Whether you’re saving up for a big purchase, like an exotic holiday or home renovations, or you’re feeling the pinch because of the cost of living crisis, you might be asking yourself: “How can I improve my income?” You’re not alone. Lots of people are looking for ways to make a little extra cash, and we’ve got you covered.
From moving up the career ladder, to finding a side hustle, to maximising your financial situation, there are lots of ways to improve income and boost your savings. We’ve got some great tips and ideas for how to increase your income sources and get more money into your pocket.
How to increase your income: 9 ways to boost your earnings
If you’re wondering: “how can I boost my income?”, you’re in the right place. Here are 9 great ways to earn extra cash that really can work for you.
1. Look for a new job
While it’s easy to get comfortable in a job, it’s always worth keeping your eyes open. You might just find your next step up on the career ladder. Changing jobs can often boost your salary. Head online and compare your salary and your position to other industries and organisations. You might find that the experience level you have can actually command a higher salary in a different industry.
2. Get a second job, side hustle or go freelance
If you have something that you love doing, like a hobby or an interest, you probably do it all the time. You might even be an expert. Is it something you could monetise? Could you tutor others on how to paint, or dance, or play a musical instrument just like you? Can you sell the fruits of your past times’ labour for extra cash?
There are lots of helpful platforms online, such as Patreon, Kickstarter, Shopify, Fiverr and Etsy that can help you build your own businesses or side hustles. It might take some time and dedication, but if you can get it right you might even be able to find a passive income that doesn’t take up any additional time or switch to a new main job.
Remember that adding more money to your annual income may impact how much tax you have to pay. You have a legal obligation to pay your tax and you could be fined if you don’t. So make sure that any extra cash is worth the effort after your amended tax is taken. And don’t get fined or you could end up with less than you started with! If in doubt, check with HMRC.
Top tip: If you decide to try freelancing, check your employment contract first. Some employers have rules about who you can work for, and how many hours you can work, outside of your day job.
3. Sell unwanted things
If you’re looking at options to gain more income, you could do worse than diving into your attic or basement and auditing your belongings. Do you have anything gathering dust that could be gathering you additional income instead? Clothes, technology, games, DVDs? What clutter do you have to turn into cash?
Not only does this option give you potential access to extra money (and who doesn’t love that?) but it can also be a reason for having a big clear-out. Is it time for a spring clean anyway? Are you looking to rework your wardrobe for the next season? Instead of holding onto things you might never use again, turn them into extra income.
There are lots of ways you can unburden yourself of your unwanted things. You can list them on sites like eBay and Vinted, or sell them through Facebook Marketplace. This can be a fun and easy way to turn a profit from your clutter, but be sure to factor in any selling feels to make sure it's worthwhile.
4. Switch bank accounts for incentives
There are lots of banks out there and they all want your business. So consider taking advantage of that to boost your income. Some banks will try to entice you to open an account with them by offering a cash reward. You could earn up to £200 just for switching over. And not only that, but they’ll often do all the hard work for you.
Banks change their offers regularly so keep an eye on them and grab the best deals. Check the eligibility criteria. You may have to deposit a certain amount of money to switch. Also, it is important to avoid doing this too often, because switching bank accounts a lot can have a negative impact on your credit score.
5. Take online surveys for extra income
Various websites offer rewards for filling in surveys. Surveys can be valuable to companies trying to refine their products and services, so they are often willing to pay for your opinion. Survey rewards can come in various forms, such as cash or gift cards, either of which you can use to boost your income.
Check out i-Say, Swagbucks or PopulusLive. You can earn Amazon gift cards, PayPal cash, and other rewards. You may not be able to earn huge amounts of money doing this, surveys can often only return a few pounds and there are limits to how many you can take, but it’s a simple route to extra cash if you’re happy giving your opinion.
Remember, this won’t be a big money maker. Check if online survey sites require a joining fee and avoid those. Also, be sure to use your gift cards quickly so that you don’t lose them after expiry dates.
6. Become a tutor
Are you bilingual, do you play a musical instrument, or do you know how to write code? You could be turning that expertise into additional income by teaching others. Both adults and children will be keen to learn how to do the things you do, so reach out with ads and offer to spread your knowledge for a fee.
You can find websites that will help you to find people interested in learning your skills. But be aware that some will take a fee for the services. Choosing how much to charge people will depend on your experience level and qualifications. Check out your competition to find the right prices for your skills.
7. Rent out your things
Okay, so you’re wondering how to increase your monthly income. Have you thought about renting out your stuff rather than selling it (or hoarding it)? If you’ve got stuff cluttering up your life, like clothes, kitchen equipment or power tools, you could hire them out to people who need them but don’t want to buy them.
This can be a great option for everybody. For the person who rents it from you, it’s cheaper than buying something outright. And it gives you the potential to make more money than you would from selling it if you get regular hire requests. That’s a win-win!
Websites, like Fat Llama, offer ways of finding potential renters. They also give you insurance options in case you’re worried about losing your items. You can also rent out your jewellery and clothes on By Rotation or Hurr Collective. These apps put the responsibility onto the renter and help to protect you.
8. Rent out your free space
It’s not just your stuff that you can rent out. You can also rent out any spare rooms, shed space, or storage that you own. Whether it's lodgers looking for living spaces or people searching for storage options, you can make some steady income by renting out your property in different ways.
You could turn your garage into a recording studio for upcoming bands , or turn an outhouse into a rehearsal space for performers. Perhaps freelancers might want to use your shed as a small office space. Get creative with your spaces. You might be surprised by what people are looking for.
Check out sites like Storeroom and Stashbee — think of these as the Airbnb of storage — or SpareRoom or OpenRent to find lodgers for your living spaces. You can also look at gov.uk for information on how to rent a room in your home, with the rent a room scheme.
9. Grow your credit score
Did you know that growing your credit score can be a brilliant way to make your money go further? While it won’t directly increase the amount you earn, it could save you a lot of money throughout the years.
With a higher credit score, you can get access to the best rates on things like loans, credit cards and mortgages, saving you £10,000s in the long run.
If you’re looking for a simple, proven way to boost your credit score, join Loqbox. As a full member, you’ll get access to all our credit-building tools and could boost your credit score by up to 200points in just three months. We report your payments to the three main credit reference agencies (CRAs), helping you prove your creditworthiness.
Improvements to your credit score are not guaranteed.
.png)
.png)
.png)
.png)
.png)
.png)
.png)
.png)
.png)
.png)
.png){kind=small}