With so many people encountering money worries after the impact of the coronavirus pandemic, we’re turning to more and more to ways of supplementing our income. Here, Paul King from OddsMonkey picks out which side hustles you can jump into only using your house and garden space.
Many people across the UK have incurred some type of debt due to the coronavirus pandemic. This might be money owed on credit cards, personal loans, car loans, bank overdrafts or payday loans. Having to think constantly about money can cause a lot of stress, and for some it may be adding to the worry surrounding the uncertainty of their job situations as the furlough scheme ends. All these financial demands make supplementary income all the more important.
Here, we’ll cover some of the best ideas you might not have heard of for making money from your own house and everyday things that you already own. That way, you can be smart in making some extra cash without putting in the investment or time it takes to start a whole new business.
Remember, in the UK, you might need to register as self-employed, and declare any extra income via an online self-assessment form — if you earn over £1,000 per year from your side hustle, you’ll pay income tax on the supplementary money.
1. Renting out your driveway
It might seem unbelievable that someone would want to pay you for the use of your drive, but in some places parking space is at a premium. It does depend on where you live — a parking space near the city centre will be very popular, but if you’re out in the suburbs it’s unlikely that you’ll find many takers. Some research that we did at OddsMonkey actually found that 4% of Brits with a side hustle were choosing to rent their driveways.
To make renting out your drive easier, you can sign up for a service like Park On My Drive or Just Park, which will match you with people looking to rent parking spaces. Whichever service you choose, remember to check their terms and conditions. Park On My Drive charges a fixed fee of £15 per year for you to use it, whilst Just Park takes a commission of 3% on each transaction you make.
2. Hiring your car out for others to use
If you don’t drive your car very often, or you have a second car, hiring it out for other people to use can be an easy way to make money. If you’ve been working from home throughout the pandemic, or if you have just been told you can continue to do so, this might be a whole new possible cash stream as you’ll be using your vehicle less.
As with renting out your driveway, you can outsource some of the work in renting your car by using a service like Hiyacar or Turo. It’s important to note that both these services ask that your car is under 10 years old when you’re hiring it out. But, if you have a model that modern, and it’s up to date with maintenance and MOT checks, you could top up your income with relatively little work.
3. Renting out your spare room
Putting your spare room up to be rented is one of the most common ways to bring in extra cash, and even though there are some more unconventional ideas you can pursue, it’s still a great way to up your earnings. Our survey actually found that 5% of Brits are renting out their spare room as a side hustle.
If you are living in your home and taking a lodger, you can actually earn up to £7,500 from this before you have to pay any income tax on the rental payments — or £3750 each if you’re splitting the income with another person. You will need to remember to complete a tax return if you bring in over that amount per year.
Check with your landlord/ mortgage provider, and your home insurance provider that you are set up to welcome in a new member of your household before writing that advert. You can also use Airbnb to rent out your room to holidaymakers, a particularly lucrative choice if you live in a city popular with tourists.
4. Hosting an online garage sale to raise money
Many of us have taken the opportunity to do some spring cleaning while we’ve been staying at home so much over the last year, and you might find you now have a collection of items you no longer want. Before you drop them at the local charity shop, you might want to consider hosting a virtual garage sale to get some money back on your spare belongings.
Holding a virtual sale is easier than you might think — you can try out various social media sites and see which one you prefer, making note of any sellers’ fees or commission they may take. You could even do an auction-style livestream for family, friends and people in your community.
You should research the items you’re selling in advance so you know how to price them, or if you’re going auction-style, what amount to begin the bidding at. This can be a fun way to de-clutter and earn some cash without leaving your home, as you just need to arrange pick-up and delivery times with buyers.
5. Selling your own produce to earn money from your garden
If you have a garden and the space to devote some of it to growing vegetables, herbs and flowers, you could turn this into a great side hustle. Many people love buying homegrown, fresh vegetables from somewhere local — and what’s more local than your neighbour, friend or family member?
Put those green fingers to use by investing a little money in some seeds, and growing a bit of extra produce on top of what you’d normally grow for your own use. Then, try spreading the word about your venture and before you know it, you could have a nice seasonal earner when harvest time arrives. Keep an eye on the coronavirus restrictions in your area, as you might even find a friendly local market where you can set up a stall on your own or with a friend.
Growing your own vegetables, herbs and flowers can be a great way to get outside and stay active as well as earning a bit of cash — and if you enjoy being in your garden already, you can turn a fun hobby into an earner.
It can be overwhelming deciding which side hustle you have time for, and how to get it going. But these ideas are relatively simple to set up, and could provide you with a bit of extra spending money or make paying your bills that bit more relaxed.
To help you capitalise on all the ways you could top up your spending money, OddsMonkey have put together more ideas for side hustles. With such a variety of possible side hustles, you should be able to choose one that fits your financial needs as well as your time constraints, and get on with earning that extra income.