The cost of living crisis has stretched us all a little bit, but, thankfully, there are ways you can make more money further without working too many extra hours. Using assets you already have, here are some simple ways to create passive earnings that will help pay for all of those extra bills.
Rent Out Unused Space
Renting out a spare room, garage, or driveway can help generate extra income, especially in urban or high-demand areas. According to Ideal Home, “More people are considering taking in a lodger to help with rising costs, with 91% of homeowners who’d previously had a lodger saying they’d consider finding one again.”
Dividend Stocks
It can be tricky to know where to store your savings, but if you have money on top of your emergency fund, it’s a good idea to invest it. Dividend-paying stocks can provide a regular passive income stream from your cash, as long as you choose companies known for their financial stability and consistent dividend payouts.
Create an Online Course
Whether you have a niche skill or know a lot about a certain topic, you can use this to create an online course for others to learn from. There are a number of online platforms that offer tools and support to help you create, host, and sell the course.
Write an eBook
If you’re knowledgeable about a specific topic, writing an ebook can attract readers and generate sales. The Verge says, “It’s important for your books to make a good impression. In other words, don’t assume you can just go and throw your novel onto the market without some serious preparation.”
License Your Photographs
Licensing your photography work to stock photo agencies and websites can provide you with a passive income for high-quality images. Online platforms such as Shutterstock and Adobe Stock allow you to upload images for free; just make sure you do your research on how to tag and describe the photos for optimal sales.
Peer-to-Peer Lending
Peer-to-peer lending platforms allow you to lend money directly to individuals or small businesses online, earning interest as they repay the loan. It’s important to use platforms such as LendingClub or Prosper in order to protect the loan and manage proper lending.
Automate Investments
Robo-advisors like Betterment and Wealthfront automate the investment process using algorithms. Forbes says, “Robo-advisors are a halfway house option between personalized wealth management and DIY investing. They offer tailored portfolios while keeping the costs to a minimum through the use of technology where possible.”
Advertise on Your Vehicle
Companies will pay you to place advertisements on your car, especially if you drive a lot or in high-traffic areas. There are a number of online platforms, such as Wrapify and Carvertise, that will connect drivers with businesses that are looking for advertisement opportunities.
Cash-Back Rewards
Some credit card deals will offer you cash-back rewards on your spending, and as long as you pay off the balance each month, this can be a good way to reduce your regular costs. Make sure you do your research on each of the cards to ensure it suits your spending patterns and needs.
Develop Mobile Apps
Creating a mobile app can generate passive income through sales, in-app purchases, or advertisements. You’ll need to upload it to app stores such as Google Play or the Apple App Store and advertise its features using social media. It’s important to make sure the app is user-friendly and has a unique purpose.
Create YouTube Videos
Producing engaging video content can attract viewers and generate income through ad revenue, sponsorships, and merchandise sales. You’ll need to consider your niche and create high-quality, consistent content in order to build and maintain an audience for your channel.
Sell Digital Products
Templates, printables, or tools can all be created as digital products to be sold on marketplace platforms such as Etsy or Gumroad. Once created, these products supply you with passive income as they can be repeatedly sold without the need to restock inventory, as long as you effectively market your shop.
Affiliate Marketing
Affiliate marketing allows you to earn commissions by promoting other companies’ products. Before starting, Investopedia suggests you “research affiliate programs and choose one or more based on your needs, whether it be earning high commissions or generating more traffic.”
Purchase a Vending Machine
Although you’ll need to put in some work to restock and maintain the machine, vending machines can provide an almost passive income through the sale of snacks, drinks, and other products. You’ll need to ensure the machine is located in a high-traffic area in order to see regular sales.
Rent Out Your Car
Peer-to-peer car rental services allow you to rent out your vehicle when it’s not in use. Platforms such as Turo or Getaround usually handle the insurance and terms of the rental, meaning you feel secure in the knowledge your car is in good hands.
Sell Crafts Online
If you enjoy crafting items such as jewelry, art, or home décor in your spare time, you can turn your hobby into some extra cash by selling them online for a profit. Platforms such as eBay and Etsy are popular as they have large audiences and user-friendly interfaces.
