It’s fair to say that the rising cost of living combined with inflation is causing a significant loss of disposable income for many households.
Whether you want to earn some extra money for savings, squirrel away some cash for unforeseen expenses, or save towards Christmas, here are five top tips for boosting your earnings during the cost of living crisis.
Open an Etsy Shop
If you like to engage in arts and crafts, or are adept at a hobby that you can sell, why not open an Etsy shop?
An Etsy shop is a great platform where you can list and sell your creations with ease, keep track of earnings and interact with customers in a secure way. Whether you knit, crochet or bake, your talents could make someone’s day.
Upskill with an Online Business Degree
Upskilling is a great way to enhance your earnings in the long run. By studying a distance learning degree through providers like Signum Magnum College, you can learn valuable new skills, and focus on an area of business that you’re passionate about.
As the course is based on a distance learning model, you can study around your commitments to your existing work without breaking a sweat or needing to take a career break. Completing a course may enable you to be eligible for a pay rise or promotion that should help to boost your finances.
Take on Freelance Work
Freelance work is fantastic for flexible working, as it allows you to take on work whenever you choose to. Whether you’re a writer, translator or designer to name a few, your work could be in high demand as a freelancer!
By using websites like Fiverr, you can find freelance opportunities to help you earn some extra cash. Not only does it help you advertise your services, but it helps to match you to the right opportunity quickly, allowing you to make the most of your time.
Consider Part Time or Seasonal Opportunities
If you’re already working, consider taking on another part time opportunity to earn some extra cash, or apply for seasonal opportunities during Christmas time, or for summer festivals. This temporary work could provide you with a boost to your funds during the times of the year where you need them the most.
However, it’s worth remembering that in the UK, if you take on extra paid work from a different employer, you will face a different tax rate. Contact HMRC for any queries about how much tax you may need to pay if you’re employed by two different places.
Rent out Your Spare Room
If you have a spare room since your kids have flown the nest, why not consider renting out your rooms? This is particularly useful for those who live in tourist hotspots or near the coast, as interest for cheaper alternatives to a hotel may drive people to your door.
Websites like Airbnb allow you to list your room online for people to book, with photos, a list of amenities and reviews and ratings.
Do you have any tips for earning more money in the cost of living crisis? Share your thoughts in the comments section below!
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