Conventional financial wisdom says that you need to have an emergency fund in order to have strong personal finances. Cash reserve can be anything from three months to six months. This can take a while to create for yourself which is why it is extremely important to generate income for yourself. In addition to having your full-time job, it’s important to have extra ways of making cash. In this guide, you are going to get 14 actionable ideas that can generate extra cash reserve for you.
1) Be a consultant
Everyone has a skill that can generate income. You might be a social media superstar that knows how to use social media apps for businesses or you could be a graphic designer than can create logos on the side. Whatever your skill is, you should have a website and make an effort to find consulting projects. You don’t need many a month to make a return and you can charge the amount that you think you are worth based on the experience that you have. This is an excellent way to start cash reserve on the side. You can charge per day or per hour depending on what your clients are willing to pay.
2) Rent out your home
If you own your home, you could consider renting it out completely or you could consider renting out rooms. This is another great way of generating extra cash reserve. Taking in a lodger requires knowing tax implications as well choosing someone who is going to pay rent on time. If you are renting out your home, you should know there are extra fees to take care of such as fixing leaks and problems within the home that your tenant did not create. This is a good idea if you own a house in a prime location that tenants want to rent out.
3) Teach a language
Many people want to learn languages and if you are bi-lingual, you could consider teaching another language on weekends to make extra money. You could also teach English as a second language in a foreign country if you want to earn money for a set amount of time.
4) Use cashback websites
The Sun published an article featuring a Londoner who earns around £500 by redeeming offers on cashback websites. For savvy users, cashback websites can help you put more money in your pocket easily. Look for cashback websites that have plenty of offers and make sure to use the cashback website frequently so that you can collect quite a bit of cash reserve throughout the year.
5) Be a mystery shopper
Mystery shoppers get paid to go to high street shops and review the shop by pretending to be a legitimate customer and then reporting back to the head office of the company, Mystery shoppers are paid based on honesty and integrity. You can find these opportunities online.
6) Write a book
There is a saying that everyone has one good novel in them and you never know it could be you. Books are powerful generators of cash reserve because authors receive royalties on the books they have sold and continue to sell. Think about what kind of book you want to publish and then self-publish it online. You could even write an e-book as an easier way to generate an income.
7) Become a ride hailing app driver
Ride hailing apps are popular at the moment as an extra way to make money. You can sign up for the service and drive whenever you want. You can do this on the weekend to earn extra money or at nights if you are trying to boost your income even further.
8) Create a successful YouTube channel
YouTube stars are the new celebrities in the media climate today. Many have thousands of subscribers who love seeing their videos on everything. Choose a niche you are passionate about and then create a YouTube channel that discusses this. This can be anything from cars, beauty and fashion. The more subscribers you get, the more you can earn from advertising. Advertising cheques can be substantial once you have many subscribers. Brands will also contact you and offer you sponsorships if you fit with their message.
9) Start a blog
Blogs are a wonderful way to generate cash reserve if you put in the time and effort to make the blog successful. Blogs in the travel and personal finance space do well in terms of generating income for their owners. You should start a blog based on something you love so that the passionate comes through in the words and the pictures you take. You will also need to promote your blog on social media so you can reach as many people as possible.
10) Become a general social media influencer
Social media influencers across all platforms have become extremely popular for brands and companies. Instead of hiring super expensive celebrities, influencers are being chosen. If you have a large social media following, you could be an influencer. Companies could offer you large endorsement deals or money for each post you upload. This isn’t the easiest way to make money because you need to create a following but you could make it work if you have a unique voice and followers like the posts that you upload.
11) Complete surveys and get paid
Filling out questionnaires is a good way to make extra money on the side. There are surveys that need to be done for market research companies and brands. You can easily find these jobs online or you can contact a market research agency and they can let you know if they have any opportunities.
12) Create handmade products
Handmade products are extremely popular online at the moment. If you are good at creating arts and crafts, consider making handmade products that you can sell online. You can even make your own e-commerce store. You will need to spend some money buying supplies but the profit margin on these products can be high so that you can use the extra income to invest in other parts of your life.
13) Sell t-shirts
If you love fashion, sell t-shirts that have your designs that you can created. You can start an Instagram page to promote your t-shirts and look for customers on social media. T-shirts are a popular way for fashion lovers to make extra money because almost everyone wears a t-shirt. Make your designs unique so you can find many customers.
14) Enter competitions to win cash
There are always competitions to win cash and prizes. Look for cash competitions by searching online and apply for them. If you win, save the money by depositing it into an interest-bearing savings account so that the money works for you.
With these fresh and unique ideas, there are always fresh ways for you to earn extra income this year. Whether you want a weekend job or you want new idea to make extra money, these ideas can help supplement your income so you can meet your personal financial goals.