Wednesday, 29 March 2017 09:07

Ways to make money outside of work

It used to be that if you were employed or self employed (basically you had a job) then that was enough to see you through life. A regular income meant that you’d be able to afford the cost of living and that suited everyone just nicely.

Nowadays, however, things are very different. Irrespective of whether you have a job, times are hard and people need extra cash. It’s a sorry state of affairs really. Whether you work part time or full time you should be able to afford the cost of living as well as some little luxuries. Otherwise what’s the point in working? Weep.

More people than ever before are now looking into extra activities they could do alongside their nine to five job in a bid to raise extra cash. Luckily, there are some good options out there that will enable people to get their hands on the said money. How much you earn with these new projects will ultimately be determined by a number of factors. Luck plays a part; if you can find a niche then there’s no limit as to how well you will do, you never know you may be the next rising entrepreneur. How much time you can give to a new project will also have an impact on any success story, as will dedication. Dedication is key if you want to make a real go of things. If you really want to earn a little more cash then get going, we’re here to give you a few ideas and pointers that may get your brain in gear for the next big idea.

Quite a number of people have found that they have made money online. The internet is the way forward in a lot of instances, although this is not to say that projects that are not online cannot be successful too.

A lot of people spend time scouring discount sites and cashback sites and whilst you wouldn’t think that this kind of thing would make money, it certainly saves a lot of money if you have the time and dedication to make true savings. Saving money is just as important, if not more important, than making money so this is definitely something that you should look to get into. It’s literally as simple as earning money from shopping at specific retailers online. All you have to do is spend money at certain retailers within a certain timeframe and then you get cashback for going to that retailer. You don’t have to buy something that you wouldn’t normally do, a lot of the time you just have to get it from a different supermarket or retailer and receive the cashback rewards. It is that simple.

The above is probably an example of something that can be done relatively easily to get hands on an extra couple of quid each week and this will satisfy maybe a number of students who want a bit of extra cash for going out and paying those missed bills.

However, if you want to earn a more lucrative amount outside work, we have a few ideas that may be more up your street.

If you are lucky enough to have a house that you know is rentable – what are you waiting for? Money raised from house rental has never been as good, despite recent tax hikes for landlords. As more people are unable to afford their own homes, there is a massive demand for rental property and if you are sat on a property or can afford a property to purchase and do up, then you will certainly be on the money to, well, make money.

The rental income will come into your account every month and in a lot of ways is the ultimate earner. Going back to what we said about dedication and time, though, being a landlord does have some pitfalls when it comes to time consumption and start up fees.

You will have to do a lot of start-up research and learn about what the current rules and regulations are for landlords and what this will entail for you, you also have to have the time and dedication to sort things should something go wrong with the property. Whilst rental income is a great income if you can get it, it isn’t something that can just run on its own, you have to be available at the drop of a hat and need to be clued up with regards rights.

On the subject of rental income, in a lot of congested areas there is a massive demand for car parking spaces. So, if you are blessed to have a little extra space on your drive why not make some money out of it? Rent the space out. As cities like London continue to get ever more congested, make sure you take a slice of the profits and ensure you benefit in the most logical way.

Once you have looked at all your assets such as what your property can offer you in terms of freeing up extra cash, you should then look to your finances and accounts – if you haven’t already done so.

You must be fed up of hearing us say it but ensure you know where every single penny of your money is and take care that each pound and pence that comes in and goes out of your account(s) is accounted for.

Don’t spend money that you don’t need to is the first rule and be extra savvy when searching for the very best savings accounts.

If you’ve already got savings in a proper savings account then well done! A savings account is a great way to make the very best of money that is sat waiting for a rainy day. Make sure to keep abreast of the best accounts that offer the best incentives for savers as these change on a regular basis, and don’t be afraid to switch accounts if you feel that your current savings account isn’t offering you the best deal.

And that’s about it really. It isn’t rocket science is it? 

A lot of the people that have money in this world are people that became fed up with working the daily grind and getting nothing in return for it. They are people like you and me that decided to give something a go and if it didn’t work out then what the hell? It’s definitely worth taking a punt.