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Increasing Your Disposable Income And The Best Options To Explore

Estimated reading time: 5 mins

Let’s face it, many of us have been through lockdown recently and found that they have needed to stay at home. Perhaps your pay has been reduced or you have worked less hours because of demand in your job role and for many of you that will have meant a reduced income. But you might also find that because of these last few months you have had more time on your hands that you have wanted to put to better use. 

For some that might mean increasing your income or using the time to establish ways to boost your disposable income, so that you can save for luxuries in life, holidays in the future, house deposits, or even perhaps change your career entirely. Extra money can give you the flexibility to do those things but what can you do, or where should you start? With those questions in mind, here are some of the best ways you can make some extra money from home.  

Declutter your home and get selling

Over the course of this year it might have meant that you have possibly gained a few more items for your home. It might be children’s toys, new clothes, or other things to display in your home. So it might feel like your home is feeling a little more cluttered than normal. Use this as a big opportunity to get your home in order and declutter every room. Using platforms like eBay makes selling your items online much easier. Things like old toys, clothes and other items can sell really well as people are always looking for a bargain, but it can also help people in need who may want something and just can’t afford to buy things brand new. Doing this clears your home and raises some vital cash for you to add to your disposable income. 

Try your hand at trading

Trading stocks and shares may sound scary, but it can actually be very lucrative if you take your time to understand it. There are some great applications online that you can use and information you find online as a guide for you through the process. You can always practice with a demo account first as well that will give you the idea of how a trading account works and what you should and shouldn’t do with the money. Start off with a small amount and be careful how you do it. You never know you just might strike lucky at the right time and make a small fortune. The problem with trading is there is never a guarantee, but it can certainly pay out well if you are careful and not greedy with it. 

Start your own business

Being in lockdown or having a bit of extra time might have given you some ideas on what you could do to start your own business. Or maybe it has given you the incentive to take that first step. Many people have ideas on what they might like to do, or a business idea that they think would work, but the big issue is the time it takes to make it happen. Start off with a business plan and write a few things down. It can help you to understand what steps you need to take. It might need some research and a little investment at first, but you may find that the steps you take help you to finally find the right path and goals that you could potentially have for your business. This could be the start of something new for you. It could mean that you work on a. Business in your spare time and turn it into something much more. It could become your full time job and finally give you the flexibility with working that you really want and need. 

Go freelance 

Maybe the job that you do right now is something that you could do yourself and cut out the middle man. Many people decide that freelancing their skills and current career options is a great way to earn more money and gain better flexibility within their lives. It could give you the chance to pick and choose the work that you do, as well as have more time for family and friends and even potentially earn mor money in the process. So many people go down this route and what starts as a bit fo extra money can soon become your full time job. 

Start a blog or share things on social media

The rise of the influencer is only growing and so why don’t you get a slice of the pie yourself? If youa have a big following already then this is a natural progression to work towards, or you could simply start with nothing. Creating a blog and sharing things online with your audience can lead on to paid partnerships, opportunities to review items as well as running it into a potential new career. There is a lot of information online to help you get started with this and it is likely to be easier than you think to create your platforms and share what you love. 

Fill out online surveys or perform mystery shops

Finally, using your spare time to make a little extra cash is a great way to boost your income. There are many websites online that can really work out for you, and it is as simple as filling out your surveys while watching TV at night. Mystery shopping can be a little more involved, but not only do you get a fee for doing it, you can also get things for free such as some of your shopping paid for or a meal out in a restaurant. Again all the little bits saved and the extra money you make can go a long way for making your January budget stretch further. 

Let’s hope some of these options inspire you to make some extra cash and enable you to grow your disposable income now and for the future.

 

About the author /


Simon is a creative and passionate business leader dedicated to having fun in the pursuit of high performance and personal development. He is co-founder of Applied Change, a Business Change consultancy based in the UK. Simon is also an Ambassador for Gloucestershire business. Simon is an Associate Member of the Chartered Institute of Professional Development.

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