An income boost wouldn't go amiss this festive season, would it?! As the cost of living crisis worsens, many in the UK will be feeling financially stressed this December – especially when we have to make our pay packets last until the end of January (and many employers send out December salaries early, making the wait extra long).
So whether you’re looking to boost your Christmas shopping budget, save ahead for January or just increase your disposable income so that you can enjoy the festive period that little bit more, lots of people are looking to add to their income this Christmas. Here are a few ways that you can increase your income without giving up or changing your day job:
Sell your unwanted stuff
Selling online might feel laborious and time-consuming, but it’s a brilliant way to kill two birds with one stone - you get rid of clutter and earn a bit of money in the process. Allocate some time to sort through your clothes, kids’ toys, furniture, board games and more, then set up a little photo studio and get snapping. Doing this in a job lot and listing at the same time is really efficient, and you can list goods in multiple places to get the maximum chance of a successful sale.
Different things sell best on different platforms. eBay is great for clothes, collectibles and homeware, while you might find Facebook marketplace gives you a better result with furniture or bulky items. For old media, books and DVDs, MusicMagpie and Ziffit have clever apps that allow you to scan the barcodes and get a total - then you just package them up and send them with the label they provide.
Do surveys in your spare time
Online surveys have come a long way since the days of entering all of your details and being bombarded with junk mail. If your usual M.O. is double-screening in front of Netflix, try switching the Insta or TikTok scroll in favour of signing up to a survey site or app. Newbie Curious Cat promises ‘short, fun’ surveys and allows you to withdraw once you’ve earned over £1, while Prolific pays well but has criteria for each study. If you’re in it for the long haul, YouGov will pay out £50 once you hit a certain number of points, but it could take a while. Discover a full list on moneysavingexpert.com.
When participating in surveys, it’s just worth being mindful of how much your time is worth to you. If you don’t mind answering questions in your leisure time, that’s great, but if you’re finding it a slog or missing out on other things, make sure that the small income boost is actually worth it!
Rent out your clothes
If you've got a wardrobe of barely-worn dresses and outfits from weddings past, now's your time to reap the benefits. Platforms such as Hurr and ByRotation are become hugely popular with fashion lovers – some of the apps' top lenders are earning hundreds of pounds per month. You just need a couple of key pieces to get started, and a bit of spare time in order to manage rentals, post them out and get them cleaned for the next renter.
Be aware that these apps to charge fees on each rental, and you are expected to dry clean each piece, which will incur costs – but you can achieve a fair income boost if you've got the wardrobe for it.
Get creative
If you’re a crafter, an artist or a wordsmith, your creative talents could provide you with a bit of extra cash. Sign up to a site like People Per Hour, UpWork or Fiverr, or join local facebook groups to find customers or clients for whatever it is you’re great at creating. Don’t worry if you’re winging it in the beginning - everybody is! You’ll grow in confidence as you develop your new skill, and as you build your portfolio you’ll be able to increase your rates.
Follow your passion
In a similar vein, if you’re serious about your side hustle and feel like you might want to grow it into something more than just a quick cash source, choose something that you have a genuine interest in. There’s something to be said for keeping your hobbies sacred, and there’s absolutely no need to monetise every second of your day, but if you’re passionate about your extracurricular activities, you’ll be far more likely to keep going.
Beware burn out
Finding ways to bring in extra money so that you can achieve your financial goals more quickly and easily is a brilliant thing, but remember that we’re not built to work twenty-four hours a day, seven days a week. Everyone needs down time - time to do things you enjoy, or even just to stare at the wall and think about nothing at all - and without it, we start to burn out. Our minds and bodies refuse to cooperate when we try to push them too hard - so make sure you ring fence enough non-work time and protect your mental and emotional time.
Make sure you’re clued up on the practicalities
Please be aware, if you embark on a proper side hustle, that everyone has an annual allowance of £1,000 that you can earn above your PAYE income without declaring it to HMRC. If the money that you make exceeds £1,000, you’ll need to file a self-assessment tax return and pay tax on your additional income. You might also need to check the terms of your employment contract - and make sure that you have a firm boundary between your contracted hours for your employer and your side hustle time.
The very last point to make is that, if you’re working hard for some extra cash, put that money to good use. Don’t let it fall through the cracks and disappear into the ether.
