Looking for ways to boost your income? You may have just found them!
Need some extra notes in your wallet? You're not alone. Last year, it was reported that a fifth of U.K. workers was considering a 'side hustle' to make some extra money. The good news is you can join them! Rather than spending free time binge-watching your favourite series, you could be making extra cash on the side.
Whether you're trying to pay off your credit cards or save up for that once-in-a-lifetime holiday, finding savvy ways to make more money is a worthwhile endeavor ‒ and it's simpler than you think. Here's what you need to know before you give it a whirl for yourself.
Part-time and work-from-home opportunities
It turns out that some of the best ways to make cash are right from your own home – and there are plenty of opportunities out there for you to take advantage of. If you're completely stumped and don't know where to start, here are seven side hustles you might want to consider to put some extra notes in your pocket.
1. Become a mystery shopper
Getting paid to shop might sound like a dream come true, but you do have to put the work in if you want to make this your side hustle. Market research companies pay shoppers to check out whether the services at certain places are up to scratch. You could find yourself reviewing restaurants, hotels, cafes and even high-street shops.
2. Take surveys online
Your opinion is golden, and research companies want to know what you think. They use that data to better understand the market and what customers want. You've likely answered surveys like this for free in the past, but all that's about to change.
If you have spare time when you get home from work, you could make some extra pennies by simply answering a series of questions on your smartphone. You won't make mega money with this, but signing up to an online survey site such as Swagbucks or Toluna could mean that you bag gift vouchers or cash for your time.
3. Start selling things on eBay
Are you a recovering shopaholic? Do you have rooms filled with clothes, books and knick-knacks that you simply don't need? Selling your unwanted items online could be the answer to your woes, giving you both extra money and more space!
You will need to set up a seller profile on eBay before you can get started. After that, you can list up to 20 items for free each month (if you want to sell more than that, you may be charged per listing). The site does take a small percentage of your overall sales though, so be sure to read the small print before you get started.
4. Become an Avon representative
For more than half a century in the U.K. (and even longer in the U.S.), Avon has been a household name and representatives have sold their products nationwide. You could say that becoming a rep was one of the first flexi jobs available to just about anybody. If you can sell, you can choose your own hours and make money when it suits you.
Becoming an Avon representative is easier than you might think. You can apply online on the main site and a sales leader should contact you within 24 hours. You can then start selling products to your family, friends and others in your area, making commission off the items you sell.
5. Take in a lodger
Paying a mortgage can be a huge commitment, but there are easy ways to get cash back on your property. For example, if you go away on holiday and won't be home for a bit, renting out your living space on Airbnb is an excellent way to make some extra money. It's as simple as creating a listing on the Airbnb site, communicating with potential guests and preparing your home. Plus, Airbnb has a host insurance policy that can help put your mind at ease about renting out your space.
If you have a spare room and are looking for something more long term, you could also take in a lodger. You'll be sharing your home, but if you don't mind, this could be a handy way to boost your income and cover some expenses. What's more, thanks to the government's 'Rent a Room' scheme, you can earn up to £7,500 tax-free per year.
6. Sell your skills
Looking for a genius way to make some extra cash? Consider the skills you already have! To start, it may be helpful to take a moment to jot down any of your talents that could be marketable. For example, you may be able to speak a foreign language or play an instrument. These hobbies might not seem like a big deal, but people will pay for your expertise.
You could take up tutoring, offer advice online or even become a translator and get paid by the hour. It's all about getting creative and considering the ways in which you can sell your skills to those who need them. Simple!
7. Become a part-time driver
From Uber to Deliveroo, there's a whole host of ways to make extra cash as a driver. It's true, there can be controversy over these companies and the rights they give (or don't give) to those who work with them. However, if you don't mind being self-employed and working on your own schedule, you could make a steady side income.
What about your taxes?
Now that you know some of your options, let's deal with the burning question: How will it affect your taxes? Before beginning to make money outside of your employment, you need to fully understand what is required of you so that you don't break the law.
Notifying HMRC when you start receiving another stream of income is a legal requirement ‒ you shouldn't wait for them to contact you. Instead, you need to register online ASAP. That way you can complete a self-assessment of your taxable earnings at the end of the year.
Avoid burning yourself out
Finally, it's worth remembering one golden rule: Money is not more important than your mental or physical health. While you technically can spend every waking moment working and getting paid, it may not be the best choice when it comes to your wellbeing.
Before taking on extra work, consider whether you have the time or energy to do so. The last thing you want is to end up burning yourself out.
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