can get clients, create a sponsord post and accept handsome amount of money.
You can also Promote Affiliate Products by sharing your affiliate link in you profile bio and also a clickable affiliate link in your posts.
Become a Brand Ambassador. You can Promote Brands on your instagram account if you have heavy followings and engagement with your content. you can join multiple influencers marketplace and get clients which offers money if you promote their brands in your posts and IGTV vidoes.
During posting you content on Instagram you can Sell Physical and Digital Products within it. You can sell your own products with your content on Instagram.
Create Visual Content for Sale You can create HD pictures and videos and sell them to you audience on Instagram.
Being a digital marketer you can also Provide Social Media Marketing Services on Instagram. like marketing agency offline and online.
You have might seen contents on different companies on Instagram which lack captions and subtitles which you can offer them to Write Captions for Businesses.
You can also Make Instagram Stories Masks and Filters.
If you are freelancer, you can find freelance clients and get their work done for money