The economic climate may be causing a lot of worry at the moment, and relying solely on one income stream can build stress. 37% of people in the UK say their salary alone does not allow them to live comfortably. To help protect your money and increase your financial independence, you could think about diversifying your income streams. Side-hustles are becoming the new norm for many, with 25% of people in the UK claiming to have one. A side hustle, or a side job, is an additional job that someone takes on alongside their usual work in order to supplement their income.
As well as adding a side-hustle to your toolkit, you can also pay off some of your debts, improve your budgeting and most importantly change your money mindset! Krystle McGilvery has an array of useful resources to help you get started.
We have compiled a list of the top 5 side hustles for boosting your income.
1. Sell on Ebay
Got an attic full of toys and gadgets you don’t need anymore? Most of us have heard of Ebay, and selling online with them is pretty easy. With 1,000 free listings per month and a fee of 12.8% of the total sale (plus 30p), there aren’t too many costs. There is a market for almost every item you could think of. MoneySavingExpert has even compiled a detailed list of tips and tricks on how to sell on the online auction giant.
2. Depop and Vinted
How long have those old coats and shoes been collecting dust on top of your wardrobe for? Why not sell them and make back a bit of cash for yourself? Depop has become a well known app for buying and selling your unwanted clothes online. All you have to do is post a picture of your item, write a description and set a price. Users can then buy it and you just have to post it out to them, simple! Depop take a lower fee than Ebay, at just 10% with no fee for listing. Stiletto Socialite has written a useful blog with lots of tips on how to make the most of the app as a seller. Vinted has a similar premise, but no fees at all for selling an item; instead the buyer is charged a fixed fee.
3. Making money on Youtube
We all know now that there is plenty of money to be made on YouTube, and other social media sites. But how do you get started, and how do you stand out from the crowd and make your content valuable? This useful post has some extra advice on how to make the most out of YouTube. The typical method is to create and post videos to your YouTube Account and then link an AdSense account to it to make money from advertisers. If your account gets popular enough you can even become a YouTube Partner and get access to other income streams including YouTube Premium subscription fees. YouTube is just one way to make money online; blogging, Instagram and TikTok are alternative, popular platforms where you can also create content and get paid by advertisers.
4. Start a small business
Do you have some creative talent? Why not think about starting a small business on the side selling your crafty creations? Whether that be artwork, homemade jewellery or ceramics, the options are endless. Ecommerce platforms like Etsy, Shopify and even Facebook Marketplace make it really easy for you to set up an online store and reach a large audience quickly. Accompany this with some digital marketing on social media and you could become very successful.
5. Establish yourself as a freelancer
With the world becoming increasingly digital, it’s easier than ever to list yourself for freelance work online. Sites such as Fiverr connect freelancers to employers for all sorts of projects, from SEO to logo design and illustration. Similarly Upwork lists jobs from freelancers and connects you to growing companies across the world. This is a great way to start your side hustle, or even a career as a freelancer in whatever field you excel in.
Here at Maji, we are all about helping you get the most out of your income and making your money work for you. Side hustles can take time to create wealth but in the long term they can provide financial stability and help you plan for retirement.