With inflation across the UK at an all-time high while wages for many remain stagnant, there is no doubt millions of Britons will feel the pressure.
Many have chosen to ditch the luxury and switch to budget brands when doing their weekly shopping, in a bid to cut down on unnecessary spending, while the hardest hit are completely crippled by skyrocketing bills.
And at such a time – when money is incredibly tight – many will be looking for a way to earn some extra cash to add to their monthly salary. Some of those with full-time jobs and little time to spare have turned to passive income, which requires little or no effort but can pay off big.
Read more: Find out how much extra money you’ll get after the National Insurance tax cut from July 6
So, here at ChronicleLive, we’ve put together a list of passive income ideas that you can try out for yourself – with the goal of helping you earn some extra cash when needed. But first, let us explain exactly what it is and how it works, so you don’t get confused.
What is Passive Income?
Passive income is about monetary income that requires minimal time, money, and effort to stay afloat. While these income streams sometimes require an upfront commitment, once the ball rolling they require little to no attention.
It’s worth mentioning though that there is some risk when setting up any of these income streams – and there’s no guarantee you’ll be better off in the long run. Everything depends on the success of your project and its reception.
The best passive income ideas for 2022:
Sell unwanted items you have at home –
To start simply, a great way to make money is to sell unwanted products or items that you have around your house that are gathering dust. Selling things online has never been easier with Gumtree, Ebay, Etsy, and Facebook Marketplace, and all you need to get started is an account, a product description, and high-quality photos of what you’re selling. .
With these platforms, you can sell a host of goods for a price of your choosing, and many offer instant messaging services within them to allow you to converse seamlessly with potential buyers.
Change bank account –
Many high street banks offer cash transfer incentives to new customers, which is an easy way to earn some extra cash (as long as you don’t mind cutting and changing).
According to MoneySavingExpert, a number of big banks are currently offering ridiculous change bonuses to entice customers, while others are also offering higher interest rates on accounts.
HSBC is currently offering £170 for new customers, while First Direct is offering £150 for starters.
However, always make sure to read the terms and conditions of your new bank which are stipulated in the contract, in order to avoid unpleasant charges or loopholes which could affect you in the long run.
Become a blogger and create your own website –
Have you ever read an article online and thought “I could do better than that”… well, why not try it out for yourself and earn some extra money? Many construction sites these days offer monetization and let you profit from an article or blog post that will only take you 20 minutes to write.
On top of that, you can also find freelance work and sell your articles and studies on official sites, some of which pay incredibly well.
Sell digital products and services with UpWork and Fiverr –
Those with certain skills and talents may very well choose to sell their services online. And with sites like UpWork and Fiverr acting as a medium for supply and demand around the world, you could easily make a small fortune for something that takes up very little of your time.
Popular topics and sellers on Fiverr include things like music creators, graphic designers, and photo editors, however, people have created a stable income from incredibly niche markets like voice acting and video game coaching. UpWork offers the same type of offer – with people constantly posting to the site looking for skilled workers to help them.
Both sites are completely free to create a profile, so why not go see if something calls you.
Make money on social networks –
Dwayne Johnson aka “The Rock” would earn $1,000,000 per Instagram post which is absolutely mind boggling and while you might not have over 200 million followers or WWE fame and fortune and from the movie star, you can still earn a pretty penny in display and online advertising.
If you have a decent and active audience, you can always reach out to companies and see how much they would be willing to pay you for affiliate links and profile space. Many of them typically pay per post, so the sky really is the limit when it comes to revenue from branded deals.
You can also monetize content on YouTube, Facebook, Tik-Tok, and Twitch. Generally, the more video views you get on each platform, the more money you make. So if you have a popular Facebook page and love videography why not give it a try and see how much you earn.