According to a recent study, 70% of adults are looking for a way to supplement their income. This is hardly surprising, given that we are currently experiencing a cost of living crisis, where the cost of just about everything, from groceries to energy bills is on the rise. With that in mind, here are some simple ways in which you could earn a little extra money during this difficult time.
Consider investing your money
If you’re able, looking for ways to invest your money can prove to be an incredibly effective method for boosting your income. Of course, this is not a short-term fix, as many investments require you to wait a few months (or even years) before you can really see the benefits of your investment.
Before making an investment, however, you should make sure that:
a) You do not invest more than you can afford to lose.
b) You understand what you are investing in.
c) You’re working with a company you can trust.
If you’ve got the above basis covered, you’re in a good position to invest. You should also try to diversify your investments where possible by getting involved in a range of different industries, from startups to property. This way, if one market crashes you haven’t put all of your eggs in one basket.
Sell your old belongings online for some extra cash
At any given moment, there are likely handfuls of items in your home that you no longer need or use, and instead are simply taking up space and gathering dust. While you may view them as clutter, you could actually be sitting on a lot of money. This is because advances in technology mean that it’s easier than ever to sell your old belongings online, whether you’re reselling clothes your children have outgrown or your old mobile phone.
To put it simply, one man’s trash is another man’s treasure – and just because you no longer need something does not mean somebody else is not looking to buy what you have sitting on your shelf. Of course, you should ensure that you only sell items that are in good condition. As a result, you should use this as an opportunity not only to make some extra money but also to declutter your home.
Sell your photographs to stock photo companies
Have you ever taken a quick photograph on your phone only to realise that it’s actually a very high-quality shot? If this is the case, you could make a little extra money by selling photographs to stock photo companies, such as Shutterstock. This way, you receive a small commission whenever your photographs are used or downloaded for commercial purposes. While this may not match your monthly salary, it’s a great way to earn a little extra cash, while also exploring your more creative side! Who knows, you may have a whole career in photography ahead of you and this is just the first step on your journey!
Consider starting up a side-hustle
If you have some extra time on your hands, a side-hustle can expand your revenue streams quite considerably. This is because it gives you the chance to start up your own business, whether you’re selling artwork or working as a tutor. However, it’s also worth noting that most side-hustles require a little monetary investment to get started. For example, you may have to buy equipment and materials, or invest in your marketing and website development in order to raise awareness of your brand. However, you’ll likely earn this money back in no time at all.
Participate in focus groups and studies
Did you know that you could get paid for voicing your opinion? Focus groups and studies often offer cash (or voucher) incentives to participants willing to set aside some time for a quick discussion or survey, which can be a great way to give yourself some extra pocket money each week. This could also mean that you get your hands on a range of free goodies, from delicious snacks to new beauty products.
As a result, you should keep an eye out for paid focus groups, which are typically advertised online. Alternatively, you could sign up for paid survey sites. Finally, if you live close to a university, check their website to see if they are looking for paid volunteers for research studies. These studies in particular can prove to be very profitable, and you can help support research in vital areas, such as psychology and mental health.
Ask for a raise
Many people are scared to ask their employer for a raise. For example, they may worry that in doing so they may come across as greedy. However, this is not the case – and it’s important that you know your worth. This means that if you believe the work you are carrying out is above your paygrade – then it’s time to speak up.
Of course, it’s often not as simple as walking up to your boss and asking for extra money. You must be both strategic and realistic in your approach if you want to succeed. As a result, you should organise a meeting with your boss to discuss your role. Before this meeting, you should:
- Write down a list of reasons why you deserve the raise.
- Research the standard salary for your role in other companies.
- Consider how much of a raise you’d like (or the minimum you’d accept).
- Brush up on your negotiation skills.
Remember, this is a business deal. However, instead of negotiating with a client, it’s with your boss. This means that the same business principles apply – be polite and respectful as this will give you the best chances of getting the raise you deserve.
In short, there are various ways in which you can make extra money during this difficult time. However, in order to become more financially savvy, you should also ensure that you are working on your budgeting skills too, as this is the easiest way to truly take control of your finances.