If you’re looking to boost your income without leaving the house, these practical tips can help you start earning from the comfort of your own home.
Sign-up bonuses
Whether you’re looking to open a new bank account, sign up to a cashback website or open a new investment account, check whether there are any incentives for new customers. Sign-up bonuses can come in cash or gift card form, and it can be an easy way to earn a little extra.
Just don’t forget to check the terms and conditions of any offer before signing up to be sure you’ll qualify. If it’s going to involve a lot of work on your part, you might want to look for an alternative option.
Refer-a-friend programmes
Similarly, some apps and websites give you free cash if you recommend a friend. Cashback site Quidco, for instance, gives you £20 if you refer a friend, while Monzo gives you and a friend £10 each if you get your mate to sign up and spend on their card within 30 days.
Switching bank accounts
Switching bank accounts might sound like a hassle, but you could be rewarded for doing so.
Many banks offer cash incentives of between £100 and £200 to encourage you to make the switch, so if you haven’t moved accounts for a while, now could be the time to do so. Just check whether you need to meet any criteria, such as paying in a set amount each month or opening a savings account, to qualify for the deal.
What’s more, if you switch using the Current Account Switch Service, everything will be taken care of by your new bank, and the switch should be complete within 7 working days.
Find an online job
There are loads of ways to earn some extra money online. For example, if you have experience in writing, designing, coding or marketing, you could look at platforms like Upwork and Fiverr to see if you could pick up any freelance work.
Alternatively, think about becoming a virtual assistant and helping out with administrative tasks for organisations or clients. Tasks often include booking appointments and travel arrangements, monitoring email accounts and scheduling calls. Again, you can look at Upwork to get started, or try Time etc (you will need 5-8 years of relevant experience) or Reed.
You could also think about becoming a website tester. You don’t have to have loads of experience, but you might need to pass a short practice test to sign up. Websites such as UserTesting and Web Usability let you test a range of websites and apps and provide feedback on what worked well and what didn’t. You could earn around £40 to £50 a time.
Online tutoring
Sign up to platforms like MyTutor or Tutorful to start offering online tutoring. You don’t need a formal teaching qualification, though you may need to complete a short interview during the application process.
Relevant experience will help you stand out and command higher rates. Popular subjects include maths, science, languages, and even musical instruments, so focus on what you know best and where you can add the most value.
Sell products or services online
Are you a brilliant photographer or do you love making greetings cards, jewellery or other crafts? If so, consider selling them online.
Stock photography sites like Alamy, Getty Images and Shutterstock are worth exploring if you want to sell your photos, and you can often earn between 15% and 50% of an image’s sale price. However, competition is fierce so your photos need to stand out.
For handmade crafts, look at Etsy, Not on the High Street and Folksy. Just make sure you check out how much you’ll be charged for listing items and selling before you sign up. It also pays to research the average market price of the items you wish to sell to be sure it’s worth your time, effort and the cost of materials.
Alternatively, if you’re qualified, you could think about offering online advice services, life coaching or fitness coaching. These could be one-to-one or group sessions.
Bottom line
There are lots of different ways to make money from home but the best option for you will depend on where your skills lie, how much time you have to dedicate to it, and how much money you’re looking to earn.
Before starting, always research your options carefully and, if you’re signing up to any online platforms, check whether you need to pay any fees. Learn more about switching and your credit score here.
Frequently asked questions
Possibly not – the trading allowance lets you earn up to £1,000 a year in miscellaneous and casual income without paying tax. However, if you exceed this limit, you will need to declare this to HMRC.
If your bank account has an overdraft, your provider will carry out a hard credit check before accepting your application for a new current account. However, this only causes a temporary dip in your credit score and it should recover quickly, as long as you don’t make repeated applications in a short amount of time.
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To make sure you get accurate and helpful information, this guide has been edited by
Matt McKenna
as part of our
fact-checking process.
Rachel Wait is a freelance journalist and has been writing about personal finance for more than a decade, covering everything from insurance to mortgages. She has written for a range of personal finance websites and national newspapers, including The Observer, The Mail on Sunday, The Sun and the Evening Standard. Rachel is a keen baker in her spare time.
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