Feeling the squeeze? You're certainly not alone.
A recent report by the Resolution Foundation found that household incomes in the UK are set to fall by 0.9% from 2019 to 2024, thanks to rising energy bills and inflation.
With finances getting tighter, many Brits are looking for ways to supplement their income. The good news is, there's a whole world of opportunity waiting for you right at home!
The remote work revolution has opened doors to a plethora of side hustles that can turn your spare time into extra cash. This guide will explore five popular side hustles that can help you boost your finances.
Unleash your inner freelancer
The internet has become a goldmine for freelance work, and the market continues to boom.
A 2023 study by the Freelancermap revealed that the average hourly rate freelancers can charge is over £80. Platforms like Upwork and Fiverr connect you with clients seeking skills in writing, editing, graphic design, programming, virtual assistance, and a whole lot more. The beauty of freelancing? You set your rates and choose your projects, offering ultimate flexibility in how you work and how much you earn.
Become a master of the online marketplace
Do you spend your weekends crafting beautiful handmade jewellery or whipping up delicious batches of artisanal cookies? Put your talents to work! E-commerce platforms like Etsy and Folksy allow you to sell your creations directly to consumers across the UK and even internationally. These platforms offer a user-friendly interface, allowing you to set up your shop, manage listings, and process payments with ease. With a bit of creativity and marketing savvy, you can turn your hobby into a thriving online business.
Channel your inner guru
Got a particular skillset or expertise in a niche field? Share it with the world! The rise of the "knowledge economy" has opened doors for individuals to create and share their expertise online.
Start a blog, create online courses, or offer video tutorials on YouTube. You can monetise your knowledge through advertising, affiliate marketing, or even paid subscriptions.
Trade your way to the top
This one's for the savvy investors. With the increasing popularity of online trading platforms, consider exploring the world of stocks or forex (foreign exchange).
Remember, trading comes with inherent risk, so thorough research and starting small are crucial. Regulated platforms like Tradu offer user-friendly interfaces, educational resources, and investment tools to help you get started on your trading journey.
Put your spare space to work
Do you have an extra room gathering dust, some unused storage space in the loft, or a driveway sitting empty most of the day? Renting it out can generate passive income for you. Platforms like Airbnb or StashAway connect you with tenants looking for short-term rentals or storage solutions. This allows you to earn from your unused space without the hassle of long-term commitments.
