Whether you’re looking for a second income to cover basic bills, or saving for something specific, that little extra cash each month can come in really useful. In 2016, thanks to the breadth of opportunities to earn both online and off, there are many ways in which you can supplement what you already have – as long as you have a plan. Below are 6 strategies to help you successfully earn a second income this year.
1. Rent out what you own
Everyone is trying to economise these days and whether that means finding a cheaper B&B or renting, rather than buying, equipment for a photoshoot, the idea of borrowing has created lots of ways to generate a second income from what you own. Books, camera equipment, speakers, bikes, clothes and shoes are just a few of the items that are easily rented out via sites such as Rent My Items. If space is what you have to sell then you can make even more of an income – for example, rent out your parking space (especially useful if you live close to a commuter railway station) or rent out your spare room via sites like AirBnB.
2. Drive a taxi
You no longer need to pass The Knowledge to drive a taxi in London – or anywhere else for that matter. Companies such as Uber offer a great way to make additional money to supplement your income. All you need is a car and a smartphone and you can start picking up customers as long as you’re living in a city where Uber operates. If not then investigate other local options, such as minicab firms. The best thing about driving a taxi is that you can work it around other commitments and you’re in control of how much you earn.
3. Outsource your skills
There’s an enormous variety of websites around now that offer opportunities to turn what you can do into additional cash. Skills such as photography, content writing and UX can be sold on a one off job basis via People Per Hour, for example. If the skills you can offer are of the more every day variety then Task Rabbit allows you to pick a task and get paid for it, whether that’s helping someone to move home, carrying out handyman jobs or getting stuck in to a spring clean. Virtually anything that you can do can help you to earn a second income in 2016.
Teaching is a great strategy as a second income as it’s a skill that’s constantly in demand and you can pass on knowledge you have already acquired. Whether you supplement your monthly budget by teaching music lessons, yoga classes or create your own online courses that people can download (and you get paid per download), there are many ways in which the abilities that you already have can help you increase what you earn. To get started, advertise your services in a local paper, set up a website or join a site like Udemy as an instructor.
5. Get paid to shop and/or review
There’s something super smart about turning what you already do into a money making enterprise and that’s where strategies such as becoming a mystery shopper or reviewing products come in really useful. Simply search online for whatever it is that interests you, whether that’s local mystery shopping, carrying out online surveys or being paid for every step that you take. Payments are usually in vouchers, although cash payments can also be made via PayPal after a certain threshold has been reached. There’s an enormous variety of different ways to earn like this, from writing music reviews, to testing out customer service in your local department store, and you will usually have your costs covered if you incur any, in addition to the fee.
Bake Off fever is about to grip the nation again and although many people love to bake simply as a hobby in their spare time, it’s also very easy to turn this into a paying pastime. Farmers markets, local fairs, car boot sales and monthly markets provide the perfect opportunity to turn cupcakes into cash. You don’t always need to be an established business to claim a plot at a these locations and many will offer a simple package of health and safety basics, pitch and advertising to help you get started. So, if your brownies are legendary or your sponge is supreme, perhaps it’s time to start getting people to pay for it and create that second income stream from your skills.
Solution Loans is your source for all ideas to help manage your personal finances and find the credit you might need.
Alex Hartley is a keen advocate of improving personal finance skills. She's worked at Solution Loans since 2014 and written hundreds of articles about how people can manage their money better. Her interest in personal finance goes way back to...Read more about Alex Hartley