With inflation across the United Kingdom at an all-time high while wages for many stay stagant, there’s no doubt whatsoever that millions of Britons will be feeling the squeeze.
Many have chosen to ditch luxuries and switch to budget brands when doing their weekly shop, in a bid to cut down on needless expenditure, while the hardest hit are completely crippled by soaring bills.
And at such a time – where money is incredibly scarce – many will be looking for a way to earn a little extra cash on the side to add onto their monthly pay packet. Some of those with full-time jobs and little time to spare have turned to passive income, which requires little to no effort but can reward greatly.
Read more: See how much extra money you’ll get after National Insurance tax cut from July 6
So here at ChronicleLive, we’ve rounded up a list of passive income ideas for you to try out for yourself – in a bid to help you land some extra money in your time of need. But first, allow us to explain exactly what it is and how it works, so not to confuse you.
What is passive income?
Passive income relates to monetary earnings which take minimal time, money and effort to keep afloat. Although these revenue streams sometimes require commitment initially, once the ball is rolling, they need little to no attention whatsoever.
It is worth mentioning however, that there is some risk involved when setting up one of these revenue streams – and there’s no guarantee that you will be any better off in the long run. It all depends on the success of your project and how well it is received.
The best passive income ideas for 2022:
Sell unwanted items you have at home –
To start off simply, a great initial money-maker is to sell unwanted products or items you have lying around your home collecting dust. Selling stuff online has never been easier with the likes of Gumtree, Ebay, Etsy and Facebook Marketplace in existence, and all you need to start off is an account, product description, and some high quality photos of what you’re selling.
With these platforms, you can sell a multitude of goods for a price of your choice, and many offer instant messaging services within them to allow you to fluidly converse with potential buyers.
Switch bank accounts –
Many high-street banks offer cash switching incentives to new customers, making for an easy way to make extra cash (so long as you don’t mind chopping and changing).
According to MoneySavingExpert, a number of leading banks are currently offering ridiculous switching bonuses to entice customers, while others are also offering higher rates of interest on accounts.
HSBC are currently offering £170 to new clients, while First Direct are offering newbies £150.
However, always be sure to read the terms and conditions of your new bank which is stipulated within the contract, to avoid any nasty charges or loopholes which may affect you in the long run.
Become a blogger and start your own website –
Ever read an article online and thought ‘I could do better than that’…well why not try it for yourself and earn some extra cash? Many build-a-sites offer monetization in this day and age, and allow you to cash in for an article or blog post which may only take you 20 minutes to write.
As well as this, you could also pick up freelance work and sell your articles and studies to official sites – some of which pay incredibly well.
Sell digital products and services with the likes of UpWork and Fiverr –
Those who have certain skills and talents may well choose to sell their services online. And with sites like UpWork and Fiverr acting as a medium for supply and demand around the globe, you could easily make a small fortune for something that takes you very little time.
Popular subjects and sellers on Fiverr include things like music makers, graphic designers and photo editors, however, people have created a steady income from incredibly niche markets like voice acting and video game coaching. UpWork offers the same kind of deal – with people constantly posting to the site looking for skilled workers to help them out.
Both sites are completely free of charge to start up a profile, so why not head over and see if anything calls your name.
Make money on social media –
Dwayne Johnson aka ‘The Rock’ reportedly makes $1,000,000 per Instagram post which is absolutely baffling, and although you may not have in excess of 200 million followers or the fame and fortune of the WWE and movie star, you can still earn a pretty penny by posting and advertising online.
If you have a decent and active following, you could always get in touch with businesses and see how much they would be willing to pay you for affiliate links and profile space. Many of which usually pay per post, so the sky is the limit really when it comes to earnings from brand deals.
You can also monetize content on the likes of YouTube, Facebook, Tik-Tok and Twitch. As a general rule of thumb, the more video views you get on each platform, the more money you make. So if you’ve got a popular Facebook page and a love of videography, why not give it a good go and see how much you make.