Why should I try and earn extra money?
Doesn’t matter what your financial goals are, a bit of extra cash could be the extra push you need. We’re not saying you should work yourself down to the ground working 60+ hour weeks but if you’ve got some spare time, why not make some money from it?
An additional income can help reduce your debt or save towards goals like being less reliant on credit or buying new furniture or even a holiday. You don’t need to work in your spare time forever, just do it until you’ve reached your goals.
Cut Spending
Although this isn’t technically an extra income, it is still something very important to focus on. If you’re strapped for cash and wishing on payday every month, look at where your money is going. You can find out more about how to cut back on spending in our guide.
Keep your savings separate and it’ll feel like you've earned extra money. Use our budget planner to get you started on your journey.
Ask for a pay rise
If you currently have a job but still don’t feel like it’s enough, talk to your manager about a pay rise. Of course, you won’t get something for nothing so offer to take on additional responsibilities, extra hours or further training to earn your rise.
Alternatively, you could start looking for another job as wages can differ from company to company for doing the exact same thing. Your boss might even offer you a pay rise to keep you on!
Get a second job
Although it might not seem like much, working an extra few hours a week can add up over time. Think about your skills and experience to decide what industry would suit you best. Make sure going for a second job is okay with your current boss as some employee contracts don’t allow it.
Claim the benefits and tax you’re entitled to
You could receive a tax rebate if you have to take care of your own uniform, including washing, repairing and replacing. Even if you only wear a branded polo shirt or Santa’s costume, you could still make a claim for up to five years of expenses. Find out more info on the HMRC website.
The UK has a fantastic benefits and allowances system but it can get a little confusing as there is so much that can be claimed. Choose Wisely created a guide to give you the basics on making sure you claim the benefits you’re entitled to.
How to declutter and sell your stuff
Clearing out your home can not only make it feel and look new but could also make you some extra cash. Start sifting through your clothing and soft furnishings then list your unwanted items on second-hand sites like eBay, Gumtree or Facebook Marketplaces.
Once the little bits are out the way, start working on your larger items like toys, furniture or ornaments. You could fetch up to £100s or even £1,000s so what are you waiting for?
Of course, sorting and listing all your items could take some time but you can use other services to flog your stuff, for a cut in profits. MusicMagpie for example, will accept your tech, CDs, DVDs, giftcards and even lego plus will pick it up for free!
Rent your space
You might be lucky enough to benefit from a little extra room in your home so why not profit from it? If you’ve got a spare room, you could earn up to £7,500 tax free through the government's Rent a Room Scheme You could also check out foreign exchange student organisations and find out if you’re an appropriate fit to become an exchange student host family.
If you have a driveway or allocated parking space, you can also get some money for letting people park there with Your Parking Space.
Online Survey Sites
There are now loads of websites offering prices, vouchers or cash for your opinion or help. Find the one best for you or benefits you most. We’ve listed a few below:
Although the payout may not seem like much, just commit a couple hours of week and find out just how much you earn. You could even pay your earnings towards big events like Christmas or birthdays.
Start pet sitting or house sitting
You can earn or save money through house, pet sitting. Usually, you won’t need any qualifications but often thorough checks are made to double check your background and/or any experience you’ve had.
If you’re looking to pet sit, there are certain insurance rules you need to comply with so you’re better off going through an agency like Animal Angels or Pawshake.
When it comes to house sitting, you could get away with putting ads out on social media or Gumtree to offer up your services but make sure the house owners have home insurance. Alternatively, sign up for an online service like TrustedHousesitters.
FINAL WORD
With most side hustles, it’s almost as if you’re self-employed so you can decide your own hours and your earning potential. Like with most things, the more effort you put it, the better the outcome. So get creative, find out what works for you and keep going.
Tara started working in consumer finance in 2008, and then went on to co-found Choose Wisely back in 2011.