In the financial year ending 2020, the average household disposable income (after tax and benefits) was £30,800, with this number up by 2.3% (£700) when compared with the FYE in 2019.
Despite this, it’s fair to say that households still aren’t doing as much as they could to boost their earnings potential, especially in a digital age where there are now so many options to generate income.
We’ll explore some of the best ways of making money from home below, while asking which option is likely to be best for you.
- Rent Out Your Driveway for Cash
If you live in a sought after geographical region and have a vacant driveway (whether you don’t own a car or also own a garage), you’re currently able to rent this out to drivers who need to use it on different occasions.
For example, you may live near a park that hosts weekly ‘park runs’, which are free to enter and available at venues nationwide. In this instance, the venue’s parking spaces may be taken up quickly, creating the need to seek out available driveways that are in close proximity to the park.
This is an extremely convenient and affordable option, and one that may see you accrue passive income on a daily basis without having to do much at all!
- Trade Forex
Trading forex is another form of passive income, albeit one that requires a little more work and initial preparation.
You’ll certainly need to learn and understand the basics of international currency trading, which enable you to trade currencies in pairs and as derivative assets that empower speculative investments and make it possible to profit even in a depreciating marketplace.
Once you’ve learned the theoretical basics and developed a keen sense of determinism, the next step is to utilise a demo account and hone your strategies in a simulated, real-time and risk-free environment.
This type of account can be typically used for between three and six months, allowing you ample opportunity to trade successfully and generate a viable profit. However don’t jump in without doing your homework – Forex trading isn’t right for everyone and there is a real risk that you could lose some or all of your capital.
- Look for Online and Offline Surveys
In the modern age, everything from commercial businesses to government agencies are constantly acquiring data. Many do this by operating regular surveys, which look to solicit opinions about different products and services in exchange for rewards and (in some instances) cash.
During the coronavirus pandemic, the Office for National Statistics (ONS) started conducting weekly surveys aimed at discovering people’s habits and interactions.
In exchange, participants were initially awarded £50 in Amazon vouchers per visit, before reducing this to £25 per month. Over time, this can accumulate to create a significant reward, for little more than answering a few questions and giving up a small amount of your time.