As 2019 comes to a close and we move into 2020, many people will think of ways to earn more money next year over the Christmas holiday.
There are hundreds of ways to boost your income these days. Mostly, with the help of the internet, there are new and interesting ways to boost your income.
We look at eight practical and effective ways to boost your income in 2020.
1. Give Yourself a Pay Rise
Boosting your income is not always about adding money; it can be about saving money, too. You will be amazed at how much you can save simply by reviewing your bills, cutting out what you don’t need, and finding better deals on what you do need. For example, if you pay £9.99 monthly for a subscription you don’t use anymore, cancel it. If you pay £65 a month for your internet and TV provider, find a cheaper deal.
These little changes that cut your bills by a little each month can accumulate into significant savings over the year. By reducing your monthly expenses, you can free up extra funds for future goals. Whether you wish to pay off existing debts faster or want to gradually learn how to save for a house while renting by allocating more money toward your down payment fund over time, for instance, small adjustments can often make a big difference.
2. Ask for a Pay Rise
It sounds simple, and it is. Sometimes, when it comes to business, you don’t get it if you don’t ask. So many of us continue to work hard for our company but are too afraid to ask for more. You will be surprised at how many bosses are willing to pay you a little bit more if only you just asked.
The biggest barrier to a pay rise is being too afraid or unwilling to ask.
3. Sell Your Useless Things
Our houses are full of stuff we no longer need or use. All we need to do is spend some time going through this stuff and going to Marie Kondo. Does it ‘spark joy’ in our lives? Do we need it to collect dust year after year? If not, sell it.
You can now sell your things for free on Facebook’s Marketplace, so listing an item won’t cost you a penny. You can make a lot of money by selling everything you don’t need in your house.
4. Teach English
Many mums seek new ways to earn extra money whilst looking after the baby or kids. One new and well-paid way to do this is to set yourself up as an English teacher online. You can earn up to $35 an hour to teach young children in China, Vietnam or Indonesia.
All you need to do is buy and pass a TEFL course, which costs around £50. You will need to study briefly, but once you pass, you can join an online English school such as DadaABC or Whales English.
Hours are flexible, and you won’t need to work for more than 3 hours at a time. If planned well, teaching could supplement your income easily or give you an income during your maternity leave.
5. Let a House or Holiday Home
A great way to boost your income is to let out a house. While you will have the upfront cost of buying a house, the money earned from letting it out is a great side earner. There are also opportunities to leave holiday homes, which can be financially rewarding.
It’s never been easier to get holiday cottage mortgages, meaning you can start making money from letting a new or existing holiday home in no time.
6. Airbnb a Room
If you have plenty of space, a spare room or even a large garage, you could rent that space to someone on Airbnb. The Airbnb market is very lucrative nowadays, with many people making good money from renting their space. Some people have converted old garages or lofts into rooms for travellers to rent.
If you’re located in one of the major cities or a place of particular interest to tourists, this can be a great money maker.
7. Freelance Online
Nowadays, you can turn pretty much any skill into a freelance job. You can work remotely and earn money if you have administration, PA, writing, design or project management skills. This can be flexible and work alongside your busy schedule.
Join Upwork, Fiverr or Freelancer websites to see what is available. Depending on your skills and experience, you can make much money working from home.
8. Reclaim Money
Little do you know, there are tons of expenses that you can reclaim with just a little bit of research, time and energy. Anything from wearing a uniform to work, bank account fees, energy bills, supermarket vouchers, income tax, transport delays, lost assets, bank charges and council tax can all be reclaimed.
It takes a bit of work to do, but you could reclaim thousands of pounds.