Five Ways to Make Extra Money | Inspire to Freedom

Five Ways to Make Extra Money

April 30, 2015 Jonny Lilley

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Did you know that in 2012 UK real wages fell back to 2003 levels? This depressing statistic means that many of us are in jobs that aren’t increasing our salaries to keep up with rises in the cost of living.

If you’re feeling the pinch, you may be keeping an eye out for ways to boost your wallet outside of working hours. Here are five ideas for how to make extra money:

1. Get a part time job

One of the most lucrative ways to make money outside of your usual job is to get a second one! Evening and weekend work is usually fairly easy to find; try your local shops and restaurants. This can be a really good way to bolster your income, but working two jobs long term can be a surefire way to suffer burnout. Many part time jobs will require you to be out of the house, which can be a problem if you’re a parent.

2. Sell unwanted belongings

The internet has provided us with plenty of options when it comes to clearing out our cupboards and making a bit of cash. It’s pretty easy to sell almost anything online, and if you have a lot of stuff hanging around you might find this is worth doing. Do remember, though, that selling on auction sites can be very time consuming. You may find that you spend an awful lot of time listing and posting items in return for a very small profit.

3. Rent out your spare room

If you have a spare room you may be able to cash in on it. There is a government scheme that gives us all the right to earn up to £4,250 per year tax free for renting out a furnished space in our home. Taking in a lodger can be very lucrative, as can renting out your room to holiday makers using sites like airbnb.com.

4. Get an online job

If you want a part time job but need to be at home in the evenings, you might be able to look to the internet for a solution. Online jobs are a growing area, and some can have good earning potential. You could apply for roles such as survey answering, data entry, tutoring, website testing and transcription. Be wary of scams, though, as there are a lot about! Online jobs can also be very isolating, so they’re not ideal if you don’t like working on your own.

5. Start your own business 

If you want to be fully in charge of your earning potential, the best way to do this is to start your own business. There’s no reason you can’t do this in addition to your existing job. In fact, many entrepreneurs prefer to start out with the safety net of a guaranteed salary. If you start your own business you’ll be able to choose how many hours you dedicate to it as well as when those hours are. The better you work the more money you’ll be able to add to your income each month and you’ll be doing it all on your terms.

If you’d like to talk more about how you could make extra money, why not get in touch? We’d be happy to chat through a few of your options.

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