If you want to have the equivalent of another full-time wage on top of what you currently earn, then yes, you’ll need to work hard and put in a fair amount of effort. However, if your goal is just to supplement your income, and boost it by a small amount, then you might find that it’s not as difficult as you first thought. Indeed, there’s a surprising number of low-effort ways you can have more money in your bank account each month. We run through fourteen of the most popular methods below.
Ask for a Raise
It’s a wonder why more people don’t ask for a raise from their employers. It’s unlikely that a boss is just going to march to your office and offer you more money, but that doesn’t mean that they’re totally against the idea. If you’ve been in your current position for a while and believe that you’re doing a good job, then you have the right to ask for a small increase in your salary. The worst that they can do is say no! And if they do that, then it might be time to start looking at the job listings to see if there’s a job where the employer will value you more.
Spare Bedroom Uses
If you’re a homeowner, then it’s worthwhile thinking about the best way to use your spare bedroom. Why should it be that everyone wants to live away from other people? There’s something about sharing spaces that are inherently human and caring. But enough of that sentimental chat…it’s also a good way to bring in some additional income! If you live in a popular area, then it’s not ridiculous to think that you could earn an additional third of your monthly income by getting a tenant. There are rules that you need to follow, of course, and you’ll want to vet any prospective roomies before you agree to live with them, but if you find the right person, you might just find that it does more than just top up your income.
The Sharing Economy
And it’s not just a spare room that you can make money from. In the era of the sharing economy, you can make money off many things! If you’re a top-notch cook, you can invite people to have a meal in your home, for a fee of course. If you live in a popular area but don’t own a car, then consider renting out your driveway for a monthly charge. You can even make money from the journeys that you’re already taking. If you’re taking a two-hour drive to the next big city, you can post the journey on car-sharing websites and see if anyone else is looking to go that way. You won’t make a lot of money this way, but you will recoup some – if not all – of your gas expenses.
What’s Rising in Cash?
When people think of investing their money, they usually think of the stock market. While, of course, you can make money this way, you can’t really describe it as ‘low effort’; it takes a lot of time and expertise to make money playing the volatile stock market. But there’s a simpler way to make money, albeit one that brings much smaller rewards. It’s all about toys and collectables! If you’d invested in certain Star Wars figurines a few years ago, you’d be sitting on a decent amount of money now. These things can increase in value by thousands of per cent. You have to know what you’re looking for, but once you’ve found it, you can just buy the collectable, store it away, and wait for it to rise in value.
Clearing out the Drawers
Did you know that most homes have hundreds of pounds worth of goods just sitting there in drawers, entirely unused? It’s just taking up space when it could all be sold and used to boost the bank balance. Take a walk through your home, gather your unused items, and then sell them through a service like Buyback Express. You’ll be making your home less cluttered, and putting money in your back pocket. It’s a win-win situation!
Teach What You Love
They say you should do what you love as a job, but, of course, this isn’t easy. Before people have figured out what they love to do, they’re too deep into some other profession, and they have too many financial commitments to get out. However, that doesn’t mean that you can’t make SOME money from your passion. A great way to boost your income is to teach others how to possess your talent. If you’ve been playing, say, the guitar for many years, then you’ll know enough to be of use to beginner players. You can easily bring in a couple of hundred each month just by teaching a couple of classes a week. Plus, it’ll be fun!
Pay Less Money
Here’s a radical idea: instead of finding ways to have more money in your bank account, why don’t you work on keeping the money you already have? It’s much easier to save the cash rather than find more of it! Most people spend their cash on autopilot; they don’t even think about where it’s going. Under an inch of investigation, you might find that you’re spending a ridiculous amount of money on something you could really live without. How much do you spend on takeout lunch each day, for example, or coffee? You can make food and drinks that are just as good in your own home if you learn how, and you’ll save hundreds of pounds each year.
Do you love animals? Then you’ve got a skill that many people need. If you know how to look after cats and dogs, then why not offer your services for when people are away on holiday? This does require a little bit of flexibility on your part – as in, you’ll have to make yourself available during evenings and weekends, but can earn a decent amount of money. Plus, think of it this way…you’re getting paid to hang out with fuzzy animals. How can that sound anything than appealing?
Reuse Old Goods
If you’re one of those people that always has to look good, then you probably spend a sizeable percentage of your income on new clothes. And of course, clothes are expensive! But what if there was a way you could reduce your clothing expenses to zero, and still have clothing items that looked good? Well, you can – and they won’t just look good. They’ll also be unique. Learn how to ‘upcycle’ your old clothes into new and funky designs, and you’ll always have something to wear. Plus, you’ll have picked up a new skill in the process.
Get What You’re Entitled To
You might have noticed that you’re living in a society, and that you’re paying taxes. But money doesn’t just flow outward to services; sometimes, they flow in. The issue is that many people don’t realise that they’re entitled to certain financial benefits. It’s always worth reviewing your position and seeing if you’re owed anything, be it via benefits or tax breaks. You might have been missing out on payments for years, all because you didn’t know that you were eligible.
Speak with Non-Natives
If you’re a native English speaker, then it’s reasonable to assume that there’ll never be a time when you have to be unemployed. Why? Because there are hundreds of millions of people across the globe who want to learn the language, and they need someone to teach them. If you get a TEFL certificate, you can offer your services online or in-person. Indeed, if you love to travel, then you can also use that certificate to travel the world. People actually make terrific money by teaching 25 hours of language classes a week, saving big bucks at the same time. There are certain countries in Asia where you can earn tens of thousands a year, and the cost of living is nowhere the levels of Western countries.
It’s difficult to make large amounts of money through investments. You need to know what you’re doing. However, it is possible to make small gains by using a robo-advisor service. Essentially, how it works is as follows. You deposit a set amount into the system, which then automatically invests that money into areas of low-risk growth. There are high-risk options available too, but generally, these are to be avoided. The idea is to slowly increase your money, not to shoot for the moon straight away! Research for the best robo-investors for your needs, and then think about investing.
They say that nothing comes for free in this world, and that is generally true. You need to work for your money. But it is also true that some routes to income boosters don’t require all that much effort. Take some of the ideas above, and you might find that pretty soon you have more cash than normal!