How people have been boosting their income through lockdowns

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Most of us would like to have a little more in the way of disposable income. If you’re eager to boost your income but you’re unsure how to increase your earnings, here are some ideas to bear in mind. 

Setting up a side hustle

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Side hustles have become increasingly popular in recent years. The beauty of a side hustle is the flexibility it affords. You can study or work full-time and still use your new venture to generate an income. You can devote as much or as little time and energy to your money-making idea as you like. When thinking about launching a new business or exploring different income streams, it’s always wise to focus on your hobbies, interests, skills and experience.

Credit: Dan Lok

There are several options to consider from freelancing and tutoring to using hobbies such as baking, playing music, painting and drawing or training to make money. You can use your skills to help others, to provide a service or to create products to sell. With any new venture, it’s always beneficial to do some research to determine costs and charges and the level of demand and enable you to identify effective ways to reach potential customers or clients. 

Trading

Credit: Jason Pizzino

Trading used to be a job reserved for people who had experience and qualifications. Today, it’s much more accessible thanks to the Internet. If you want to make money while you’re working, or you’re looking for ways to grow your money or establish a fund for the future, you could consider buying stocks and shares or investing in and trading cryptocurrency through sites like Swyftx. Before you spend any money, it’s hugely beneficial to research and gather information about how buying and selling works and to make use of free demos and trials.

Credit: 60 Minutes Australia

It’s also helpful to take advice from experienced traders and to keep an eye on the financial headlines to maximise the chances of making moves at the right time.

Rental homes

Credit: Zheng Zhao

The demand for property is increasing, and it has also become more popular for people to rent houses and apartments for holidays and weekends away. Investing in real estate is not new but it is perhaps a better time to buy a property to rent than ever before. The Internet has made it easy for consumers and travellers to locate places to hire for a break and for owners to advertise and list their properties.

Credit: Ravi Sharma

If you’re thinking about buying a home to let, location should always be a priority. If you’re keen to attract tourists or people visiting from out of town, being close to attractions and amenities will make your property more attractive. If you already have a property and you want to start hiring it out, research sites and apps before you decide where to list the house or flat. 

Are you on a mission to try and increase your income? It’s not always easy to boost your earnings if you work full-time but there are ways to make money. Why not try these ideas for size?

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