In today’s world, where the cost of living is constantly on the rise, many people are looking for ways to supplement their income. Whether you need extra money to cover expenses, boost your emergency fund, or simply have some extra cash for things you love, having a side hustle can be a great way to achieve your financial goals. According to software provider Sage, nearly half of all Brits have a second income stream on top of their main job, with 7 in 10 young people juggling multiple incomes.
While the idea of fitting in another money-making gig alongside your regular job may seem daunting, there are plenty of ways to make extra cash without much effort. From renting out your driveway as a parking space to selling your old stuff online, there are numerous opportunities to boost your income. It’s important to note that there is a ‘tax-free’ personal allowance of £12,570 a year, and you won’t get taxed on ‘casual’ extra income, as long as it doesn’t exceed £1,000.
One popular side hustle is renting out your home through platforms like Airbnb, Vrbo, or Wimdu. Letting a house to guests for a few nights a month can earn you a significant amount of money, with some hosts making over £4,000 a year. Another option is to start tutoring online, with rates ranging from £15 to £35 an hour depending on your level of experience. Teaching English online is also a lucrative option, with an average hourly rate of £12.36.
If you have unwanted possessions lying around, consider selling them on platforms like eBay, Depop, or Vinted. You can also sell books, CDs, DVDs, and games through sites like MusicMagpie or We Buy Books. Additionally, you can rent out your driveway through services like Stash Bee, Just Park, or Parklet, earning up to £4,000 a year.
For those with a creative side, selling handmade items on Etsy can be a profitable venture. You can also rent out items like sewing machines, bikes, or guitars on platforms like Fat Llama. Another option is to sell your garden produce locally or at farmers’ markets.
Other ways to make extra cash include offering ironing services, participating in paid market research studies, and getting paid to test products for companies like Philips or Vileda. You can also refer friends to services like Sky TV, the AA, or Hello Fresh and earn rewards for each successful referral.
In conclusion, there are countless opportunities to make extra money through side hustles. Whether you choose to rent out your home, sell your creations online, or offer services like tutoring or ironing, there are plenty of ways to boost your income without much effort. With a little creativity and determination, you can turn your side hustle into a profitable venture and achieve your financial goals.