Last Updated on 2nd December 2020

We’d all like to have a bit more cash to spend on festive things at Christmas, this year especially so. In this article, Peter Watton from OddsMonkey shares his tips for making some extra money to spend over the holidays.

Everyone can benefit from some extra cash around Christmas. Despite the current pandemic wreaking havoc up and down the country, research has shown that two thirds of us are prepared to spend just as much this Christmas as we do in normal circumstances. So, it’s safe to say that more and more of us will be looking for ways to generate additional income this year. 

Whether your job has been affected by coronavirus or you’re just looking to make this Christmas extra special to boost the mood of your loved ones, taking up a side hustle could make sure you’re well prepared for the festive season ahead. Here, I’ll share a few of the best money-making schemes you could consider.

Blogging and influencing

The great thing about blogging and influencing is that the majority of these platforms are free. That means you can set up an account and subsequently generate revenue without spending a penny. The downside is that it takes a lot of dedication and time to establish yourself as an influencer; you need to create regular, fresh content to attract the number followers you need in order for the cash to start flowing. However, once you do make it, there are a number of different ways you can get paid, from sponsored posts to affiliate links.

Matched betting 

Unlike outright gambling, matched betting can guarantee a small profit every time (excluding human error) by using free bets offered by bookies. You use these to bet against yourself and cover multiple outcomes, so you’ll either get your initial spend back, or your money plus your winnings. 

If you start now and put the time in, you can use the matched betting method to generate a decent additional income that’s ideal for covering the cost of Christmas presents and other festive expenses. 

Dropshipping  

If you’re looking to start a retail business but have limited funds and resources, you could try dropshipping. Dropshipping businesses don’t require you to make your own products and the overheads are very low, as you don’t need to buy or store any stock. Instead, the customer places an order from you at retail price and you organise their shipment directly from a dropshipping supplier, pocketing the difference. 

If the system above sounds familiar, it’s because that’s the system Amazon uses to be able to deliver almost any product to any customer. You’ll the time to dedicate to this side hustle as well as good organisation skills, but it’s a relatively cheap and easy way to make some money.

Retail arbitrage

Retail arbitrage involves buying items from a store, usually when they’re on sale, and reselling them for a profit. The easiest way to make money doing this is to focus on seasonal items, for example Christmas decorations. You could buy them in the January sales, store them for the year, and then sell them during the next holiday season when they’re in demand. If you start soon, this is a great way to get ahead for Christmas 2021. 

However, you can experience a much quicker turnaround in time for this Christmas if you have an eye for trends and markets, for example by identifying this year’s most-wanted items and buying them during promotions like Black Friday.

Paid surveys

Online surveys don’t pay much individually, but by completing questionnaires regularly through an account with a survey site, your income can certainly build. You can sign up to receive alerts when you are ‘matched’ to a survey — meaning that you meet the criteria for that particular study — and you have the option to pass on any that you don’t want to take part in. Unfortunately, there are a lot of bogus survey sites out there, so you will have to do your research first and read the terms and conditions carefully before handing your details over.

If any of these suggestions have captured your interest or you want to know more ways you can boost your income this Christmas, you can find out more at our side hustles hub. From buying and selling to matched betting, there are plenty of ways you can earn that little bit extra to spend over the festive season. 

READ:   Tax-efficient ways to save if you live in the UK

Photo by Windows on Unsplash

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