Boost Your Income With These Additional Revenue Streams

A little extra money always comes in handy, especially if you have a family to take care of. The obvious solution to this is to do overtime but the problem is taking on overtime at work may not always be possible. Perhaps you have childcare or other family caring responsibilities, perhaps you work around your partners shifts, perhaps there just are not any extra hours – or maybe, after a full week at work, you just do not want to be there any longer!

Thankfully, earning a few extra dollars is possible without spending even longer in the workplace. In fact, it is really easy, and recommended by various lifestyle financial services, to set up and earn from additional revenue streams. It can take minimal effort if done properly, so you can sit back and wait for the money to come to you. Here, we have a few suggestions on how to do this.

Rent Out A Property

Ok, so this may take a significant outlay of money in the first place if you do not already own other properties, but with the rental market stronger than ever, with no signs of it weakening any time soon, the yield will be worth it in the longer term. There are various ways of doing it – traditional long term letting, air bnbs, holiday rentals – or, if you have a spare room in your own house, taking in a lodger or housemate. Make sure you register with the appropriate authorities and perhaps consider handing over the day to day management of it to a letting agent to minimise the effort on your part.

Create a passive income product

If you are handy on photoshop or other graphic design software, create something that you can sell over and over again. Planning is a huge thing at the moment, so perhaps you could design and sell your own planner inserts, or maybe you could create a range of children’s reward charts? Again this may take some effort at the beginning, but then you sit back and let it make the money for you.

Freelance work

Ok, so this one does take a bit more effort but can be financially very rewarding. If you are good at writing, you could look at doing some freelance writing in your spare time – lots of blogs and websites use them to produce regular content. This can be done around existing commitments, saving you money on childcare. You could also consider social media management, data input, virtual assistant roles, audio translation and exam marking. There are websites out there to help you look for this sort of work, such as People Per Hour and Upwork. It is just a case of using the skills that you have and having access to a computer and the internet.
Investments

If you have a spare bit of money, having an investment portfolio is highly recommended. There are multiple ways of investing your cash, from tangible assets such as precious metals, property and collectibles, to the more traditional investments such as stocks and shares. This is something that, after the initial outlay, requires very little input or effort on your behalf. Before you spend your money, weigh up the risk factors, and if necessary, seek professional advice, as there is the risk of making a loss.

Complete surveys

This is not a particularly high earner, but if times are tough, every dollar helps. There are many sites out there that pay you a nominal amount of money to complete surveys, which usually only take a few minutes. Some of these sites include PureProfile, Life Points and Swagbucks.

Mystery Shopping

This is quite a fun one to do if you love shopping. Mystery shoppers get paid to go shopping like a regular customer but report back on their experience.

Use cashback on credit cards

If you are already paying for things with credit, this is a straightforward way of making money without having to lift a finger. Most top rewards cards let you earn anywhere from 1 to 5 per cent back on your purchases. If you don’t have a credit card, there are various cashback websites that, if you go through them to complete a purchase online, you earn a percentage back. Cashback Club is an excellent example of one of these websites.

Whether your financial situation is stable at the moment or not, it is always a good idea to have a few income streams up your sleeve. What are your favourite ideas?