There are many reasons why you might need a speedy influx of cash. Perhaps you have medical bills to pay, or you’re trying to save up for a house deposit. It might simply be that you want to take a vacation abroad after so many months of being unable to travel due to COVID-19 restrictions! Whatever your reasons, the good news is that there are several options open to you. Some people turn to loans in situations like this, however these often come with high interest rates that leave you stuck in a cycle of debt.
Here are 4 ideas to help you make money of your own instead.
1.Ask your boss for a raise
If it’s been a while since your last pay increase at work, it could be time to ask your boss for a raise. Even the idea of doing this might make you feel awkward, but it doesn’t have to be that way. If you consistently go above and beyond your job description, you’re entitled to be compensated fairly. Do some research to figure out what you’re worth, then make your case to your manager with compelling evidence to back up your request. The worst that can happen is they say no!
2. Sell items you no longer want
One of the easiest ways to raise some money quickly is by selling items you have at home that you no longer want or need. They could be anything from old clothes to vinyl records, as long as they’re in good condition. There are lots of different websites you can use, from general marketplaces such as eBay to specific platforms for selling clothing, books, DVDs and so on. A simple Google search for ‘selling my Lotus’ will even bring up companies to help you sell your sports car. You might be pleasantly surprised how much you can earn this way!
3. Apply for promotions
For those who can’t get a pay rise or aren’t comfortable asking for one, applying for promotions is another great tactic. If you’ve been working in the same job role for a while, it may well be time to push yourself and aim higher anyway. Take a look at the job listings in your company (and others in your industry) to see what’s available, or speak to your manager about the prospect. Networking can be a huge help in both getting your name out there and finding out about opportunities that may not be publicly advertised.
4. Start a side hustle
These days the idea of having more than one job is common, so why not consider setting up your own side business? There are an amazing variety of options out there, so you’re sure to find something that suits your skills and personality. For example, you could teach English online to students from other countries, start a personal training business if you enjoy keeping fit and active, or offer IT services if you’re skilled with computers. Creative types might prefer to set up an online shop or have a stall at a local market to sell homemade jewelry or artwork.