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Here’s How YOU Can Make Some Extra Money on the Side

by wrich
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  • Research finds nearly 4 in 10 (38%) Brits have considered starting a side hustle since the start of the pandemic two years ago

Over the past few years, more and more people have made the most of their time outside of work to dedicate to side hustles and making some extra cash. This can help go towards a rainy day fund, help save for a house or car, or of course, boost your income to help cope with the rising cost of living.

In fact, a recent study by 247 Blinds polling 2,000 Brits found that 1 in 3 people currently have a side hustle. Of those that don’t, 38% said they have considered starting one since the start of the pandemic two years ago. 

But what can you do if you’d like to make a little extra money on the side? 

Add to your skillset

Teaching yourself new skills, or expanding on your existing skill set can be a great way to help advance your career, or move into a new industry if you’re looking for change. 

Jane Gormley, Director of Careers at online coding course provider Code Institute, says: “It’s never too late to teach yourself new skills, and reskilling is a fantastic way to begin earning some extra money, or to help you change career.

“The technology industry is currently experiencing a global skills shortage, so there’s plenty of opportunity to earn some money by expanding your skillset into software development. Once you’ve built up your coding ability by taking an online coding course, you’ll be able to take advantage of the work available, and earn some extra money as a freelancer, or even change your career entirely and become a full time software developer.”

Start a side-hustle

If you have a creative flair for fashion, consider setting up your own sustainable clothing store to make some cash and be part of the move towards a circular economy and eco-friendly fashion future.

Mart Drake-Knight, co-founder of sustainable merch platform Teemill advises: “Waiting for big business to change isn’t working. We need new people with new ideas to participate and help redesign the fashion industry. The role of startups and founders is crucial to the future of sustainable fashion and consumption. 

“Big problems also present big opportunities, and sustainable startups that solve sustainability issues can look forward to growth and rewards that come with it. After all, businesses exist to solve problems – profit is the reward – and there’s a lot of growth for groups working on problems the size of the entire planet.”

Make your money work harder

Clare Framrose, Head of Savings at Atom bank comments on the best way to make your money work for you: “With rising inflation and the current energy and fuel crises, the cost of living is proving increasingly limiting on people’s finances. Many will be finding that their wages aren’t going as far as they used to, so finding inventive ways to supplement your income is becoming more popular than ever.

“Having a second or third source of income is a great way to minimise the impact of inflation on your personal finances if you can, particularly if you find yourself struggling to save. Putting your additional earnings into a fixed-rate saver will allow you to build up interest over time and can help them go even further. Alternatively, keep your money in an instant saver as a cushion for any unexpected costs.”

Whether you’re looking to expand your skill set, make use of existing skills, or make your money work harder, using your free time to supplement your main source of income could be your key to financial freedom. Though a side hustle may not earn you an extra six figures a year, additional income can make life more comfortable or nudge you closer to achieving financial goals.

www.gawdo.com

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