How to Supplement Your Main Income – And Why It’s a Good Idea. Whether you want to save up for something big, have more spending money, or pay off your debt, creating a supplemental income can help you achieve your financial goals sooner. Supplemental income refers to any money that is earned in addition to your regular income. For example, if you earn a salary of £30k per year, supplemental income is anything that you earn on top of that, whether it’s from a side job, your own business, investments or something else.
There are various different ways to earn an additional income, including through your employer with options such as bonuses, overtime, back pay or commission. However, most of the time, this type of income refers to any money that is earned through another way outside of their regular job, from blogging to selling handmade items to dog walking. No matter your skills or background, there are several options to consider if you are looking to make an additional income on the side.
Regardless of how you choose to make it, a supplemental income can help you improve your financial situation quickly and provide a healthy buffer for your budget.
Table of Contents
So, You Want to Earn Extra Income?
Why Do You Want Extra Money? Your Motivation for Extra Money Income:
Figuring out your motivation and ‘why’ for making extra income in the first place is an important step in the process. Maybe you want to make some extra money so that you can put a deposit down on a house, take a dream holiday, or buy a car that you’ve wanted for years. Maybe you are looking to make money that you can put away in a retirement account, or perhaps you want to have more income that you can use to pay off debts faster.
Either way, figuring out your goals for earning a supplemental income is important to help you estimate how much money you will need to earn on a weekly or monthly basis to help you achieve your goal. For example, if you want to save an additional £5,000 in a year for a house deposit, you will need to earn and save £417 each month. When you have a rough idea of how much extra income you’d like to earn each month on top of your regular earnings, you can build your supplemental income strategy with that specific target in mind.
How Can I Earn Extra Money – Build On Your Strengths:
As a general rule, you will find it much easier to build a supplemental income if you are doing something that you enjoy and are good at. Consider your current hobbies and passions and determine if there is anything that you could do alongside your regular job that incorporates these. For example, if you love dogs, you could start a dog sitting or dog walking service in your local area. Maybe you love baking, in which case you might want to start a cake-making business.
Either way, the best way to make a supplemental income is through a job that you are good at and you enjoy. When it fits this profile, you will find that you are more motivated to work and make money in your spare time. You will also produce better results when you are doing something that you’re knowledgeable about and proficient at, which will lead to satisfied customers and repeat work. If you need help coming up with some ideas on what you could do to supplement your income, consider speaking to your friends and family member and ask them what they view your strengths to be.
How to Make Extra Cash Through Your Network:
Reaching out to your social network and offering your products or services to people that you know such as family, friends, acquaintances, and co-workers is the best way to start building your side income. Let your social circle know more about the services or products that you plan to offer and when you are available. Ask your social contacts to connect you with other people who could turn out to be good leads for your side business. Once you have established a customer base of people who are aware of your services, your network will naturally expand and reach more potential customers. Using word-of-mouth marketing can help to keep your initial marketing costs to a minimum.
How to Earn Extra Income – Some Side Job Ideas:
If you have decided that you want to earn a supplemental income, there are some popular ideas that you might want to consider. There are various ways to earn an additional income depending on your strengths, how you want to work, your experience, and your availability. Bear in mind that in order to offer your services with some types of side jobs, you may need to undergo training or gain additional certification in order to practice.
How to Make Extra Money With Online Lessons:
If you are knowledgeable about a subject and enjoy sharing your expertise with others, online lessons could be an ideal way for you to build an additional income. No matter what you are experienced in, people who are interested in this topic will pay to learn more about it. And, there are plenty of great options for easily setting up an online course, including sites like Udemy or plugins for WordPress.
Make Some Extra Income From eBook Writing:
Another way to share your expertise on a topic is to write an eBook. Self-help is one of the best-selling genres for eBooks and people can’t get enough of reading to learn something new. Or, if telling fictional stories is more your jam, you can easily write an eBook novel and self-publish it using sites like Amazon. Writing an eBook is an ideal way to make a passive supplemental income since once you have written and published the book, you’ll earn money each time it is downloaded without having to do any more writing.
How to Make Extra Money By Selling Handmade Goods:
If you are a crafty or artistic person, you might want to consider setting up an eCommerce store to sell you creations. You can do this using a popular eCommerce platform like Shopify or sign up to a site like Etsy where creators can list and sell their handmade items. Whether you sew clothes, paint pictures, refurbish furniture, make digital art, crochet blankets, or make handmade greeting cards, there is a good market for unique handmade goods.
Make Extra Money From House Sitting:
If you’d rather do work that doesn’t involve going online, you might want to consider offering a local house sitting service. Many people like to hire somebody to keep an eye on their home when they are going on holiday or have a business trip. They could pay you to do things like collect their post, keep the house clean, make sure that it is secure, and mow the lawn. If you enjoy looking after animals, you could offer a pet sitting service as part of the business too.
Make Additional Income From Dog Walking:
Who doesn’t love dogs? Whether you have your own dog as well or just love spending time around friendly canines, a dog walking business can be a great way to make some money on the side, and it could even turn into a full-time business in some cases. Many people hire dog walkers to make sure that their four-legged friend is getting enough exercise and fun while they are working full-time, and since dogs are our best friends, it’s no surprise that many dog owners are willing to pay a decent fee to ensure that their pet is happy and healthy.
Make a Supplemental Income From Web Design:
If you know how to code or are proficient in some web design platforms like WordPress or Shopify, you could earn money from designing websites for clients. If you are skilled as a web designer, programmer, or graphic designer, you will always be needed by business clients who are looking to set up their online presence.
Earn Additional Money From Driving:
If you have a suitable car, you can use that to make an additional income on the side. If your car is accepted by companies like Uber for use as a taxi, you can apply for a taxi licence at your local council and start earning money by taking people from A to B. Remember that you’ll need to get the right insurance to cover yourself and your passengers while on the job. Alternatively, you could earn money from your car by taking on a delivery job with Uber Eats or Deliveroo or working as a self-employed courier for a parcel delivery service in your local area.
What Can I Do to Earn Extra Income – Finding Something You Enjoy:
The above are just a few examples of popular ways to make an additional income today, but you can choose from almost anything that will help you earn money on top of your regular wage. If you would rather be employed, an easy way to make a supplemental income is to take on a part-time job at the weekends or evenings at a coffee shop, bar, or supermarket that offers flexible hours you can easily fit around your 9-5. On the other hand, if you would rather be in control of your own free time, it’s worth setting up your own business to use as a means of making an additional income. There are many great ways to do this online and from the comfort of your own home, such as blogging, freelance writing, virtual assistance, an eCommerce store, graphic and web design, or even filling out online surveys and research projects.
A supplemental income is any money that you earn alongside your regular wage. The great news is that today, there are more options than ever before for anybody who is looking to earn extra income.