Increasing your income without cutting down on spending can be approached in several ways. I could write an article on each point here but I’ll keep it brief. Here are some strategies you can consider:
- Side Hustles and Freelancing:
- Freelance Work: Use platforms like Upwork, Fiverr, or Freelancer to offer your skills.
- Gig Economy Jobs: Consider driving for Uber, delivering for Deliveroo, or doing tasks via TaskRabbit.
- Monetise Hobbies:
- Crafts and Art: Sell handmade items on Etsy or at local craft fairs. I make a yearly calendar using photos I take on my phone, edit them in Prisma to look like sketches, send them to a printer then go around the local shops and sell them. I made hundreds last year doing it and it was super simple.
- Writing: Start a blog, self-publish books, or write articles for online publications.
- Photography: Sell your photos on stock photo sites or offer photography services.
- Online Business:
- E-commerce: Start an online store using platforms like Shopify or Amazon. My Sianology business is on Shopify as well as local shops.
- Digital Products: Create and sell digital products like e-books, courses, or software.
- Career Advancement:
- Ask for a Raise: Prepare a case and negotiate a raise with your current employer.
- New Job Opportunities: Look for higher-paying job opportunities within your field.
- Skill Development: Invest in education and training to gain skills that can lead to higher-paying roles.
- Passive Income:
- Royalties: Earn royalties from creative work like books, music, Youtube videos or software.
- Affiliate Marketing: Earn commissions by promoting products and services online.
- Rental Income:
- Rent out a room, you can earn up to £7,500 a year tax free doing this.
- Car Rental: Rent out your garage, driveway or even your car on platforms like Turo.
- Consulting and Coaching:
- Consulting: Offer consulting services in your area of expertise.
- Coaching: Provide coaching or mentoring services.
- Fill out surveys such as Prolific, Eureka, Yougov, Swagbucks, Attapoll & Influence. I haven’t tried these yet but I intend to when I have time.
- Have a clear out and sell stuff on Vinted, Facebook Marketplace, Gumtree, Depop, Vintage Cash Cow.
- Bank Switching, stoozing and cashback sites. I’ve seen this around but not looked into it much because I didn’t want to switch banks but I saw an email the other day and something in it caught my eye. A guy and his wife made £3k in a year from switching bank bonuses, stoozing (moving money into interest paying savings accounts until they’re due to be paid out so you earn extra interest) and using cashback sites. £3k is not a small amount so I’ve decided to give these a try. Looking more into the bank swaps, I’ve found that you can create multiple accounts in my Chase banking app with separate account numbers that I can use instead. Plus you an also create dummy direct debits as most switching bonuses will require you move 2 direct debits to them and they will close the old account once switched. So I have created the extra account and the 2 direct debits and once they become active, I can initiate the transfer. That’s £200 for like an hours work, not bad. Then you rinse and repeat with any bank offering a switching bonus. I’ll write an article on the update at some point and go into more detail.
- Bonus ones that I can think of but haven’t tried:
- Airtime Rewards
- Matched betting
- Mystery shopping
Each of these options requires different levels of time, effort, and initial investment. Choose the ones that align best with your skills, interests, and available resources.
If you want help with budgeting, you can get my free spending planner now by signing up to my newsletter where you’ll also get my articles a whole month before I publish them here! What are you waiting for, sign up here now! > https://laurenjohnston.co.uk
*Quick disclaimer – I am not a financial advisor, I do not give financial advice and you are responsible for your own financial wellbeing 🙂
Lauren <3