Boost your income: 6 ways to earn extra money

In this post, boost your income: 6 ways to earn extra money, I will be highlighting some ideas for making extra money. I have kept the list short by combining some ideas because I get a bit overwhelmed with the long lists. In my previous post, I mentioned 7 reasons I haven’t been broke in a long time. This could also have been titled “7 reasons I spend less than I earn”. A lot of the reasons I talked about had to do with habits and mindsets. However, there is one other key factor that need not be ignored.

Your Income!!

Managing your money is important because it is something you need to master regardless of level of wealth. We have all heard the stories of successful people who become broke after making lots of money. For example, this story about footballers who became broke was fascinating. There is also a lot of stories about Lottery winners who became bankrupt. It makes sense that a lot of emphases should be placed on money management.

However, as I mentioned in part 2 of the ultimate guide to budgeting series, sometimes you are not in debt or have nothing left to save and invest because of mismanagement. It might just be that you are not making enough to cover your expenses.

So one more reminder to check again that you have your spending under control. Read the ultimate guide to budgeting series to help you plan where your money goes. This is because if you don’t have good money management skills it doesn’t matter what you earn you might still end up in a position where you don’t have any left.

Diversification

Finding ways to make more money is not just great for maintaining a lifestyle but for diversification as well. Having more than one income source is great to protect against the risk of losing your main source. We have all heard the saying, don’t put all your eggs in one basket.

Note of warning! there are no getting rich quick schemes, so all these suggestions will take time. Also, because these are not passive income ideas, they all require work and time. At least at the start of it. So to boost your income here are 6 ways to earn extra money

Options that require little Capital

1. Review your current job (for – nine to fivers!!)

Are you in a job you love doing? Can you see yourself doing this for a long time? Are there opportunities for progression? Are you underpaid (be sure to have evidence)? Do a review and take the necessary action. Ask for that pay rise, change jobs if you can. The job climate is tough now but there are still jobs out there. Basically there is no harm in trying. The worst outcome is they say no and you are still at the same spot.

If you are very miserable in your job it will show and might prevent you from progressing, so ask yourself what you like doing and draw up a plan. Do a skills audit to determine the skills you need to get your dream job. If your review points you to a whole new career, does it require retraining? I am a believer in the fact that anyone can reinvent themselves regardless of age if you put our mind to it. So set your plan in motion.

Why reassessing your main hustle is important

I have read the stories of a few people who became financially independent and one of the things that helped them achieve this is a good income stream. Thinking about it, you need a good income stream to save enough to pay your bills if you are starting a new business that is yet to generate cashflow. A good income will also allow you to retire or save and invest enough in passive income generators.

2. Start a blog

I have just done this and even though it is not monetised yet, there are opportunities to do so depending on the approach. Income can be generated from affliate marketing, course creation, memberships and so on. It is easy to get one going with very little capital outlay. However, it is a learning curve. I will share what I have learned so far when I get a chance.

3. What about a youtube page?

This is another easy to do one. There is no entry barrier as anyone can start a youtube page without major skills (save the editing and creating). You can also start with your smartphone, before upgrading to better equipment so little initial capital outlay. I am currently considering this and need to find the courage to do so. I recently filmed an introduction just in case the day comes that I take action!. I will keep you all updated. I know it’s a lot of work to put out content, so again by easy, I am by no means saying it’s a walk in the park.

4 Rent out a spare room

You can rent out your spare room if you have one. In the UK, you can earn up to £7500 tax-free (half if you live with a partner) if you join the rent a room scheme.  This all depends on how open-minded you are about letting people in your space but can make a huge difference to your income.

5.Take an out of hours job

I am an advocate for one main job with a good income with passive income on the side especially if you have school-age children like me, this is because weekends and evenings are important for family time. However, if you have time on your hands, you can take on a few hours on weekends or evenings to supplement your income until you put a sustainable plan in motion. See some suggestions below;

Freelancing

This is actually a sustainable option as you can set your hours and work from home. Freelancing is when you sell your skill online to a global audience. Whether you are a writer, IT specialist, virtual assistant, social media manager, video editor, and so on. You can advertise your skills on freelancing websites. Top freelancing sites include; Upwork, Fiverr, People per hour.

On demand type jobs

The advent of the on-demand economy which operates by employing people with excess time to provide services to people with less time, to do certain jobs has created a whole new industry. Even childcare is not exempt, we have been using an online babysitting service for a while now. You can literally book a sitter for the next day and we have had teachers who have experience with children doing this on the side. Driving a Uber, delivering for Uber eats, Amazon flex, and Deliveroo are all examples of on-demand jobs most of which you can access via an app and do when you can. Also, you can take on little to a lot of work. Be sure to do your own research about costs and taxes in relation to income to determine if it is the right side gig for you.

Retail shops

A lot of retail shops have part-time positions and some of this will be out of hours as well. For instance, many supermarkets need people to fill shelves overnight. I used to have a colleague who bar-tended after office hours. While this is not ideal for a lot of people and not sustainable, it can be an option in the short-run. This just reminded me of when I was in a similar situation and I needed some cash flow. I got a temporary 9-5 job when I was just rounding off my master’s degree.

I had worked part-time in Primark on Saturdays and a couple of evenings while studying. Visa restrictions meant I could only work 20 hours a week so it wasn’t a lot of hours and I kept that going with the 9-5. Then I got a job as a warden at a student residence, lived rent-free on-site, and had to be on call a few nights. It was really a job ferrying drunk kids to their rooms and breaking up out of control parties. In total, I had like 3 jobs going.

In addition to that, I did some surveys for the city council occasionally. We had to stand at bus stops to count people going into buses. It was really that simple except that in winter it wasn’t funny, especially for someone who had lived in a hot climate all their life.

The bottom line is that it was all temporary and gave me the much needed cash boost. It all depends on the situation and how urgent it seems. The important thing to note is not to lose sight of where you are heading.

6. Start a business

Back to that skill audit, I mentioned earlier, did you discover you have a flair for business? Do you have great business ideas that are viable?. You can start a business that requires little capital to large capital. For example:

Sell goods -Even if you have very small capital start something scalable as time goes on. You can use selling platforms like Amazon, eBay, ETSY, or start your own online business. Amazon FBA is also is a good option as you can set it up to generate passive income as time goes on. Please make sure you do your research on this.

Sell a service– Do you have skills like hair styling, hair cutting, masseuse, DJing, interior decoration, photography and so on?. Print a business card or advertise in your local newsprint or page and earn extra income. Other services that can be offered include coaching, tutoring and the list can go on.

Long term plan for income generation

Some of the side hustle ideas I have listed are a short-term response to having an income problem and might not be sustainable in the long term if it is long hours little pay. As I tend to preach, decide on your goal first. Whether it is building a successful business or becoming financially independent you can break them down into SMART objectives and start ticking them off. You want to end up being more efficient by working less for more money because a good work balance is key for your overall health and well being. This will be achieved by moving from more active income to passive income. This is my long-term goal.

I hope the above ways to boost your income is helpful to someone. You can add to this list in the comment section below. Please remember to share, share, and pin it! Have a fulfilling and income boosting week!