Life can be expensive – there always seems to be some bill to pay or problem to solve, the only answer to which is money. It’s hard to save up, and difficult to pay for bigger transactions such as vacations and vehicles without applying for loans and credit cards, and ending up in lots of debt. This is why many people decide that they want – perhaps need – to boost their incomes. However, there are only a finite number of hours in the day, and finding a second job that will still allow you time with your family and to rest enough to be productive can be difficult.
There are other options open to you though; read on to discover more about them and how you can boost your income without causing yourself distress or becoming overburdened.
Sell Items Online
Selling online can be as big a concept or as small an idea as you want it to be. It could start with simply selling some unwanted items around your home. Do this on specific selling sites like Craigslist or through auction sites like eBay, and you can not only bring in some extra money to help you pay off debts or save for a larger purchase, but you can also de-clutter your home at the same time, helping you to feel productive and that you have achieved something good.
What kinds of things could you sell? Popular items include:
• Clothing (especially baby clothes and children’s clothes)
• Cooking equipment
• Homemade items
• Unwanted gifts of all descriptions
What you might think of as – junk – others might love and want to buy from you.
If you’re happier dealing with people face to face, you can set up a garage sale where you can chat to potential buyers and perhaps even persuade them to buy more from you.
Investments aren’t for everyone, and you do need to have a certain amount of – spare – money in order to do it well, but if you are interested, investing in stocks and shares can be a good way of making some extra money.
This is not a quick way to make an additional income, though, and it will take time for your investments in precious metals, Bitcoin, the cannabis industry, property, other businesses, or anything else that takes your interest to come to fruition. If you can afford to leave some money in these investments to give it time to grow, then you may be able to come away with a good return on your initial investment. It is essential to keep an eye on your investments, though, and to do your research, to begin with, as investments can lose value as well as gain it.
Rent Out A Room
To secure a longer-term additional income, you could turn yourself into a landlord. The great thing about this idea is that you don’t have to have a second property – which of course is an expensive investment that not everyone is able to consider – to be able to do it. You could simply rent out a spare bedroom in your home. You can do this on a permanent basis and take in a lodger (this is ideal if you are located near to a college or train station, for example, or if you’re in the center of a busy city), or you can do it on an ad hoc basis and become part of a venture such as Airbnb.
Having strangers in your home might not appeal if you have a young family, for example, but the income that this idea can provide could be substantial, and should certainly be considered. If you want reassurance regarding the people you are renting your room or rooms to, go through a letting agent who can vet them and ensure that they are suitable, and can afford the rent.
Rent Your Outside Space
The inside of your home isn’t the only thing you can rent out if you’re looking to make some extra money. There are outside spaces that can be wonderful ways to make an additional income and really boost what is coming into your bank account each month. Where do you park, for example? Do you have a driveway or an allocated parking space that you’re not using? If so, you could rent this out to someone who does need to make use of it, and charge them for doing so. Again, your driveway’s location is going to make the difference when it comes to how much you can charge – if people can park there to go to work or catch a train, it could save them money and they will be happy to pay.
Your yard might be another way to make money. If you’re not much of a gardener but you have a good sized outside space, you can rent it out to those who would like to tend to a garden but who don’t have a plot of their own. They can grow vegetables, plant flowers, and generally look after the land. Split your yard into sections (depending on how large it is) and you can have a number of people using it at once.
Start Your Own Business On The Side
If you have a full time job but it’s just not bringing in enough money for you to do what you need to do, then starting up a business on the side might give you the additional income you are looking for.
When you start a new business, it is a good idea to start small and build it up, which is why it can work perfectly if you already have another job. It will mean having to work in the evenings and at weekends, for example, while you are getting everything ready, but over time this new business could even replace your existing job. In the meantime, if you work on it when you can (as long as you don’t disrupt your work life balance too much) then you can grow it as you need to, and use the money that you make to top up your usual salary.