Here are 10 simple and tried-and-tested ways to earn some extra cash or a side income to help support you and your family.
Whatever your day job or financial circumstances you can use your spare time to earn some very handy spare money.
Even better news. You can now make thousands of pounds of tax-free money to supplement your income.
Tip Number 1: Make money from what you are good at
From baking to making things to , showing off your creative flair with writing or photography, from pet-sitting to babysitting – there are plenty of ways you can up your bank balance in your down time.
Important reminder: From April 2017 you can also earn £1,000 tax free extra income each tax year doing “occasional jobs” – for example, using your skills or time or selling your things to earn more cash.
Tip Number 2: Try something different
From product testing, modelling (you don’t have to be Brad Pitt or Angelina Jolie) to being a TV extra or hiring out your house as a film set… there are plenty of innovative ways to bring in extra money.
Tip Number 3: Rent a room
You can earn £7,500 of tax-free rental income a year from a lodger under the Government’s Rent a Room Scheme.
Top Tip: Think about renting a room on AirBnB or getting a lodger at sites like Spare Room or EasyRoomMate.
Tip Number 4: Make money in your local area
Whether it’s providing local tasks and odd jobs for other people using sites like Task Rabbit, carrying out mystery shopping at retail outlets, dog walking or making money hosting a product party there are a number of tried and tested ways to earn that all important extra cash by using your local network and exploiting your enterprising skills, drive and marketing nouse.
Tip Number 5: Cash in our your old possessions
Sell your old phone, books, games, CDs, DVDs and more. Become a car boot, eBay or Facebook MarketPlace hero or heroine.
Tip Number 6: Rent your parking space or storage space
Rent out your parking space. Commuters, travellers, people attending an event… pay to park in your drive or garage with services like Just Park or Park on My Drive.
Or get paid for storing other people’s possessions. Earn by renting out your loft, basement, garage, attic, spare room, cupboard, workshop, sheds, office…even space under the bed…with sites like Storemates or StoreNextDoor.
Remember: From April 2017 you can earn an extra £1,000 tax free from property related income – such as renting storage space in your loft or your parking space (in addition to the rent a room tax free allowance outlined above).
Tip Number 7: Make money online
There are now a plethora of sites that offer money for completing surveys, reviews, market research, user testing or tasks. The money can start to add up if you can fit in some dedicated time around your daily schedule.
Tip Number 8: Make the most of any savings you have
Yes, interest rates are rubbish at the moment. But don’t forget to:
– review the latest savings account rates on comparison sites
– check current account offers and incentives (not just savings accounts)
– check out the rates from National Savings and Investment (especially as the Government just announced a forthcoming attractive savings account).
– consider alternatives such as peer to peer lending platforms that lend to other people or businesses (but be aware of the risks).
Here are some useful tips on how to make more from your savings.
Tip Number 9: Think about taking on a short-term gig
The ‘gig’ economy is exploding – where people take on flexible part-time work on a freelance basis. Think Uber, Deliveroo and a host of other sites.
Tip Number 10: Make money from sharing
Hire out your car and rent your stuff – sharing the things you own with others can be very rewarding.
This is just a flavour of some of the ways you can earn some extra money that can make an extra difference to your future. Sign up to our FREE Newsletter for great new money making ideas.