Today I’m highlighting quite a traditional way of making extra money, but none the worse for that.

If you have a spare room (or rooms) in your home that you don’t mind letting out, you can generate a steady income by doing so. 

Even better, you can earn up to £7,500 a year (gross) tax-free under the government’s long-running Rent a Room Scheme. 

The Rent a Room Scheme

Anyone with space in their own home is allowed to use this scheme. You can let a single room or an entire floor.

You don’t even have to be the home-owner yourself. If you’re a tenant, you can sub-let a room, as long as your lease allows you to do this.

There are some restrictions, though. Most importantly, the accommodation must be furnished and it must be within your main residence. And you can’t claim under the scheme for self-contained flats even if they are in your own home.

• In addition, if you have a mortgage you will need permission from your mortgage provider. You should also request permission from your home insurance provider.

Money matters

If your gross rental income is under the £7,500 annual limit you don’t have to take any other action and can keep all the money tax-free. 

You don’t even have to tell the taxman unless you fill in a self-assessment form already (in that case you’ll need to enter the rental income on your return but won’t have to pay any tax on it).

One important thing to note is that the £7,500 a year tax-free allowance is for total rental income. You aren’t allowed to deduct any expenses from this, e.g. repairs or redecoration.

If you earn over £7,500 a year from renting you have two choices. One is that you can keep the first £7,500 tax tree under the Rent a Room scheme and pay tax at your highest marginal rate on the balance above this (that’s 20% for basic rate taxpayers, 40% for higher rate and 45% for additional rate – different rates apply in Scotland). This will probably be the best option for most people.

Alternatively, you can opt out of the scheme altogether. In that case you will be treated like any other small business. You will be taxed on your entire rental income, but allowed to deduct all reasonable expenses before tax is charged on what is left. This will be advantageous if you have major property-related expenses to cover. 

You can choose which option will be best for you each year, so it’s important to keep detailed financial records. More information can be found on the official government website.

Short term letting

If you don’t want a permanent – or semi-permanent – lodger, another option that has become hugely popular in recent years is short-term letting to budget travellers and people who prefer a more personal alternative to hotels.

At the forefront of this trend has been Airbnb. This site lets you offer anything from a sofa in your living room to your whole house. You can set your own rent, and decide which would-be guests you want to accept.

In most cases Airbnb charges you 3% of whatever you charge your guests (they also charge guests a service fee of around 14%). You get paid via Airbnb approximately 24 hours after your guest checks in. You can see more details about Airbnb fees and charges here.

Income from Airbnb rentals can also be claimed under the Rent a Room scheme, so long as you meet the general requirements mentioned above. This applies even if you rent out your whole house for a short period, as long as it clearly remains your main residence.

Short-term letting can obviously work well in holiday areas, but it can be done elsewhere too. For example, my sister Annie lives near Oxford and sometimes offers accommodation in her home through Airbnb to visiting academics and people coming to business meetings and conferences in the city.

There are other, similar options to Airbnb you may like to check out as well. They include Vrbo, Homestay, Booking, and more. They all operate a bit differently and offer a different range of accommodation and services (e.g. Vrbo is specifically for holiday rentals).

Closing thoughts

If your circumstances allow it, letting a room in your home can be a great way of making some extra cash. It will provide you with a regular, ongoing source of income, which could prove a lifeline in these financially challenging times. And you can choose between getting a full-time lodger or offering short-term lets. The latter is likely to entail a bit more work but may suit some people better.

As always, if you have any comments about this article, please do leave them below.

Nick Daws writes for Pounds and Sense, a UK personal finance blog aimed especially (though not exclusively) at over-fifties.

Photo by SHOP SLO® on Unsplash

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Today I’m turning the spotlight on one of my own personal favourite sidelines.

I’ve been an Amazon Vine reviewer for over ten years now. In some ways, as you’ll see below, it’s been the most profitable sideline I’ve ever had.

For those who don’t know, Amazon Vine is a programme run by Amazon where they send products free of charge to selected individuals (known as ‘Vine Voices’) in exchange for reviewing them. You don’t get paid for these reviews, but you do get to keep the item concerned.

You might imagine that the main thing reviewers get is books. It’s true that these are on offer, but of course Amazon sell plenty of other things as well. In the time I’ve been a Vine Voice I’ve reviewed all the following…

• lawnmower
• saucepan set
• vacuum cleaners (three of them!)
• air purifier
• clothes airer
• hair-dryer
• back-massager
• suitcases
• cordless iron
• microphone
• bathroom bin
• mobile phone
• Scotch whisky
• tablet computer
• and many more!

Here’s an example of a recent Vine review I submitted, so you can see how they look when published. This was for a solar-powered security light, and as you can see I included a photo as well. This isn’t obligatory, but Amazon encourage reviewers to include photos and/or videos where relevant.

Permalink to review on Amazon website

The most valuable item I have ever had as a Vine Voice was a £1200 gaming laptop. Considering that I only had to write a couple of hundred words about it, that probably counts as my best-paid writing job ever!

Rules for reviewers

Does being a Vine Voice have any drawbacks? Well, not really, but it does have certain rules you have to adhere to. 

For starters, you can’t just pick anything to review. As a Vine Voice you get access to a dedicated web page where a range of products is set out and you can pick any you wish to review. 

As you might expect, there are limited stocks of review products, and popular ones tend to be snapped up quickly. So you have to get in the habit of checking what is available regularly, and act quickly when you see something you want.

Another slight drawback is that you’re not allowed to sell or otherwise dispose of third-party products you receive straight away. You have to keep them for at least six months, after which they officially become yours to do with as you wish. This doesn’t apply to Amazon’s own products, which become yours immediately.

• That being said, in ten years I have never been asked to return any product I was sent for review. But it could happen, and if you have disposed of it before six months are up, you could in theory lose your Vine Voice status.

You have 30 days to review any products you order, and you are expected to review them all, whether you like them or not. In the latter case you should be as honest as possible about why you disliked the product, and try to mention any good points about it as well. 

FInally, as a new VIne reviewer you are placed in what Amazon describe as the Silver Tier, where you can request up to three items per day of a maximum value of £82. Experienced reviewers who meet the required standard are promoted to the Gold Tier and can then request up to eight items per day of any value.

How do you become a Vine Voice?

Ah, that’s the $64,000 question, isn’t it? I never actually applied to Amazon. I had reviewed a few products on the Amazon website – not a huge number, mainly books and music CDs. And out of the blue I received an email inviting me to join.

And that’s the thing. You can’t just submit an application to Amazon. It’s invitation only, so you have to wait for the call to come. New reviewers are constantly being recruited, though, so you can boost your chances by regularly submitting reviews of Amazon products. Obviously you won’t receive remuneration for these, but it’s all good practice and effectively represents your letter of application.

At the risk of stating the obvious, you need to create high-quality reviews that gain good feedback and ‘helpful’ votes from customers. Your reviews should be honest, mention both positives and negatives, and answer the sorts of question a potential buyer might ask before buying the item concerned. 

If you do this regularly, there is every chance your contributions will be noticed by Amazon and you will then receive an invitation to become a Vine Voice. 

Good luck, and happy reviewing!

As always, if you have any comments about this article, please do post them below..

Nick Daws writes for Pounds and Sense, a UK personal finance blog aimed especially (though not exclusively) at over-fifties.

Disclosure: This article includes affiliate links.

Photo Credits: Pexels

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Today I’m featuring an opportunity that won’t make you rich but can certainly generate a useful sideline income and provide a lot of fun into the bargain.

As an extra, you’ll earn some money, get a chance to see how movies and TV shows are made, and even become immortalised on screen.

This is something I have personal experience of. Productions in which I had a role include a fire safety video for British Gas employees (I played a ‘good guy’ who got up and left his desk the moment the alarm went off).

I also had a small role in a cult horror film. I was in two scenes, in the second meeting a gory end at the hands of a deranged gardener!

Who can be an extra?

In principle, almost anyone can become an extra. It will help if you live near a film or TV studio, or a popular location for filming. Many gigs are for a single day, but occasionally they can go on a week or longer. Some extras in long-running TV serials continue working on the show over a period of years.

You don’t need to have gone to stage school to be an extra, and you definitely don’t have to be super-attractive. Indeed, that can be a drawback.

Extras are generally required for crowd scenes or to provide background, e.g. as the main actors talk in a bar. In most cases extras are expected to look average and normal (for whatever may be the setting) so they won’t distract viewers from the stars.

One thing you do need is stamina. The work can involve a lot of waiting around, sometimes in cramped, uncomfortable conditions, or in the open air exposed to the elements.

You may be required to stand, sit, or repeat some motion for hours on end, until the director is finally satisfied with the shot. 

How to get work

It’s possible to get work applying directly to TV and film production companies, but most people get into this business by joining a casting agency such as Uni-versal Extras.

In common with other agencies, Uni-versal Extras charges a registration fee, but this is quite modest. The cost in their case is from £25.00 a year. Full-time students can join for free, however.

Although anyone can register as a would-be extra, there are certain minimum requirements you must fulfil. Clearly you will need to have time available during the week, so this opportunity is not suitable for those in full-time work. You will also need to be punctual and reliable.

Flexibility is important too, as shoots can start very early and/or finish late. And you’ll need to be courteous and considerate to everyone involved in the production. Leading actors and actresses can get away with being prima donnas, extras can’t!

If all that sounds like you, you can fill in an application on the agency’s website. You will be asked to complete a profile questionnaire, including basic information such as height and weight and contact details.

You will also be asked about any special skills or experience you may have, from horse-riding to fencing, piano-playing to juggling. Clearly if you have any such talents they may lead to additional work (and generate extra fees). But don’t claim skills you don’t have, as you WILL get found out!

The other thing you will be expected to provide is photos. As a minimum you will be asked for head-and-shoulders and full body shots. These are clearly very important, as they will be used by casting directors when choosing extras for their productions. It is therefore important that the quality is as high as possible.

Once you’re registered with an agency they will keep your details (and photos) on file, and contact you when an opportunity matching your description comes in. You will then receive a call sheet from the production office and told when and where to report.

Uni-versal Extras, mentioned above, is one of the best-known UK agencies, but there are of course others you can apply to as well. Three other possibilities are Mandy, The Casting Collective, and Star Now.

On the day

Your call sheet will tell you what time to arrive and whom you should report to (on a film set this will typically be the 2nd Assistant Director or extras captain). On day shoots a 7 am start is not unusual.

When you arrive you will be given your ‘chit’ or ‘salary voucher’. You will be required to fill this in and keep it with you at all times, to ensure you are paid everything due to you.

Before filming begins, you will be shown to the rest area where you’ll stay when not on set. This is a good place to relax, read a book and meet other extras before your shoot. A runner or Assistant Director (AD) will come to collect you when you are needed for a scene.

According to the type of production you’re taking part in (fantasy, sci-fi, period drama, etc.) you may be required to visit various departments before filming starts, such as costume, make-up and/or weaponry.

• There may also be Covid protocols, though these have been relaxed since the start of the pandemic. Mostly they involve commonsense precautions such as social distancing and using hand-gel. You may also be required to wear a mask in some areas. Information will be sent in advance about this and there may be a dedicated staff member whose role is to ensure that everyone follows the rules.

Once on set for your scene you will normally be directed by an AD. They’ll tell you what they expect and give you an opportunity to rehearse before filming starts. Once they’re happy that you and your fellow extras are capable of doing what they want, rehearsing will stop and the main actors will be brought on.

Once everyone is on set and in place the AD will shout ‘Background Action!’ This means that you start doing exactly what you have been rehearsing. ‘Action!’ will then be shouted to give the main actors their cue to start.

At the end of the scene the director will call ‘Cut!’ or just ‘Thanks, everyone!’ to let you know that the scene and filming has ended. Don’t stop acting till you hear these words. More often than not the scene will be repeated several times until the director is happy with the outcome.

Here are a few more things to avoid while on set…

• Rushing up and talking to the actors
• Asking anyone for an autograph
• Taking photos (cameras and mobile phones are normally banned on set)
• Staring at the main actors
• Staring into the camera

At the end of filming a scene, you will be sent back to the rest area until you are needed again. You may be asked to take part in many shots, such as close-ups, long shots and mid-shots.

At the end of the day do not leave until you have been signed out and completed the necessary paperwork to ensure you get paid. And don’t forget to return all props and costumes given to you.

What does it pay?

Rates vary depending on the type of work, but they are governed by nationally negotiated agreements.

The Film Artistes Association (FAA), for example, stipulates a daily basic rate for extras of £96.70 for a nine-hour working day including an hour for lunch. That is clearly not a fortune, but the basic rate may be supplemented in various ways.

For example, if your role requires a change of clothes or haircut, you’ll be entitled to an extra £20. If you get wet in a scene involving mock rain, that is also £20 extra. And if you have to fire a gun or say a word such as ‘Hi!’ that will entitle you to a further £26.53.

You will be paid even if, for one reason or another, your services aren’t needed on the day. In addition, cooked meals are normally provided free of charge, including breakfast for early calls. A common source of conversation among extras is the quality of the catering!

You will normally receive payment four to six weeks after the shoot. Extras are regarded as self-employed, so no deductions are made for tax and National Insurance. Assuming you are hired via an agency they will take their cut, however. This is typically around 15 percent of earnings and there may be VAT on this as well.

Closing thoughts

If you have never considered being a film or TV extra before, I hope this article has piqued your interest. As I said at the start, you are unlikely to make a fortune this way, but you can get a lot of fun and satisfaction from it.

This can also be an excellent sideline for students, retired people, and the growing numbers who work from home and perhaps lead a rather solitary life. Being an extra will not only boost your income, it’s great for meeting new people and getting away from the computer for a while!

A few extras have been ‘discovered’ this way and gone on to become genuine stars themselves, but the great majority simply enjoy the work and extra money it brings in. You will also have the pleasure of seeing yourself in films or TV shows, and pointing out the scenes you are in to your awestruck (or not) family and friends.

Okay, that’s a wrap!

Nick Daws writes for Pounds and Sense, a UK personal finance blog aimed especially (though not exclusively) at over-fifties.

Photo by Brands&People on Unsplash

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With the new year kicking in, after a big-budget Christmas break, it’s time to focus on your money matters again.

The cost-of-living crisis and inflation are going nowhere so it’s essential to stay on top of your finances.

Here are some of our favourite stories from around personal finance this week to help you get your head around money.

30 easy ways to earn £1,000s in 2023

For anyone looking to make quick cash after a costly Christmas, Esther Shaw writes for The Sun, coming up with 30 ways to make cash in 2023. Here are some of our favourites from Esther’s list:

• Take part in surveys

Surveys are an easy way to make money in your breaks, typically taking 10-15 minutes to complete. Try free sites like Swagbucks i-Say and PopulusLive. With consistency and discipline, you could earn up to £100 a month.

• Have a wardrobe clear-out

The start of the year is a great time for a spring clean and instead of throwing out clothing, try listing them on sites like Vinted and Depop. You can earn a few £100s depending on the quantity and condition of your items. Look out for any seller-side fees on these sites as they might eat into your earnings.

• Earn rewards for exercising

Kill two birds with one stone when you earn as you walk! Cash in your steps with sites like Sweatcoin and earn almost £5 per 5,000 steps you take.

• Claim the Married Tax Allowance

More than two million couples miss out on claiming this allowance. This could reduce you (and your partner’s) tax bill by up to £252 in the current tax year ending April 5, 2023. To claim, the lower earner must usually have an income below the Personal Allowance of £12,570.

• Turn your car into a billboard

Sites such as CarQuids let you sign up to brand campaigns by advertising with vinyl stickers on your vehicle. You can earn up to £150 a month depending on your model, areas where you drive and park and the type of ad.

Divorce and money- everything you need to know

January, also known as ‘Divorce month’, often sees lawyers receiving the biggest number of splitting up queries each year. With a divorce comes discussions around the couple’s financial positions.

John Fitzsimons writes for MoneyWeek, all the things you need to know if you’re splitting up, including:

Mortgage: Your property will be the trickiest asset involved in the division. You can choose to sell the property and divide the proceeds or one partner can buy out the other. Discuss with your lender, who may help you out by offering payment holidays or other allowances.

Savings and Investments: Savings can be easily transferred from one account to another. However, with investment transfers, there will be fees and taxes you must be aware of, such as the Capital Gains Tax. For joint account holders, it is worth informing your bank to avoid any misuse of account funds.

Pensions: The most commonly overlooked aspect of a divorce, has several options for dividing pensions such as pensions offsetting, pensions sharing or attachment orders.

Divorces have additional costs like lawyer fees, filing fees, child arrangement needs that will need to be considered.

Credit card rates hit record highs as Britain goes on a borrowing binge

Lauren Almeida writes for The Telegraph as average credit card interest rates jump 4.2% from last year.

Credit purchases spiked before Christmas with consumers spending £1.2 billion in November, triple the amount spend in October, according to the Bank of England.

This increase came despite a fall of 0.4% in November retail sales with the cost-of-living surging.

With higher interest rates burdening their debt repayments, borrowers have lesser time before interest is charged. Experts are now urging borrowers to use cheaper options as they reach closer to the end of their interest-free periods.

Nationwide found that one-third of the purchases in 2022 were processed with credit cards or ‘buy now, pay later’ schemes.

Shoppers are left with little choice other than spending further on credit interests after low cash savings following the pandemic and high-Christmas budgets.

Photo by Gabrielle Henderson on Unsplash

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A while ago I wrote an article outlining four ways to earn money fast. I focused on the quick wins to bring in some extra cash when you need it. 

In this post I am going to look at potential side hustles that you may never have even heard of, let alone considered.

Some of them could even become your main source of income. Here are some unusual side hustles to earn extra money.

Work as an extra

Fancy rubbing shoulders with some TV and movie stars by working as an extra? You don’t need any acting experience and you could earn £80-£120 a day.

However, although some people do make a living as an extra, the work can be sporadic. You need to be flexible and prepared to work long days with periods of standing around doing nothing.

Although you will see them from a distance, in reality you are unlikely to get the opportunity to actually hobnob with the stars.

This post from Slinky Productions explains the ins and outs of this way to earn extra money.

Sell your services on Fiverr

Fiverr is the world’s largest online marketplace for freelance services, giving a platform for people to buy and sell skills. From graphic design to writing, SEO improvement to video creation, if you have some creative skill and talent you may be able to pick up what Fiverr describes as ‘gigs’.

Although the company is called Fiverr, in actual fact you can charge up to $995 for your services. You can find more information about how to get started on Fiverr in this post on my blog, Shoestring Cottage.

Collect and sell scrap metal

John posted on my Facebook group about his occasional side hustle selling scrap metal. He said, “Every couple of years or so, I take a trip to the scrap yard … I had a pile of brass from taps and sink holes, copper pipe and stripped wire and a few bags of electrical cables and flexes from old toasters etc…It’s a slow burn obviously, but I received £266 this time.”

If you like to see commodities like metal reused and recycled rather than dumped, you could even look out for suitable items in skips. It is good etiquette to always ask the landowner’s permission before taking anything, however.

Become a YouTuber

It took me several years to pluck up the courage to start my YouTube channel, but it took off in a modest way fairly quickly and is now monetised. 

If you have something to say, a story to tell or skills to share, it is easy to make a YouTube channel. You don’t need any fancy equipment; I film on my iPhone or my laptop and use a free version of iMovie to edit. 

You can learn pretty much anything on YouTube, including how to acquire the knowledge you need to become a YouTuber!

It is fun, although you will need to put in a bit of effort in order to gain an audience. Posting videos regularly is important. You need to build up to 1,000 subscribers and 4,000 watch hours over a 12 month period before you can apply for monetisation via the YouTube Partner Programme.

Enter competitions

There are competition fanatics – aka ‘compers’ – who earn serious cash and prizes doing what, to most of us, would be an occasional hobby. 

In fact, my old work colleague Martin spends around an hour a day most days entering all the competitions he can find. He hasn’t had to pay for a holiday for years, and wins prizes pretty much every week.

He recommends signing up for Loquax, Super Lucky Me and the competitions thread on the Money Saving Expert forum, as well as looking out for those in newspapers and magazines. 

Martin says that it is worth creating an email account specifically for competition entries, as entering them tends to generate a lot of spam. However, don’t forget to check daily to see if you have won.

Martin always enters competitions with a tie breaker, as he says people assume someone will come up with something cleverer and wittier than they can. This reduces the number of entrants so there is more chance of you winning.

Get featured in the press

Getting featured in the press is definitely going to be an occasional side hustle rather than a reliable regular source of income.

However, if you have a good story to tell, journalists are always looking out for human interest articles, and will usually pay. (If they don’t initially offer to pay you, always ask; they usually have a budget but aim to hold onto if they can!).

One way to get featured in the media is to join Facebook groups such as Feature Me. This particular site is run by several freelance journalists who put out regular requests for participants for certain stories they are researching and writing. 

You can also sell your story to The Story People, who provide features for magazines such as Take a Break and That’s Life.

As you can see, once you start to look out of the box there are many unusual side hustles and activities that can earn extra money to help your finances as we head towards Christmas. Which have you tried?

Photo by NordWood Themes on Unsplash

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For many, a side hustle starts as a hobby. For others, it could’ve been another stream of income, or a long-due passion project just waiting to happen.

No matter the reason why entrepreneurs start their own businesses, there are some who have succeeded in creating a brand that sustain them financially, by turning their side hustles into a full-time job.

How did they do it?

Mouthy Money has spoken to three entrepreneurs who have quit their own full-time, stable jobs to focus solely on their side hustle.

First in our series is Olamide Majekodunmi, a 24-year-old entrepreneur, who started her own side hustle when working full-time for an events company.

After a few months, she reached a point where her side hustle could sustain her lifestyle financially – so she quit her stable job to take a leap into the world of self-employment.

Now, she is the founder of All Things Money, a personal finance platform that teaches young adults how to manage their money effectively, making finance accessible to the younger community.

She says: “It was a little hobby that I did during lockdown to cure my boredom, and then it just started to grow bigger and bigger. I decided to focus solely on my side hustle, so I handed my resignation in February this year. A month ago, I started working self-employed full time.

“I’m very fortunate, I still live at home, so I don’t have huge rent and bills to pay for. One thing that I definitely made sure I had is at least six months’ worth of expenses covered. So, if my business didn’t make any money in the next six months, I knew I could at least cover the cost of living for the next six months.”

Her mission in business was clear from the start. Her friends have always depended on her for financial advice, which made her realise that there isn’t much support for the younger community when it comes to finance.

That’s why she took it upon herself to create an online community that caters to young people, in the search of smart financial decisions.

She says: “I’ve always been quite good with managing money, always had a clear budget and saved my money.

“During the lockdown, when the stock markets crashed, I was at university, and didn’t have spare money to kind of invest, but I still saw an opportunity. I got some of my friends investing.

“And I thought if I can teach my friends how to invest, why not teach others how to do the same? That’s why I kind of created this online platform to kind of help encourage people to do it.”

Olamide’s top tips to having a successful side hustle

‘It’s all about organisation and open-minded sacrifice’

Olamide admits that starting a business and being self-employed comes with more challenges and sacrifices than she expected.

She says: “I think it’s all about organisation, and a lot of sacrifice. For me, I had a lot of late nights, editing a podcast, and creating ideas creating content.

“There’s been times where I eschewed going out my friends. At the very early days of All Things Money, I used to host a workshop for free to get clients on board and add to my roster of the things I’ve done instead. I don’t do free workshops anymore, but it was a great way to network with potential clients at that time.

“It does require a lot of sacrifice. I think that is something people need to if they want to commit their time to it.”

Organisation makes it better for her though. She says it’s very important to treat your business as a 9-5 job, and be disciplined with your time.

That way, you get to enjoy some weekly outgoings with friends, or time well-spent with family. But it does require practice to get that work-life balance once you turn your side hustle into a career.

Have multiple streams of income

Instead of relying solely on the income of your business, Olamide recommends having multiple streams of income.

She says: “I also think it’s important to be open-minded as well in terms of where you’re getting your income. You have to realise, especially when you’re able to have a business, that there isn’t going to be just one revenue stream, you can have many ways to earn income within your business.

“For example, if you have a candle making business, you can also make an eBook for how to make candles. So you can sell that to people, or even an eBook on how to start your own business. Maybe even expand your product range. There’s so much people can do. Don’t stick with just one stream of income. I’ve got five revenue streams with All Things Money.”

‘Just start doing it’

Have you thought about having a side hustle for a very long time? Olamide is convinced that just starting is the most important step in doing something for yourself, and maybe even changing your life entirely. The rest comes naturally.

She says: “My one tip would be to do it. Absolutely do it 100%. Initially I was so scared about creating this Instagram page, I was worried about what people would think about me, what people would say, but if I never did that then I wouldn’t be anywhere near where I am right now. I would have met half the people I know now and that is just crazy.

“I feel like once people start with a business, they can easily get tunnel vision and just focus on that. But it’s really important to open up your streams of income, especially with the cost of living going up. You want to kind of get as much money as you can come in.”

Photo by Vanessa Garcia

The post How to turn your side hustle into a full-time job appeared first on Mouthy Money.

Expert deals finder Will Pointing explains how this could be your year to side hustle, a new paid hobby that could make you happier and richer.

A recent study by the research by 118 118 Money found that 68% of employed UK adults currently have a secondary source of income, earning them an extra £5,000 a year on average.

Nearly a third (31%) started their side hustle in 2020, during the coronavirus pandemic, showing that not everyone was just watching Netflix and chomping on takeaways.

The data indicates podcasting as the most profitable secondary source of income overall, paying people an average of £954 extra a month (or a whopping £11,448 a year). Renting out a room or space is another good earner, pulling in £657 a month or (£7,884 a year) on average.

If you haven’t got an original podcast idea or are not fortunate enough to have a spare room to rent out, below are some ideas to get you started on a new side hustle:

Sell your things online

The easiest to make a quick buck is to sell items online. This could range from old computer games or laptops to things you’ve made yourself. Crafting items have proved very popular this year, with handmade candles topping the leader board in the 118 118 survey.

Selling old clothes is also a good way of earning some extra cash. The main tip is to take some high quality photos and upload them on to an online platform to sell from, such as eBay, Depop, Facebook Marketplace or Etsy. Social media posts are also a very good way to advertise what you’re selling.

Host an experience

Have you picked up a new expertise during lock down? If you think people would pay for this, consider hosting an AirBnB Experience in your local area. You could host a guided walk in a tourist hot spot or teach people to cook, sing or even draw.

Big rumour crushed, you do not need to host your home on Airbnb, in order to host an experience. If you are not keen on AirBnB Experiences, create a listing on withlocals.com, a similar free hosting platform.

Get paid to give your opinion

If you’ve got strong opinions, get paid for them. Brands will pay you give your opinion on goods and services through focus groups. They simply ask you your views about a particular brand’s new product, advertisement or service.

Focus groups tend to pay around £50-60 per hour & even more for longer home-based projects. I’d recommend simply to search “Focus groups in your area” to find out about upcoming work to apply for.

Create a blog

Although it is not a quick way of making income, blogging can be lucrative in the long term. To make a blog work you need patience, a monetisation plan (from Sponsored posts, affiliate marketing or allowing adverts on your site), lots of incoming traffic and engaging content

Tip: Try to pick a niche – it could be about home aquariums or even money saving tips – check out my site GreatDealsMadeEasy for ideas.

Make 2021, “the year of the side hustle”. You never know, your passion project may take off and you can leave the 9-5 office world behind you for fame and fortune or at least enough to get you on a warm holiday.

Photo by Alaur Rahman from Pexels

The post Four ideas to get you going with a side hustle appeared first on Mouthy Money.

Stuck at home and bored during lockdown? Spending too much money on Amazon knick-knacks you don’t need? Expert deal finder Will Pointing says this could be the best time to start an online side hustle

We’re in our fifth month of lockdown in the last 12 months. Millions are stuck at home and many are unable to work, or pick up extra cash that they might normally earn outside the home.

But it is possible to make extra money on top of your day job salary or furlough money, all in the comfort of your own home.

Here are seven top home side hustles you can try to keep your bank balance healthy while we go through yet another lockdown.

1. Flip your old items

Most of us have so much clutter around. Households typically have hundreds – or even thousands – of pounds of stuff they don’t want, need or even use.

Now is a great time to list and sell them online. Selling clothes with sites like Vinted and Depop is very straightforward. For other items such as old electronics or books, check out free listings websites like Facebook Marketplace and the app Next Door. Still no luck? Try eBay, although be aware it does charge fees.

Remember to spend time on good photos and an accurate description that highlights the benefits of the item.

2. Take part in online focus groups

Online focus groups (via Zoom) are a great way to earn money. Normally, you have to apply via email for the focus group, spending five minutes answering their suitability questions. Once completed, there is a good chance of being selected.

Start with trying a Google search for “focus groups” and add your area to find sessions near you. Once selected, just turn up and be chatty and opinionated. Focus groups can earn between £40 and £200 depending on how specific the requirements are and whether you meet them.

3. Start blogging

Blogging can be a lucrative way to make money, but do not expect instant success. Firstly, pick a niche (from cooking to films, travel or even personal finance!), pick a URL, build a site and start writing content. Good platforms for building a blog include WordPress, Squarespace and Wix, but these will have different costs associated with them so choose carefully.

How can you make money? Through sponsored posts, affiliate marketing (being rewarded a commission by selling another company’s product/service) or charging advertising tenancies (banner advertisements).

4. Rent out your spare spaces

Got lots of spare space at home? Consider renting it out. This can range from a renting out a spare parking space, an empty garage or a deserted storage room.

If you don’t mind people staying with you, consider also renting your spare room out. Another big idea is adding your apartment or house as a listing on a TV filming location websites such as ukfilmlocation.com or film-locations.co.uk.  You can make anywhere between £500 and several thousands of pounds, by allowing a film crew to use your place as a filming location, from films, TV commercials to music videos.

Remember though during the current lockdown some of these activities may carry restrictions. You should at least make sure your living space is secure if people are coming in from elsewhere, and that the activity is in accordance with the current laws.

5. Write and self-publish an eBook

You may find yourself with more time on your hands in lockdown, so this might be the best moment to finally write a book you have always thought about.

If you’re articulate with your words, you can try writing and self-publishing an online book. Take advantage of free sites such as Amazon Kindle Direct Publishing (KDP) to get started. These free e-publishing sites allow you to publish your eBook without paying a single penny to a publisher.

6. Host an online event

Since the pandemic, people may be social distancing, but they still want social activities to pass the time at home. Bring people together with your own online event and charge for it.

This could range from a comedy event, a cooking course, a yoga class or even an online magic show. Platforms you can advertise on include Designmynight and Airbnb Experience to name a few.

They’re also very easy to set up – just launch the event on Zoom and send out the event details to the paid attendees. Just be aware of any costs a video meeting platform like Zoom might have, and restrictions (such as time) they might have on the free versions.

7. Become an Online Tutor

Do you have a talent for English, maths, business or any other academic field? Even if you are not an ‘expert’ in your field, there is the opportunity to cover topics at an entry-level or as part of an introductory curriculum to children or adults studying the subject.

Google “online tutor in your area” to find a company that might need tutors to cover specific areas.

Do you have any side hustles that have worked for you? Please share below. Hopefully the above ideas get you thinking about how you can make money from a new side hustle. If you take a leap of faith and start earning, this could become your main source of income in the future.

Photo by Taryn Elliott from Pexels

The post Year of the side hustle: seven ways to earn money at home during lockdown appeared first on Mouthy Money.