Financial experts have revealed seven ways you can make extra cash as the hashtag '#Passiveincome' has grown in popularity on TikTok - getting more than three million views in one week. Latest YouGov data reveals that 38 per cent of Brits think their financial situation will be worse in 12 months, leading many to search for other sources of income.
UK living standards fell at their sharpest rate since records began last year and, with wages stagnating and costs soaring, many are being forced to consider 'side hustles'. Ever the source of top money tips, TikTok has been awash with 'hacks' to save money and earn some extra cash through various 'passive income' methods.
A passive income is a source of money which is acquired automatically with minimal labour and is seen as the dream for many looking for financial freedom. Though Ocean Finance's tips aren't passive, they could be handy ways to make money online.
1. Sell your stuff
Whether it's old clothes, tech that hasn't seen the light of day in months, or toys your kids have grown out of, the chances are you can sell it on the internet. Ocean Finance says even old and broken phones are worth something.
Of course, the better the quality of the stuff you're selling, the better your chances are of shifting it at a good price, but there's usually a home for everything if you know where to look. You can use selling sites such as Depop, eBay and Facebook Marketplace to sell your old possessions.
2. Give reviews, test websites and apps
Taking surveys on anything from your political beliefs to views on different brands means you could be rewarded with dosh. Registering with sites such as YouGov, OhMyDosh and E-Rewards is a good place to start
It's not just market research that pays but also testing technology too. Intellizoom is a community that you can join that rewards its members for testing the performance of its websites and apps.
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3. Enter competitions
With plenty of online competitions available, it's the basic principle of probability that the greater number of competitions you participate in, the higher your chances of winning a prize. Entering a large number of competitions is commonly referred to as "comping".
Comping does not guarantee a return and the outcome can vary from winning substantial amounts, sometimes in the thousands, to winning nothing at all.
4. Make money from your smartphone
Finance experts say your phone is also a great tool to help you make cash. Clickworker is an app that asks you to perform tasks on the go using your smartphone in return for cash rewards. The more you do, the more you build up in credit and cash out.
5. Start transcribing
If you have access to a laptop or computer and a pair of headphones, transcribing can be an easy way to make a lucrative side income. This involves turning an audio recording into a text document and can be a decent way of earning anywhere between £6 and £16 - depending on your typing speed.
6. Teach or create online content
Ocean Finance says if you've got a specific skill set, you might consider sharing your knowledge and expertise to generate a revenue stream - all from the comfort of your own home. Online courses are as popular as ever and although it can be a challenge to stand out against the competition, there are plenty of resources out there to help you get off to the best start.
Whether it's a course subscription or ebook that you create, whatever your area of expertise, there's likely to be an audience for it.
7. Become a virtual assistant
The demand for virtual assistants is constantly growing due more people than ever working from home. You often don't need to have experience in this type of role, as it encompasses a wide range of skills that you may have picked up from other positions.
Being a virtual assistant is often self-employed, with daily tasks including everything from email management to customer support, bookkeeping and more.
