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Exciting ways to boost your income

22nd October 2020 Print

Wouldn’t it be great to be left with some extra cash at the end of the month? Of course, everyone wishes they were paid a little more, but you don’t need to rely on your salary alone to keep you afloat. In this article, we look at a few interesting ways to supplement your income.

Trading and Investing

This is a skill that many would like to learn, but comparatively few take the plunge into the world of stocks, shares and assets. Once you’ve learned the tricks of the trade and developed your own approaches and techniques, you may be able to make a tidy sum. However, it’s important to be patient and set yourself certain limits, particularly at the start. Many traders learn the ropes by paper trading, using simulations that don’t involve real money as a safe way to develop their knowledge and understanding.

Buying Assets

Certain assets, such as property or cryptocurrency, appreciate or build equity as time goes on. This means that they will be more valuable when you sell them. It’s important to make your purchases and sales at sensible times, so a little research is necessary here too, but it’s possible to make a considerable difference to your finances in one go if you take the right opportunities.

Switching Bank Accounts

Perhaps this option doesn’t sound as thrilling as the others, but it’s a really simple step that can make a significant difference. Shop around for a bank account that offers a higher interest rate and APR. Once you’ve got your new account set up, you really don’t have to do anything more. This is more of a long-term approach, but it will ensure that your money grows over time with very little effort on your part.

Monetizing Your Spare Room

Do you have space you don’t use? You could become a landlord or host. Whether you have an empty room in your house or an area in your garden that is suitable for a glamping pod, renting out that space to holidaymakers or workers with short-term contracts may help you to rake in a considerable chunk of extra cash each week. You’ll be expected to be hospitable and ensure that the space is clean, comfortable and properly furnished, and many hosts provide a welcome pack including information about the surrounding area. After all, you’ll want good reviews.

Starting a Side Hustle

Got a skill that you can monetize? From writing to arts and crafts, there may be a way to get paid for doing something you love. Some bloggers receive remuneration for posting sponsored content or including advertising on their sites, while crafters and makers can sell their products via an online marketplace. It’s not always easy to get started in the world of side hustles, but as long as your products and services are of a high quality and you’re able to cultivate a great social media presence and a strong approach to branding and marketing, you’ll stand a good chance. You never know, one day you could become so successful that your income from your side hustle overtakes the salary from your main job.