As the cost of living continues to rise, research by KIS Finance has revealed that 57% of Brits are struggling financially or expect to struggle in the near future. That means that if you’re struggling to make ends meet, you’re certainly not alone! One of the best ways to stretch your budget is to start a second stream of income. With that in mind, here are four accessible ways to make money from home.
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1. Start a blog
If you have an hour to spare each day, blogging could be a great way to make some extra cash! There are several ways that bloggers can earn money. However, the most popular monetising strategies include affiliate marketing and paid advertising.
Affiliate marketing involves linking to products within your blog post and earning a commission every time a sale is made through your link. Moreover, paid advertising involves placing an ad on your blog page and getting paid for doing so.
You can create a blog for free through tools such as WordPress. While it may take time for your blog to take off, blogging can easily become a form of passive income that could help you through these trying times.
2. Learn how to trade
Trading on the stock market involves buying an asset at a low price and selling it for a higher price. When done right, trading can be an excellent way to make some extra cash. However, participating in any kind of trading does put your capital at risk and could result in a loss.
Nevertheless, you can start trading from home using a share dealing account. It’s a good idea to only risk a small amount of money at first and build up your account as your skills develop. It may also be a good idea to open a demo account before trading any real money.
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3. Create a digital product
As the world is slowly going paperless, digital products are an excellent business venture. Digital products can be anything from eBooks to workout plans and are easy to create from home.
All you really need to get started is a laptop and a spark of creativity! If you aren’t the creative type, you could also hire a freelancer to create a best-selling product for you. Digital products can be sold through online stores such as Etsy or Amazon. All it takes is a couple of good reviews and you could have a very good earner on your hands!
4. Put your money into an investment fund
If you want to grow your cash but you have very little time to do so, an investment fund might be the best choice for you! When you invest in a fund, a team of experts do all of the work for you by choosing the best stocks and shares to invest in. Over time, the money that you invest into the fund will grow as it accrues interest.
Funds typically choose investments from lists such as the FTSE 100. However, what you invest in will depend on the nature of the fund. For example, ESG funds usually invest in ethical companies. As with trading, investing in any kind of fund puts your money at risk, so it is important to do your research first!
