100 Ways to Generate Extra Income: A Lifeline for 35-49-Year-Olds Facing Financial Crisis

The ‘rainy day’ we save for is here for 1 in 5 old millennials and young generation X.

The ‘rainy day’ that people often talk about saving for is here for many. With a large number of households having little to no savings, it’s crucial to find alternative ways to boost your finances. Research by Royal London has shown that one in five 35-49-year-olds are close to or already in a financial crisis. Despite having the highest average annual personal income, 20% are unable to pay major household bills. This financial strain is exacerbated by high interest rates and rising mortgage costs, with average monthly outgoings increasing by £588 per month since February 2023.

This has left 34 per cent of those aged 35-49 being overdrawn regularly or occasionally or having to borrow money to cover monthly expenses, while 23 per cent have no savings at all.

What we holistic financial planners recommend to navigate this high expense terraine is not financial capital, it is human capital (present value of future earnings). To weather this financial storm, here are 100 ways to generate extra income.

Side Hustles and Skills

1. Create a Side Hustle: Turn your hobbies into an online business.
2. Freelance Writing: Offer your writing services online.
3. Graphic Design: Create logos or marketing materials.
4. Virtual Assistant: Provide administrative services to businesses.
5. Coding: Develop websites for businesses.
6. Consulting: Offer your expertise as a consultant.
7. Tutoring: Provide academic or skill-based tutoring.
8. Photography: Sell your photos online.
9. Voice-over Work: Use your voice for commercials or audiobooks.
10. Editing and Proofreading: Offer editing services.

Local Services

11. Babysitting: Offer childcare services.
12. Dog Walking: Walk dogs for local families.
13. Handyman Services: Fix minor home issues.
14. Gardening: Maintain or set up gardens.
15. Cleaning Services: Clean homes or offices.
16. Personal Chef: Cook meals for busy professionals.
17. Personal Shopping: Assist with shopping needs.
18. Event Planning: Plan events for clients.
19. Home Organizing: Help declutter homes.
20. Car Washing: Provide mobile car wash services.

Online Platforms

21. Sell on eBay: Sell items you no longer need.
22. Use Gumtree: Sell items locally.
23. Facebook Marketplace: Another local selling platform.
24. Etsy: Sell handmade goods.
25. Fiverr: Offer various services.
26. TaskRabbit: Complete odd jobs and tasks.
27. Upwork: Find freelance jobs.
28. Airbnb: Rent out a room or property.
29. Turo: Rent out your car.
30. JustPark: Rent out your parking space.

Financial Checks and Claims

31. Check Benefit Entitlements: Ensure you receive all eligible benefits.
32. Reclaim Tax Owed: Claim back any overpaid taxes.
33. Lost Bank Accounts: Find old accounts.
34. Trace Lost Pensions: Use the Pension Tracing Service.
35. Mis-sold Financial Products: Claim compensation.
36. Check for Unclaimed Money: Find unclaimed assets.

Selling and Recycling

37. Sell Old Clothes: Use platforms like Depop.
38. Recycle Electronics: Use sites like Mazuma Mobile.
39. Sell Old Books: Use Amazon or BookScouter.
40. Sell Old Games and CDs: Use MusicMagpie.
41. Recycle Ink Cartridges: Some sites pay for these.
42. Sell Scrap Metal: Copper, aluminium, etc.
43. Sell Crafts: Use Etsy or local craft fairs.
44. Sell Baked Goods: Sell cakes or cookies.
45. Sell Plants: Propagate and sell plants.

Passive Income

46. Affiliate Marketing: Earn commissions on sales.
47. Invest in Stocks: Use robo-advisors for easy investing.
48. Peer-to-Peer Lending: Use platforms like Zopa.
49. Create a Course: Use platforms like Udemy.
50. Write an eBook: Self-publish on Amazon.

Quick Cash Options

51. Paid Surveys: Use sites like Swagbucks.
52. Test Websites: Get paid for usability testing.
53. Mystery Shopping: Offer services as a mystery shopper.
54. Sell Photos: Use Shutterstock or Alamy.
55. Participate in Research Studies: Some pay well.
56. Rent Your Items: Use sites like Fat Llama.
57. Cashback Apps: Use Quidco or TopCashback.
58. Get Paid to Exercise: Apps like Sweatcoin pay you to move.
59. Watch Videos: Some sites pay for this.
60. Data Entry: Offer typing skills for data entry jobs.

Financial Health

61. Review Subscriptions: Cancel unused ones.
62. Negotiate Bills: Lower your bills with a quick call.
63. Switch Energy Providers: Find better rates.
64. Use Budgeting Apps: Track your spending.
65. High-Interest Savings Account: Save more with better interest rates.

Community and Networking

66. Local Community Services: Offer workshops or classes.
67. Bartering: Exchange skills or items.
68. Join Business Networks: Like local Chambers of Commerce.
69. Crowdfunding: For specific projects or causes.
70. Grants and Scholarships: Look for educational or business grants.

Advanced Strategies

71. Real Estate Investment: Consider REITs.
72. Tax Planning: Consult a tax advisor.
73. Franchising: Buy into a proven business model.
74. Import and Export: Trade goods internationally.
75. Dropshipping: Start an e-commerce site.

Avoid These

76. High-Interest Loans: Avoid these if possible.
77. Gambling: Not a reliable income source.
78. Pyramid Schemes: Illegal and unethical.
79. Unregulated Investments: Seek regulated products.
80. Impulse Buying: Stick to your budget.

Additional Side Hustles

81. Pet Grooming: Offer pet grooming services.
82. Teach a Skill Online: Use platforms like Skillshare.
83. Social Media Management: Help businesses with social media.
84. Transcription Services: Transcribe audio files.
85. Language Tutoring: Offer language lessons.

Sustainable Living

86. Upcycling: Turn old items into new products.
87. Grow Your Own Food: Save on groceries.
88. Solar Panels: Reduce electricity bills.
89. Bike to Work: Save on transport costs.
90. Make Your Own Cleaning Supplies: Cheaper and eco-friendly.

Technology Utilisation

91. Automate Investments: Use apps for automated investing.
92. Sell Digital Products: E-books, printables, digital courses.
93. Podcasting: Monetise through sponsorships.
94. YouTube Channel: Earn through ad revenue.
95. SEO Services: Optimise websites for search engines.

Community Engagement

96. Local Fairs and Markets: Sell homemade goods or services.
97. Skill Exchanges: Trade skills to save money.
98. Community Garden: Sell or trade produce.
99. Volunteer for Networking: Opportunities from unpaid work.
100. Local Sponsorships: Offer skills for sponsorship.

Conclusion

How do you decide what to do? You find your Ikigai, Japanese for reason for being. This is where what you are good at, love and the world needs coincides with rewards. This framework is based on The Dhamma Wheel, also known as the Dharma Wheel, one of the oldest and most well-known symbols in Buddhism. And, Shinto’s natural cycle from creation to manifestation.

With these ideas, you now have a comprehensive list of 100 ways to boost your finances, especially when savings are low. Remember, the key is to focus on immediate, actionable steps that align with your skills and lifestyle.

For those interested in a career shift, consider becoming a non-intermediating financial planner. The Academy of Life Planning can guide you through this transition. For more information and personalized financial planning, visit the Academy of Life Planning.