Saving money is great, but even better is if you can manage to increase your money. If you need some ideas how, here's some suggestions from a reader.
And yet, despite this, it does often feel like we could be doing more with the money we make. For those interested in perhaps making a little bit extra on top of their current salary, here are some ideas to think about for investing both your time and money to optimise your income.
Utilising your home
It might seem strange, but taking a look around at what you have in the home is a good place to start. Selling your second-hand gadgets, appliances and alike has never been easier, with sites like eBay and Facebook’s new marketplace feature. Mobile phone recycling is an easy and efficient process, so see if you’ve got any lying about in the drawers.
For parents, de-cluttering your child’s room can again be beneficial, and a good learning experience for the young ones. Studies have shown that children with fewer toys are likely to think more creatively, so it’s worth doing, so long as you aren’t selling-on their favourites!
Got a hobby or craft that you like to do in your spare time? Why not see if there are any ways to monetise your creations? If you have the materials and equipment set up, sites like Esty allow you your own market stall online, selling anything from jewellery to replica medieval weaponry.
Investing your money
Have a portion of disposable income that you’re wondering what to do with? Putting that money into an investment could be a smart, long-term way of transforming your current earnings into something greater. Making a stock market investment is as simple as it has ever been, as with smartphone integration, your purchases and forecasts are only a finger tap away.
- Remember: Investment is clearly not without its risks. The cliché saying may sound like something you’d find on a fridge magnet, but it’s true, and you should invest in something you feel comfortable with.
Thinking of putting some funds away for your children, perhaps to help them with study fees or later life? A long-term savings plan would be an investment they will surely thank you for, and passing on the lesson of saving is also a great way to teach your child a real-world skill. It may seem trivial, but presenting your child with a Piggy Bank is also a great learning experience that will teach them about saving for themselves.
Property investment, for those with the initial money to spend, can also prove to be a lucrative venture. Admittedly there is a higher barrier to entry that for those just wanting to make a little bit more each month, but with burgeoning markets in a variety of areas, becoming a landlord is an exciting prospect.
Off-plan investment, the practice of purchasing a property whilst it’s still in planning stages, is also an interesting way of getting early-bird access to emerging areas that are promising, but still in their infancy. Companies such as RW Invest employ VR technology that gives investors from far-and-wide the opportunity to get a more accurate view on what their property will look like, thus resulting in a more well-rounded and informed decision.
Working for an additional wage
Again, using your existing skills and talents in the online sphere is a great way of making a bit of extra money from the comfort of your own home. Online surveys, market research and freelancing can earn you a modest amount without compromising your current work hours too much. If you have a knack for graphic design or video editing, sites like Fiverr are excellent for putting yourself out there to help on others’ projects.
If you fancy getting out of the house, flexible secondary jobs as delivery drivers for services like UberEATS and Deliveroo can be a good secondary option, especially if you live in an area where those services are popular, such as a bustling city.
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