Generating a Side Income to Support Your Family
Times are hard for many of us right now. We’re in the midst of a cost of living crisis, which means that the price of everyday essentials (such as housing, energy, fuel and food) are on the rise, while salaries and pay aren’t rising to match. If you’re feeling the pinch, you’re not alone. It’s not all too surprising that many of us are making our new years resolution to generate extra income to better support our families during this time. Of course, you don’t want to overwork and burn yourself out, but there are plenty of ways to generate extra cash and keep your family financially afloat. You just need to make sure that you manage and schedule your time accordingly, ensuring that you leave enough space for quality time with your kids and rest and relaxation time for yourself. Here are a few options that you might want to take into consideration!
Overtime
Of course, one of the most simple and straightforward ways to generate additional income is to take on overtime at work. Not every workplace will have overtime available, but if yours does, you may want to work an extra few hours here and there for some additional cash.
Setting Up a Business
Another option is setting up a business. If you have something to sell, you may find that you are able to make a lot of money online in particular. Ecommerce is low commitment and low investment, with many platforms out there allowing you to create your own website using easy templates in exchange for a small monthly fee. Of course, this will take hard work in terms of creating a product, managing order fulfilment and answering customer questions. You’ll find yourself asking questions like “What is the best live chat software for website?”, “do I need to take on staff?” and more, but step by step, you can actually find yourself generating a consistent income alongside your main job! A great option for a home based business is providing a service for people, this can be anything from food products, to goods that they need. Conversely, if you decide to set up a product-selling business, remember that it may also be worth investing in quality packaging for your products from a company like Impacked Packaging. This is especially important if your products are perishable, or you are likely to be sending them long distances.
Freelancing
Don’t have the time or resources to set up your own business? Maybe you don’t want the increased responsibility. Don’t worry. There’s still an option for you. You may want to consider freelancing. When you freelance, you register as self employed and seek out clients to work on a contracted or job by job basis. You have a lot of control over your work here. You can choose who to work with, what you charge, what projects to take on and more. Generally, however, you will need a skill to sell. Common freelancing work can include copywriting, photography, graphic design, accounting and more. Make sure you are deducting your tax and other essential contributions from each pay check and putting it aside to pay your tax bill at the end of each fiscal year.
These are just a few suggestions that could help you to find your side hustle. Each is effective and can really boost your income, so take some time to determine which is best for you!
