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8 easy ways to create additional income streams today!

July 9, 2021 Financial Advice, Financial Tips

It’s everybody’s dream to have additional income streams in place to boost their monthly earnings. When it comes to money, no one wants to do a 9 to 5 forever! Investing your hard-earned cash is one way to achieve this, but is it possible to earn money with little or no cash to spare? Well, the answer to that question is yes you can, and below are a just few ideas to get you started.

1- Switching your bank account 

Many banks now offer a cash incentive to people to switch their account to a different bank. Many people never consider switching their bank account as they think it might be time consuming or that they are under some kind of obligation to their bank to stay put but both of these statements are untrue. Switching has never been easier and many banks offer cash incentives to switch, for example at the time of writing this article both HSBC and First Direct are trying to entice customers with these lucrative cash injections however, a person must agree to deposit at least £1000 a month to qualify. Some savvy customers switch banks every 6 months for exactly this reason!

2- Interest from a Savings Account

There are many different types of savings accounts that can earn different rates of interest so it is essential to shop around if you have a sum of money that you want to save. As well as offering different percentages for the many different savings accounts, banks also compete with each other to tempt customers to save with their bank. Interest rates can differ greatly depending on the amount of time that you are willing to tie up your lump sum without touching it, for this reason it is a very good idea to utilise comparison sites such as ‘Which’ or ‘Money Supermarket’ to find the best option for you.

3- Cashback or Rewards Credit Cards

A Rewards Credit Card is a card that offers incentives such as paying back a percentage of what has been spent to the card holder. These schemes are designed to encourage the use of the card, and the card holder receives such things as frequent flyer miles, points that can be traded for goods or cash rewards in return. Many people ask “which credit card is the best?” or “which one will give me the most rewards?” The answer to this is that it is different for every individual, if someone travels a lot then a card that offers frequent flyer miles can be very useful.  Also, new cards are being created all the time and the various providers are continuously offering different incentives which appeal to different customers, so it makes sense to work out what matters to you before choosing a card.

4- Cashback Websites

Cashback websites can be an excellent way to receive cash back on your purchases when paying for goods or financial products through their sites. There are two main cash-back websites ‘Quidco’ and ‘TopCashback’ so before buying any goods or services, it is worth checking if you can get cashback by using one of these sites. Membership to these sites is usually free for a basic membership but there is a yearly charge for premium membership. To make the most of the sites there are several things that can be helpful for example, each site offers a cash incentive if you refer a friend. Cash is also paid out by completing surveys/entering competitions or getting quotes for services through the websites. The sites are also becoming more integrated, for example ‘Quidco’ now have an app so if you buy an item on the high street, you can upload your receipt to the site to get instant cash-back!

5- Create an E product

If you are particularly talented or have a lot of knowledge about any particular subject, you could use your skills to create an information product and sell it online in the form of an E-book, an information guide or even create your own course! Start by doing some research online to see what subjects are selling. Your information product could be on any topic however if your subject of interest isn’t one of the most popular subjects, don’t be discouraged, as even niche topics can sell very well online.

6- Write a Kindle book

Amazon has a KDP (Kindle Direct Publishing) program where anyone can create a book or information guide and sell it on their site. This has become a very popular way to earn a passive income as self-publishers can earn between 35% – 70% royalties. Although you will have to write the book and come up with a front cover design, it still costs you nothing to self-publish with them. Just imagine if your book sales took off!

7- Sell your own photos

Are you any good at taking photographs? or just really enjoy photography? Well you can sell your photos to hundreds of different sites online as stock photos! One of your photos can be sold to many different sites so it can be a good way to make a passive income whilst also doing something that you enjoy. It’s worth noting that each site has its own terms and conditions so make sure you read the fine print before you submit your photos.

8- Sell your unwanted stuff  

These days there is a huge demand for us to reuse and recycle as much as we can so a great way to earn a passive income is to sell your unwanted clothes or other items on sites such as Ebay and Vinted. The apps for these sites have made it easier than ever to list an item and it only takes a matter of minutes to upload a few pictures and set your price. Vinted has fixed prices for customers to buy your unwanted clothing etc. and doesn’t charge you any selling fees to sell on their platform. Ebay is slightly different in that it doesn’t charge you to upload an item for sale but charges you a small final value fee if your item sells. However, Ebay does have the added advantage of allowing buyers to bid for your items in an auction style listing which can be more appealing to some bargain hunting buyers who prefer to bid for items rather than purchasing fixed price listings.

These are just a few simple ideas that anyone can start doing right now but there are many more clever ways to create more income streams with little effort.

The key point to remember is that it’s a lot less risky to have a number of small income streams as opposed to just one single large source of income. This is because if one stream is lost for whatever reason, you can have back-up streams to support you in the meantime, which reduces the overall risk to you and your family.

We hope these tips will get you well on the way to creating a ‘side hustle’ of your own and bringing in that passive income with little to no outlay. Good luck and stay tuned for more simple ideas to create substantial additional streams of income in our next article.

References:

Which.co.uk

Moneysupermarket.com

Comparethemarket.com

 

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