Making extra money is always welcome, but finding additional income sources with busy lives and work commitments can seem daunting. However, with careful planning and strategy, it is possible.
Take it from Lisa Johnson, a mother of twins and best-selling author of "Making Money Online." Now a global business strategist, this 46-year-old mum transformed her life from being £35,000 in debt to earning £16m over just six years.
Her secret? Side hustles. According to Lisa, side hustles can significantly boost your income with minimal effort and investment. But can anyone really do it? Here are ten low-effort ways to earn extra money, inspired by Lisa's successful online course on Teachable. By implementing these strategies, you too can see a significant boost in your finances, providing you with the financial freedom you've been longing for.
1. Monetise Your Knowledge
Consider how you can turn your expertise into cash. Online memberships and courses are excellent ways to share your knowledge and earn money without being restricted by the number of hours in a day.
Create an online course on platforms like Udemy or Teachable, allowing your product to sell continuously without your constant presence. Remember, an expert knows more than the average person on a particular subject.
- Establish Your Brand: Utilise free tools and platforms like social media to let people know your strengths.
- Start a Mentorship Programme: If you enjoy journaling, many people online would like to start their journaling journey. Offer an online class about it.
- Offer Simple Cooking Classes: For those who want to learn the basics of cooking at home.
2. Run Your House Like a Business
Conduct a household bills audit to understand your expenses and identify areas where you can cut costs. Use bill comparison websites to find cheaper deals on utilities, mobile phones, and other recurring expenses.
- Unsubscribe from Unused Services: Regularly reviewing and adjusting your household expenses can lead to significant savings.
3. Get Paid to Watch TV
Join research panels like theviewer.co.uk, where you can earn money by watching TV and giving your opinions on various programmes. These panels often pay up to £150 for just a few hours of your time.
4. Rent Out Your Spare Room
If you have unused space in your home, consider renting it out through the government's Rent a Room scheme, allowing you to earn up to £7,500 tax-free. Websites like SpareRoom, Roomgo, and Airbnb make it easy to find tenants.
5. Rent Out Your Driveway
Renting out your driveway can be lucrative if you live near a city centre, airport, railway station, or football ground. Platforms like JustPark and YourParkingSpace can help you earn up to £350 a month.
6. Make Money from Spare Storage Space
Rent out your garage, shed, or loft for storage to others. Sites like Stashbee facilitate this process, allowing you to earn money by letting others store their items in your unused space.
7. Sell Old Electronics and Gadgets
Most households have drawers filled with old phones, cables, and gadgets. Instead of letting them gather dust, sell them on platforms like eBay, Facebook Marketplace, or Gumtree. Even old phone boxes and remote controls can fetch a decent amount, helping you declutter and earn money simultaneously.
Additional Suggestions
In addition to Johnson's tips, here are three more side hustles that can help you monetise your knowledge and utilise your available resources and space.
8. Online Tutoring and Teaching
With the rise of remote learning, online tutoring and teaching have become popular ways to earn money.
- Identify Your Expertise: Determine the subjects or skills you are proficient in.
- Choose a Platform: Register on platforms like Tutorful, MyTutor, or Superprof.
- Create a Profile: Highlight your qualifications, experience, and teaching style.
- Set Your Rates: Research what other tutors charge and set competitive rates.
- Market Yourself: Use social media, local community boards, and word of mouth to attract students.
- Conduct Lessons: Use tools like Zoom or Skype to deliver lessons.
9. Freelance Writing and Content Creation
Freelance writing and content creation offer a flexible way to make money if you have strong writing skills.
- Build a Portfolio: Create sample articles to showcase your writing skills.
- Join Freelance Platforms: Sign up on websites like Upwork, Freelancer, or Fiverr.
- Apply for Gigs: Browse job listings and apply for projects that match your skills.
- Network: Join writing groups and forums to network with other writers and potential clients.
- Deliver Quality Work: Ensure you meet deadlines and provide high-quality content.
10. E-commerce and Dropshipping
E-commerce and dropshipping involve selling products online without holding inventory.
- Choose a Niche: Select a market that interests you and has potential demand.
- Set Up an Online Store: Use platforms like Shopify, WooCommerce, or Etsy.
- Find Suppliers: Use websites like AliExpress or Oberlo to find products to sell.
- List Products: Add products to your store with detailed descriptions and high-quality images.
- Market Your Store: Use social media and SEO strategies to drive traffic to your store.
- Handle Orders and Customer Service: Manage orders and ensure good customer service.
These ten low-effort ways to earn extra money demonstrate how easy it can be to supplement your income with minimal investment. From leveraging your knowledge to utilising unused space and decluttering, numerous opportunities exist to boost your finances without significantly altering your daily routine. The key is to identify your resources and determine the best ways to monetise them.
