4 ways to increase your monthly income

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There’s not many of us that wouldn’t mind making some extra cash each month. Whether you need to pay for the holiday of a lifetime or simply want to live more comfortably, generating more income can really help make the months and years run more smoothly, and luckily, there are plenty of ways to do this. Here are four of the most popular and varied ways to increase your income each month.

Start freelancing 

Freelancing is one of the best ways to earn some extra cash whenever you need it. Since you have full control of which jobs you do and how often, you can earn as much or as little as you’d like. This is often dependant on certain factors, however, such as your experience level, the competitiveness of the skill you have, and the amount of time and effort you’re willing to put in.

To find freelance work, you first need to establish your skillset to narrow down the type of work you’re looking for. If you’re a great writer and have good attention to detail, freelance copywriting and editing can benefit you. Or, if you have a more complex skill like coding and web development, you should definitely use this to your advantage. Register with freelancing sites like People Per Hour, where you can create your own freelancer profile and also seek out jobs that have been posted by potential clients. 

Buy an investment property 

Buy to let investment is a perfect way to really give your monthly finances a boost. While this one does require more financial security from the start, purchasing an investment property can benefit you by generating consistent rental returns to accompany your usual income. You can also benefit from a large lump sum of profit later in life if you decide to sell your property once it’s grown in value.

Before going ahead with a property investment, ensure you’re taking all the right steps. This includes researching the areas with the best property markets and finding opportunities that will bring you the best rates. Research shows that the north-west region, home to Liverpool and Manchester, has the most impressive housing market in the UK. Opportunities from popular companies like RW Invest come with rental yields as high as 7 and 8 per cent, and are located in prime areas in Manchester and Liverpool. 

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Flip furniture 

Do you have a flair with arts and crafts? Then selling upcycled furniture could be a great way for you to earn some extra income while also enjoying a fun new hobby. This involves purchasing second-hand furniture at a low cost and renovating it by painting, varnishing or re-upholstering. Once upcycled, you can sell this furniture for more money than you bought it, depending on how good a job you do!

Look through local charity shops or explore online listings for second-hand tables, desks, chairs, sofas or any furniture pieces that you see potential in. Focus on current interior trends and try to include this in your renovations, such as painting a coffee table in white for a minimalist look, or reupholstering a sofa or chair in velvet material. 

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Become a dog walker 

If you love animals, why not earn some extra cash by looking after them? Being a dog walker can be a surprisingly lucrative career, and something that can fit in with your daily schedule — especially if you have a flexible day job and are free to walk dogs between the hours of nine to five.

Ask around to find out if family members or friends need their dog walking, or know anyone who does. If this doesn’t get you as many clients as you’d like, use websites like Dog Buddy, where you can create a profile to find new clients and specify your rates and location.

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