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Over the past few weeks, we have explored various ways to boost your income and take control of your finances in order to become “Money Savvy”.
This is our last week and we will be going back to the good old fashioned way of boosting your income – through work! No tricks, no frills, just good old graft, but if you are in a financial pickle or you need to earn more money to save for a deposit or a big purchase, then these next suggestions could be for you!
Become a multi-hyphenate
There are so many more multi-hyphenates out in the working world now (If you have no idea what a multi-hyphenate is then check out Emma Gannon’s book here which explains that having a second or even third occupation is becoming more commonplace.
Most multi-hyphenates are freelance and able to choose what work they take on, however some are initially employed and then take on freelance roles as and when. The rise of the gig economy has helped in this too (think Deliveroo, Uber Eats and Just Eat who employ workers on an as and when basis).
If you are employed and considering taking on another role, then ensure that your contract of employment allows you to take on other employment. Most contracts will allow this – it’s when the second job could be in direct competition with the first or it interferes with your normal working hours that it could become a problem.
Ask for a pay rise at work
Sometimes if you don’t ask then you don’t get and asking for a pay rise or even asking for your role/salary to be benchmarked against your industry is a really good direction to take.
You’ll need to do your research first, put down your reasons as to why you deserve that pay rise and then approach your line manager to discuss it.
Bear in mind inflation. If your salary is not rising in line with inflation then technically your pay is decreasing. Factor this into your request.
Get some seasonal work
We hate to mention the “c” word at this time of year but it is necessary. Most companies who need extra workers around Christmas will start recruiting a few months beforehand, therefore if you fancy donning the red suit and being Father Christmas throughout December, you’ll need to keep an eye out now. Think supermarkets, shopping centres, garden centres, resorts, attractions and even the National Trust. Great Grottos is the largest recruiter in the UK – visit their website and apply online.
Alternatively, you may not want to play Father Christmas but you may wish to work over the Christmas period. Retail jobs will be crying out for workers, therefore sort your CV out, put some relevant experience down and send it out to your local high street traders.
Similarly, farmers will be recruiting now for seasonal workers on their farms. Due to Brexit, it has been made more difficult for foreign workers to come over for the summer season and pick soft fruit, so farmers are turning to domestic workers to help. Check out your local farm and see if they need weekend workers.
Baby-sit
Parents are increasingly on the look out for qualified and verified babysitters or nannies. There are apps out there, such as Bubble that specialise in matching up parents to qualified sitters at short notice. Provided that you are verified i.e. you have a current and clear DBS record check and have experience of looking after children, then you could earn around £8 per hour.
Get a seat on the interview panel
You could play at being Sir Alan’s right hand man/woman by bagging yourself a freelance interviewer job. Companies such as Ipsos Mori and NatCen regularly advertise for freelance interviewers and they give you full training. The role would require people to interview selected members of the public in their own homes (although, given Covid, this would most likely be over the phone or via Zoom), and then send the answers back.
Selling from home
You may have noticed in recent years, the rise of selling from home or MLM/network marketing schemes. Some are wary of them because they believe them to be a modern version of the (now illegal) pyramid schemes, however if the company is reputable, you could earn a good income from your sales skills and social media presence.
Companies such as The Body Shop or Avon have their own schemes where self employed people can host parties or sell products online and take a commission themselves. There is a risk with this however as long as you know exactly what you are letting yourself in for, are clear on the commission structure and do not necessarily have to pay out a lot upfront, you could earn lots and enjoy yourself in the process.
Work as a private tutor
To tutor up to GCSE level, you do not necessarily need a degree or PGCE. Having a specialism or some teaching experience is a factor and provided that you have a clear, current DBS check ,you could advertise your tutoring services. Given the past year where lots of children have missed out on their learning, there may well be a demand for tutoring services and you could earn between £10 and £40 per hour.
Being self employed
Most of the above roles would render you self employed which means that you would have to declare yourself as such with the HMRC.
All sources of extra income have to be declared. You need to register as being self employed via the HMRC website within the same year that you start taking on this work, otherwise you will face a penalty.
You will also need to submit your self assessment each year and pay any tax owed minus personal allowances and expenses.
So there you have it! A plethora of different ways to earn extra money and boost your income, either on a temporary or long term basis. If you have missed any of the Money Savvy Series posts, then make sure you look through our previous posts for more inspiration. You could rent out possessions that you already own, boost your income by making savvy choices or even start a sideline at home filling out short surveys or polls to raise your income.
