Increasing your household income is a sure-fire way to protect your family’s finances. From getting out of debt to increasing your savings, boosting your income can help you to achieve a variety of goals. To get started, take a look at these five ways to increase your family income now:
1. Sell Unwanted Items Online
Most people have items at home that they no longer need or use. Whether it’s furniture, electricals or even old toys that your kids have grown out of, you can boost your income by advertising and selling them online. As well as giving you some extra cash, this is a great way to declutter your home and maximise the space you have available.
2. Join the Gig Economy
The gig economy has made it easier than ever to pick up secondary work, whenever you need or want it. With jobs posted on Shiply and other online marketplaces, you can find customers and clients without investing heavily in marketing campaigns or advertising. What’s more – you don’t need to spend hundreds or thousands of pounds setting up your side hustle. Simply ensure you’ve got the equipment and insurance you need and start transforming your family’s income now.
3. Rent Out Storage Space
If you have a spare room, you could increase your income by taking in a lodger or renting it out on an ad hoc basis. However, renting out storage space is a more viable option for most families, and it means that you won’t have to share your living space with anyone else. If you have a garage, shed or outhouse that you’re not making use of, make it available for storage rental and watch as your income increases.
4. Become a Drop Shipper
Setting up an e-commerce business can require significant investment, particularly if you buy stock in vast quantities and need somewhere to store it. As a drop shipper, however, you’ll act as the middleman (or woman!) and accept orders from customers before instructing your supplier to deliver them. By advertising goods on established marketplaces, you can even begin selling straight away. Of course, you’ll make a profit in the process, which means it’s a hassle-free way to generate more income for your family.
5. Start Investing
There’s no doubt that making investments means accepting a degree of risk, but it can be an effective way of generating income and increasing your capital. While low-risk investments, like bonds or savings accounts, offer a modest return, this can still be a boost to your income. Alternatively, high-risk investments, like stocks and shares, P2P lending or cryptocurrency, can offer big rewards in a short timeframe.
Protecting Your Family’s Finances
Before you set out to increase your income, set clear financial goals and determine exactly what you want to achieve. This will help you to strategies your next move and make the most of your resources and assets. By doing so, you can find stress-free ways to optimize your income and protect your family’s financial future.