How to Make More Money
We all want to make more money. We all struggle with bills and debt. The second Principle of Financial Independence tells us that increasing your income is the fastest way to freedom.
Principle #2: Relentlessly grow your income
You can get to freedom even faster if you have more than one stream of income. More income streams mean less dependence on your ‘job’ in case of ill health, accident, or redundancy.
This page will be kept up-to-date with the latest hustles to help beat debt and get to financial independence quicker. Remember to Subscribe for the latest.
Magic £££ Spells
These Magic Pound Spells will magic heaps of pound coins out of thin air! Sometimes you just need some extra cash: whilst they won’t make you a millionaire, every little helps.
It’ll be more interest than your current account earns this month!
Spells Last Updated October 2020
1. Make use of Bank Switching Bonuses
Have a separate current account, and switch this account over to banks offering switching bonuses. You often have to pay a certain amount in, so just setup standing orders from your main account. HSBC, RBS and Lloyds are all currently offering switching bonuses of around £100. That’s £300.
2. Use Cashback when changing suppliers
I don’t know about you, but a good portion of my suppliers all renew around this time of year. We all need house insurance, car insurance, and energy don’t we? Don’t bother with those automated switching services! Get paid to switch yourself. Not only do you save money by changing to the cheapest deal, make use of TopCashback* and Quidco* to save even more. I’ve just earnt over £50 for switching energy supplier. A saving of £290 on energy this year, £50 cashback, and £240 in reduced bills. Just by switching to the cheapest deal and using a TopCashback* link.
3. Free Share Offers
Challenger brokers popping up all over the place. You can earn a Free Share in a global company worth up to £100 with Trading212* and another free share worth up to £200 with Freetrade. If you’d like a Freetrade share worth up to £200, please email me at mm at moneymage.net or @moneymagery!
4. AMEX Sign Up Bonus
If you spend at least £500 on credit cards (and clear your credit card bill every month) you can make 20,000 AMEX points. These are worth around £200 if redeemed sensibly. If you would like a referral for extra sign up points, please email me at mm at moneymage.net or @moneymagery!
Increase your Salary
Have you thought of ways to increase your salary?
This is the fastest way to increase your income:
- Can you learn new skills to train or retrain into a higher paid career path?
- Can you get a job in a similar company for a higher salary? Job Hop?
- Can you get an internal promotion into a more senior or different role?
Learning the lifeblood of the brain. Always be learning. Always be continually improving.
Promotion or Job Hop
If you are in a salaried job, test the market. Look for a new job in a similar company. This is the fastest and easiest way of increasing your income.
People who job hob every couple of years often earn a 10-20% salary increase. You are often no longer rewarded for staying at the same firm for long periods.
This will depend upon your job, industry, and location.
Job-hopping is not for everyone. Are the internal transfers or promotions that can earn you an increase in salary? Ask your company.
A Second Salaried Job
Lots of people have more than one job. Especially over the weekend or evenings.
This can be a simple way of supplementing your income. Even something simple like being a delivery driver for a local takeaway. It can earn you some extra money.
It’s not for everyone. It’s a lot of extra hours.
Take on Extra Work
Do you have skills that you can use as a freelancer in the evenings and weekends?
- Can you draw?
- Can you design?
- Can you paint?
- Can you code?
- Are you good with IT and computers?
- Are you good with plumbing, electrics, joinery?
- Can you teach?
Whatever your field of expertise, have you considered doing some work on the side?
If you have an employment contract you may need to verify that your time and attention clauses do not prohibit you from doing this.
Start a Side Business
Starting a Side Business does not have to take all of your time. You also don’t need to invest a significant amount of capital to get up and running.
There are almost always undersupplied niches in every town and city around the country.
One idea is an old-fashioned ‘Sweaty Startup’. These are service businesses that do not need skills or training. And importantly do not need a huge outlay to get going.
You’d work for yourself, becoming self-employed. You could do it just in the evenings and weekends.
Business ideas like:
- Lawn care
- Garden care
- Cleaning or Maid services
- Pressure washing/cleaning
- Deck fixing & staining
- Residential painting and decorating
- Gutter cleaning
- Car washing/valet
- Dog walking
- Delivering firewood
- Manage holiday lets / AirBnBs
- Oven cleaning
- Residential Laundry
- Seasonal: holiday decorating
You can take this further if you have skills, like plumbing, electrics, joinery, networking & AV, computing and IT.
These aren’t ‘cool’. It’ll be a lot of hard work. But if you:
- Dress well
- Are professional
- Turn up on time
- Provide quick quotes
- Do a good, timely job
- Setup a cheap website
- Pick a service that is under-represented in your area
- Build an initial client-base
- Get and encourage word-of-mouth recommendations, by offering discounts
…you’ll be able to get going and earn some extra money!
If a Sweaty Startup doesn’t sound like an idea that would work for you, you could consider other businesses that need more skills or more capital.
The first rule of starting any business is to do your homework: validate your idea with potential customers. Get on the phone. Knock on doors. Do your market research. Who are your competitors? What are they charging? Pretend to be one of their customers - how long does it take for them to reply to your query?
Test out your ideas first, put up a place holder business sign, phone number, and test the idea out first. Fail early and fail often.
Make Money Online
There are lots of ways of making some extra cash online. Most just need some of your time.
Here is a list of 35 ideas to help boost your income:
- Make Arts and Crafts products and sell them on eBay, Facebook, Gumtree and Etsy.
- Buy cheap second-hand items and sell them for a profit on eBay, Facebook and Gumtree.
- Buy unloved furniture and upcycle it, then sell for a profit on Facebook Local Groups & Gumtree.
- Clear out your old DVDs, CDs, and Games, and sell them on eBay.
- Take part in Online Surveys from sites like PanelOpinion, PanelBase, and OnePulse.
- Make use of as many refer-a-friend offers like those in the Magic Pound Spells
- Make use of pay-to-sign-up offer sits like 20 Cogs*
- Try Task apps like TaskRabbit to do tasks for others in your local area.
- Teach English online with sites like Education First, or setup your own online teaching business
- Undertake User Testing with sites like usertesting.com
- Sign up to take part in Product Testing with sites like Toluna and Bzz Agent
- Find a niche and start Dropshipping, buying new items for cheap on sites like and selling them for profit.
- Become a Customer Service Rep from your desk with Arise.
- Make sure you buy everything via TopCashback* and Quidco* to earn Cashback.
- Be paid to be a Mystery Shopper with sites like Retail Active, Grass Roots & Market Force.
- Can you write? Why not become a freelance writer and publish your articles online. You can publish via mainstream publishers or try sites like Fivrr & Textbroker.
- Can you draw or paint? Sell your creations on Etsy. You can create & sell merchandise on one of the many hundreds of print-as-a-service sites.
- Undertake manual tasks at your computer like categorising images for Machine Learning with pay-per-job sites like Amazon Mechanical Turk or ClickWorker
- Read the news and get paid to do so, with sites like BuzzBreak
- Sell your old mobile phones with sites like Mazuma Mobile
- Get paid to watch videos and play games with sites like Swagbucks, Gift Hunter Club and GiftHulk
- Get paid to just browse the internet, by sites like Qmee.
- Enter free competitions. These are free, and there is no guarantee of winning. You can then sell anything you win.
- Get paid for snapping photos of shop shelves by sites like EasyShift & Mobeye.
- Get paid for surveys and market research on your phone, by sites like BeMyEye
- Help major brands like AirBnB by being a checker, on sites like Shepper.
- Do you like photography? You can sell your photos to stock photo sites like Stockimo.
- Get paid to take pictures of menus, by apps like Roamler & Streetspotr.
- Get paid to be amateur software quality assurance, by testing software, with Utest
- Snap your receipts to earn cash, with apps like Shoppix
- Sell your leftover boxes, loo rolls, jam jars, on eBay. Arts & Crafters want them.
- Rent your driveway from your desk.
- Rent a spare room. You can earn up to £7,500 per year tax-free.
- Can you type quickly and accurately? You can earn by transcribing via sites like Take Note.
- Buy cheap items from Police Auctions or Lost Luggage auctions and sell for a profit on eBay, Facebook or Gumtree.
Remember, you can earn £1,000/year tax-free using your Trading Allowance. Anything above this needs to be declared to HMRC.
It’s possible to earn a tidy sum from Matched Betting. In Matched Betting, you make use of bookmakers free bet offers to earn the majority of the free bet back. It also works with bookmaker introductory offers. SavingNinja knows much more about Matched Betting and Each Way Betting than I do.
Strictly this is gambling. The risk is low, as you are making use of bookmaker offers and betting mechanics to minimise losses. It’s perfectly legal, and any earnings are gambling winnings so are completely tax-free. Bookmakers don’t like you doing this, so you might find your accounts closed down.
Income from Investments
The holy grail of passive income is your wealth making more wealth on its own.
- Cash. Place your savings into cash accounts that earn interest.
- Funds or ETFs. Invest your wealth in Funds or Electronically Traded Funds. Income variants of these funds pay a dividend every 3, 6 or 12 months. Accumulation variants automatically reinvest any earnings.
- Dividend Investing. Invest in individual dividend-yielding stocks, or Funds aimed at high yield dividends.
- Property. Invest in property to let.
Capital is at Risk in some of these suggestions. Money Mage is not financial advice. Read the Disclaimer
Further detail is beyond the scope of this post.
Multiple Income Streams
If you have followed some or all of these, you now should have multiple income streams. When you start, almost all of your income will be from one salaried job. Other streams probably look like nothing. But as you diversify and work on streams they should start to increase.
When you have multiple income streams, you are reducing your risk of ill health, accidents, or redundancy. If you lost your main job, your multiple income streams act as a safety-net.
Multiple income streams are a way of both accelerating financial independence and de-risking.
When your other income streams start to grow, they might overtake your main income. If this happens, you are completely free. You can quit the rat race entirely.
Building multiple income streams that are not a function of your time becomes a superlinear superpower.
Subscribe now, follow me on Twitter @moneymagery, stick by your principles, be careful of high-risk investments like subprime P2P and you’ll be mortgage-free in no time.