As we step into 2023, the cost of living continues to soar, leaving many pondering their financial futures. Questions about staying financially afloat and finding supplementary income sources are becoming increasingly relevant. If you're eager to boost your earnings, dive into this article, where we unveil some of the most effective strategies to generate additional income or kickstart a lucrative side hustle.
What Is a Side Hustle and Why Are They Popular?
Generating income on the side means that you get a part-time job in addition to your day job to make a little extra money. It is often referred to as a ‘side hustle.’ This decision is very common and has been increasingly turned to as a money-saving solution by the British public.
According to research from Aviva , one in five Brits has started side hustles since the pandemic began in 2020. During the Coronavirus pandemic, many people could not work at their day job and were often put on the furlough scheme instead. But September 2021 meant an end to the furlough scheme, and as a result, many Brits turned to side hustles to keep themselves afloat.
Living in a post-pandemic world, in addition to the consequences caused by the war in Ukraine, has caused a global period of recession, hiking up our living costs to sky-high levels. As a result, many have turned to side hustles to make extra income on the side to keep themselves financially afloat. Side hustles are popular in the UK today – and you can start one too.
How Can I Make Money On The Side?
If you are thinking of taking on a side hustle yourself, you will be wondering what some of the best ways to make some extra income are.
Luckily, in the UK, there are plenty of ways to bring in some cash on the side to keep your mind at ease in the upcoming years:
1. If You Have Computer Skills, Use Them
There are plenty of side hustles for tech-minded people. If you have an understanding of the inner workings of PCs, tablets, and phones, you could charge your clients to troubleshoot their digital problems. You can build your client base with word of mouth and local advertising.
If you have a background in programming, there are a variety of online jobs for you to exercise your skills and earn a little extra cash . From building and testing websites to developing software, as long as you have the right equipment, this would be a great option for you.
2. Become a Freelance Writer
For anyone who has a way with words, freelance writing can be a great way of earning money on the side. You can begin by reaching out to various companies and websites with some examples of your writing, perhaps some blogs or articles you’ve compiled, that best reflect your writing skills.
You can then work on commission on a freelance basis to start bringing in a healthy salary each month.
3. Considered Customer Service?
You know that person who tells you, “Hi, is there anything I can help you with today?” on the phone or a pop-up on a website? Well, that could be you if you need to bring in a little extra each month. You could either work in-person at a call centre or if you’d rather make some cash from the comfort of your sofa, you could work for a live chat service on Amazon.
4. Complete Online Surveys
Completing paid surveys is perhaps one of the easiest ways to make money online. Money Saving Expert has created a list of their top 25 online survey sites to help you hit the ground running.
5. If You Don’t Need It, Sell It
There are plenty of apps, such as eBay, Depop and Vinted, that allow you to sell unused items. Selling items you don’t need can help you build a steady line of income on the side of your day job.
6. Become An Online Influencer
Working on your social media profile and building up a substantial following could help you earn a side income from sponsorships and brand deals. You can also be paid to use your platform for advertising as a brand ambassador.
7. Rent Out a Room
Paying a mortgage can be a huge commitment, and to lessen this weight, you could consider taking on a lodger if you have a spare room you do not need. Thanks to the government’s ‘Rent a Room’ scheme , you can earn up to £7,500 tax-free per year by taking on a lodger.
8. Become a Virtual Tutor
If you’re skilled in a subject or two, you can advertise locally and online with websites like Personal Tutors to tutor those who need some extra help. In the UK, there are no legal requirements or qualifications you need, but having a degree will help you sell your services and bring in a larger client base.
For more money-saving tips, explore Doddler’s blogs.
