Sometimes we need some extra cash. Maybe you’re self employed and business is bad, you’ve lost your job, or you want to goto an awesome metal festival this summer?
I recently found myself in a not great financial situation, but wanted to pay down some of my debt and also invest in advertising to promote my music, and had to find some sources of extra income.
Here are a few ways you can make extra money:
- Fix someone else problems
- Get a part time job
- Expand your business
- Start teaching
- Spend less
How to Make Extra Money Fixing Other Peoples Problems
My landlady has a problem – managing her properties takes time. Finding people to do the work on them takes time.
She comes round to the house every week or two to pick up post and check how the house is, and we usually talk for a few minutes.
One day, she told me she was looking to hire a gardener to mow the lawn, but it was pretty expensive, and she had been quoted £17 to mow the lawn. I offered to do it for £15 (it’s a pretty big lawn).
I now have a pretty nice side job, I can do whenever I want, that pays £15/hour. I’m reliable with the work and she has started giving me more work on her other properties in the area, and letting me know of jobs that come up.
I get two – four hours a week doing this, which adds up quickly.
If you rent a room or property, talk to your landlord, maybe they have some work that needs doing either on that property or some others they own?
Get a Part Time Job
These usually pay pretty badly, but if you have no skills, there is always a job going somewhere. In the UK, the job centre has a database of every shit job in your area. Newsagents and corner shops sometimes have adverts for small jobs, and places like Craigslist and Gumtree have listings too.
When I was just getting started with teaching, I had a couple of students that I would travel to all over London – which sucked. I would take any part time job I could find.
The worst one, was at a concrete factory. The job, was to shovel rocks for 6 hours.
That’s right. 6 hours of shovelling rocks. It sucked, but I did it.
There are all sorts of jobs you can find.
Expand Your Business
After doing gardening work, I quite enjoyed having the extra money. I wanted more… and doing more gardening wasn’t great. All the digging is quite ‘high impact’ on the joints, which is bad for guitar playing.
I’ve been teaching guitar for a few years now, and my email has all my enquiries for guitar lessons from 2014-2018. That is a lot of enquiries.
So I sat down, and took all my old enquiries, one by one, and sent them a brief email offering them guitar lessons, flexible times. The next week I had someone coming back in. At £20/30minutes, it’s almost three times more profitable than gardening.
I figure that if I email all my old enquiries, a year of enquiries every Sunday, I can get maybe 1-2 old students back each week, and make an extra few hundred per month in no time (2 students a week @ £20 each comes to £40/week or £160/month. If I can find 2 old students, every week, that adds up fast!).
If you have a business already, you can offer some sort of higher priced higher value service. Just ask your students if they want it, you will find one or two clients say yes.
Bonus: If you have a list of old leads and enquiries, keep them warm. Start a blog that is related to your business, and email your old leads and enquiries every week or two with some free content on your blog.
If you are creative, you can start teaching whatever skill you have. You will probably be surprised at what people will pay for:
- Music lessons on any instrument
- Voice lessons
- Painting lessons
- Sculpting lessons
- Language lessons
- Martial arts lessons
- Personal training
There is probably something that you can do, that other people want to be able to do, that other people will pay you to learn.
There are several ways you can do this. If you want to get started fast, post on your social media, direct message people on Instagram and put up adverts in local supermarkets and coffee shops – they usually have a noticeboard you can use for free.
You can learn how to teach guitar here.
Reduce your phone bill When my contract came up for renewal last week, I didn’t upgrade my phone. I kept my cracked 2 year old phone and moved to a sim only deal – saved a nice bit of cash each month.
Rent somewhere cheaper I rent a room from my landlady. There are several rooms in the house, so I downsized, got rid of a load of stuff, and saved a £180/mo. Kerchinggg.
Streamline any business expenses I used a piece of software to run my business (which in retrospect was a bad move), and they recently changed their pricing options. Downgrading to the lower option saved £50/mo. Finding a cheaper accountant saved me a pretty decent wedge too.
Switch to off-peak memberships My gym has a different membership options. I used to be on the “all access” option which allowed me to goto the gym any time I wanted. Switching to an off peak membership saved me £15/mo and now I go between 10am and 3pm. No big deal.
Eat cheaper food Find some recipes for cheaper food. My girlfriend and I started making lentil stew recently. Healthy and cheap. The super market usually has discount food in the evening that is going out of date, and we picked up several weeks worth of chicken at nearly half price.
Between having a few old students come back, doing some work for my landlady and cutting my expenses; my monthly income has increased by a few hundred pounds. If you want to increase your monthly income, a few of these tips will easily work for you.