7 side hustle ideas to boost your savings
With the cost of living crisis affecting many people in the UK, we’re publishing a series of blog posts to share useful advice on ways you can reduce costs, budget and save. You can find our previous post on reducing school uniform costs here.
If you’re struggling to save during the current cost of living crisis, you’re not alone. Many are finding it more difficult to find the spare money to deposit in savings accounts, and 1 in 3 Brits are even having to dip into existing savings to make ends meet (ONS).
When you’re finding it hard to build up that rainy day fund, you might just find yourself wishing there was a way to pocket some extra income. That’s where we want to help. Today we’re sharing seven ideas for side hustles that will help you to top up your savings, or, if necessary, at least help you preserve the funds you’ve already deposited.
If you love animals, then looking after them when their owners are busy is a great way to combine a passion with some extra income. Whether you prefer to look after animals in other people’s homes, become a dog walker or even host pets in your own home, there are a few flexible options to make it work for you.
Depending on what you want to offer, you may need to satisfy some requirements to start pet sitting. There are no requirements to become a visiting sitter or dog walker — it can be as simple as signing up with an agency or placing an advert, but you will need to gain an animal boarding licence if you want to sit pets in your home.
Do you like sharing your opinion? Then becoming a survey completionist might be just the ticket for you. There are paid survey sites out there that will pay you for responding to their survey, which can be a nice way to earn some extra money.
While payment per survey can be low, once you get through a few of them it can quickly add up to something useful. And because there are dozens of reliable sites out there, you will never be waiting for the next relevant survey to come around. Millennial Money has an in-depth list of survey sites to get you started.
If you don’t mind driving or getting about on your bike, you could make some extra money making deliveries. While home deliveries peaked during the pandemic, there is still a huge demand for delivery people to drop off food and packages on the doorstep.
There are also ever increasing options for those who want to do this job flexibly on their own schedule. Most delivery services, from Amazon Flex to Uber Eats, now offer “deliver as you go” opportunities, so you can dip in and out as much as you like.
It’s worth mentioning that you may be expected to use your own vehicle and become a “self-employed driver” with the service — two things you’ll need to be comfortable with.
From helping younger kids excel or catch up with school work to helping a non-native speaker perfect their English, there is lots of room to share your knowledge as an online tutor. As you can set your own rates, it can be quite a lucrative side hustle, especially if you can build up a base of dedicated students to teach.
Your classes don’t even have to be academic, either. If you’ve got some expertise in a hobby or skill, there’s likely people who’d love to get some guidance. Whether you’re covering cookery, karate or coding, there could be an audience out there for you.
There are a few ways into this side hustle, like going solo and advertising your services on social media, signing up with an agency or joining a marketplace like FindTutors.
Sticking with skills — if you’ve got a creative or artistic outlet, you might be able to turn that hobby into your side hustle. You could be skilled in the likes of crafts, art, baking, writing or photography, all of which can be turned into income. And, who knows, you may be able to turn your passion into your day job!
Depending on how you’re planning to sell your skill you might look at different options to get the word out there. For instance, arts and crafts can be sold in-person at craft fairs and online, but you might want to make sure you have a website where people can contact you if they want to hire you for a project or commission.
Rent out your driveway
This one may sound a little bit odd, but hear us out! If you live in an area where parking is in high demand, such as near a transport hub or city centre, and you don’t use your driveway or designated parking space, you may be able to rent it out. While this means that you’ll have a stranger’s car near your home, they’ll pay you for the privilege.
Having smartphones makes this type of transaction very easy. You just need to list your space on a popular parking site, and then sit back and wait. It’s a low effort, high payoff side hustle — provided you’re situated in the right spot, of course. Head over to Money Saving Expert’s guide to renting out your drive to find out how to get set up.
Are you multilingual? You may be able to put your language skills to use by offering your services as a translator. There are lots of opportunities for someone skilled in languages to make some money, such as businesses looking for website or product translation or those who need their writing switched over for a foreign audience.
We recommend having a look at this article from MoneyMagpie, which has a nice list of marketplaces through which you can offer your services.
Paying tax on your side hustle
If you take up a side hustle that adds to the income from your day job, you may need to pay extra Income Tax. It’s worth noting that this is more likely to impact you if you are employed, rather than self-employed, as you’ll already self-assess for tax.
You get a tax free trading allowance that will cover the first £1,000 generated from any self-employed side hustle income, but you’ll need to pay Income Tax on anything over that if your day job’s salary already exceeds your Personal Allowance for Income Tax.
Maximising your side hustle income
We hope you’ve been inspired to kick off a side hustle for yourself. These ideas are quite varied and are good options if you want to boost the money you’re able to save or stop yourself from dipping into your existing savings.
If you want to make sure you’re maximising any extra income for your savings, it’s a good idea to find an account that works for you and pays a decent interest rate. This way, you’ll be able to access your fund when you need it, while it grows in your account.