We are always looking for ways to earn a little more, spend a little less and have a few extra pennies in our pocket at the end of each month. If you are anything like us, today’s post is for you as we share with you 3 very different ways to boost your income.
Start a blog
The majority of people who blog do not do so with a view to making an income from it. It is an outlet, a hobby for them. But there are some very successful bloggers who make anything from a nice part time income each month to top up their finances to those who are making a substantial full time income from it. This is to say that it can be done, blogging can earn you some money on the side. However, this comes with the caveat that this is not an easy quick win money spinner.
If you intend to start a blog and want to earn an income from it at some point, then the first thing we would recommend is that you do go self-hosted. You then need to focus on creating quality content regularly and building up genuine and engaged followings on social media.
Bloggers earn money through ads running on their blogs, recommending products and getting affiliate sales, and from brands placing content and products with them on their blogs or social media channels. All of these rely on traffic and views from genuinely interested people, which is why useful content is key.
Along with earning money directly from a blog, some bloggers diversify and earn an income in other ways. They might run social media accounts for brands, they might be assistants for other bloggers or they might freelance write for other websites.
Invest in property
Investing in property is a long term side hustle, but one that can be very lucrative.
You might be moving house and instead of selling it on, you could choose to keep it if finances allow and rent it out. You might buy a property with the intention of renting it out to tenants or you could look into Holiday Cottage Mortgages and try your hand at holiday lettings. Alternatively, you might buy a property to renovate it and sell it on.
In all cases, you need to be thorough in your research before purchasing a property and you need to run the numbers to ensure that your income covers your outlay. As long as your rental income regularly covers your mortgage lending with a little extra left over, you will be making money from this monthly as well as accruing a larger payout at some point in the future as the property value increases over time.
This type of investment is not without risk as you might not always have tenants, you might not always have holiday makers, the property market could take a downturn or the property you have might need repairs and maintenance and so on. It works to your advantage when you are under no pressure to sell any time soon.
Reduce your spending
This final suggestion on our list is about boosting your income be making a few cutbacks on your spending and carrying out a spending audit on yourself.
The first thing you should do is have a full review of your current spending habits. Print off your bank statements and work through them systematically. Review every single regular bill that you pay and think about whether you need it and if you do, can you get that service elsewhere for less money?
After your mortgage or rent, your food is likely to be your greatest expense each month. As such, you can make some significant savings by shopping differently. First and foremost you should meal plan to ensure that you are only buying what you actually need. You should then try different supermarkets to find out which one is the cheapest for your shopping. This can vary by person, according to the foods and brands that you most regularly buy. You can then shop offers and bargains each week to reduce your bill even further.
Now that you have worked hard to bring all of your monthly bills down, are there any areas that you have spotted that you need not spend on? For example, could you cancel magazine subscriptions, cut down on your coffee on your daily commute or perhaps you could park further out of town when you visit for a reduced fee and the bonus of more exercise by walking in? Take a good look at where you choose to spend your cash each week and make an income-boosting change to a few of your habits.