Home » Five Easy Ideas to Rocket Boost Your Income

Five Easy Ideas to Rocket Boost Your Income

We’re all familiar with the cost of living crisis, and there has never been a better time to consider whether there are a few simple ways to top up your income each month!

Fortunately, there are many ways to earn a little more, boost your savings, or set aside money to pay for fun days out and entertainment.

Let’s look through some of the most accessible ways to improve your income; every little helps, after all.

1. The Side Hustle

These days, working from home and flexible hours are becoming the standard, so if you’re organised, work part-time, or have free space in the evenings, you might turn your extra hours into a second income.

Even stay-at-home parents with a massive childcare workload can opt for a couple of hours a week and work only as and when they have the capacity, so there isn’t any barrier to entry or minimum commitment you need to offer!

Here are a few of the most popular side hustles:

  • Virtual Assistant: great at planning trips, organising calendars or writing responses to complaints? You could work as a VA, either taking on ad hoc tasks or offering a set number of hours a week or month as a freelancer.
  • Tutor: do you speak a second language, have a degree in a topic or have professional experience in the workplace? Online tutors can work with kids or adults, teaching犀利士 them how to play an instrument, tackle quadratic equations or prepare for an interview.
  • Paid Surveys: although you won’t earn as much an hour from surveys as you would providing a service, you can swap your social media time for a paid survey service and make a little each evening or save up your points to redeem for gift cards.

There are hundreds of freelance and gig economy sites, but you could try PeoplePerHour or TaskRabbit as a couple of examples.

2. The Savvy Saver

Interest rates on savings tend to be lacklustre at best, and it can be frustrating to save up as much as you can without any real improvements in your bank balance.

If you’re able to save just a little, it will quickly add up – £10 a week is £520 a year, and a high-interest savings account or ISA could make the total much more impressive!

The right options for you will depend on how much you have to save or already have available to deposit and whether you need immediate access to your money.

For example, if you go for a high-yield savings account, you normally have to give a few weeks notice to make a withdrawal – but the more notice you agree to provide, the higher the interest you’ll earn!

This Money Saving Expert guide looks at some of the best options currently available.

3. The Asset Sharer

Depending on where you live, you might have countless opportunities to earn an income from the stuff you already have!

As a couple of examples you might want to look into:

  • Renting out your car as a part-time Uber or Lyft driver (you can either be a self-employed driver or loan your vehicle to a registered driver for a cut!).
  • Letting out your spare room, annex or whole property through Airbnb. If you have a trip planned or tend to spend weekends away, you can monetise that time without a great deal of effort.
  • If you have a dog and take them on a daily stroll, you can become a professional dog walker (with a small outlay for indemnity insurance) and turn your morning wander into a paying enterprise.

4. The Smart Career Move

One option we rarely consider is simply asking for a pay rise.

Don’t assume this isn’t an option if you haven’t looked into industry average salaries, or broached the topic with your manager!

It is also worth looking on GlassDoor Job Search if you feel you could be commanding a higher salary – you can research companies, compare pay rates, and apply for vacancies directly.

5. The Clutter Clearance

Finally, take a good look through your cupboards, attic, garage and storage space. There’s a good chance you’re sitting on old collectables, jewellery, clothes, appliances or gadgets that will earn you cash!

You can sell items online through eBay, Facebook Marketplace, Vinted and a million other pre-loved apps, or recycle electronics for a small financial reward.

Take some great quality photos, wash old items, and one person’s trash becomes another’s treasure.

6. Bonus Income Boosting Tips

An extra tip, because who doesn’t like getting more bang for their buck! Check out another list of great ideas here that will help you generate extra income passively. 

Some take more time to set up than others  but once you’ve invested the initial time and effort you can sit back and start to enjoy your passive streams while working on your next one!