Sammie Ellard-King
I’m Sammie, a money expert and business owner passionate about helping you take control of your wallet. My mission with Up the Gains is to create a safe space to help improve your finances, cut your costs and make you feel good while doing it.
In this guide, we’ll be taking a look at how to make an extra £500 a month right here in the UK. So, if you want to find out how to do this, keep on reading!
Nowadays many people are looking for ways to supplement their monthly income.
With the cost of living constantly increasing, and salaries not increasing at the same percentage, lots of people are looking for ways to make more money.
There are lots of reasons why you might want to earn some extra money per month.
Perhaps you want to pay for a holiday, or you want to increase the amount of money that you contribute to your private pension.
You might be looking to save over 10k in a year for a larger purchase like a wedding or house deposit.
Either way, there are lots of methods that you can use to make a little extra cash from month to month.
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Table of Contents
Why an Extra £500?
Well the first thing that you might be wondering is “why £500”? In return to that, we ask you why not?
If you are willing to put in the work then you can earn a substantial amount of money a month on top of the money that you are already making from your 9 to 5 job.
But a lot of people do not have the time to be able to make thousands of pounds through their side hustles.
However, £500 is an achievable amount. In order to earn an additional £500 a month, you do not need to dedicate too much time or effort.
It is a figure that you will be able to achieve without having to lose too much time to it. It is also a decent amount of money to be making on top of your existing salary.
An additional £500 can make a big difference to your day-to-day life.
If you are interested in supplementing your income, then £500 is a great starting point. With that in mind, let’s take a look at how to make an extra £500 a month.
How To Make An Extra £500 A Month UK
There are lots of different ways that you can make an extra £500 a month. For us, the best way to achieve this is to explore multiple avenues.
If you use multiple methods, it can be a lot more enjoyable, and it allows you to split your efforts across multiple avenues. It also allows you to switch things up from month to month.
With that in mind, let’s take a look at some of the methods that you can use to make an extra £500 a month.
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Selling products online
Selling products online is a popular way to generate extra income. You can use several platforms to sell products, including Etsy, eBay, Amazon, and Shopify.
To get started, you will need to identify a product that you want to sell. This could be something that you make yourself, such as crafts, jewelry, or clothing. Alternatively, you could source products from wholesalers or drop-shippers and sell them on your online store.
Once you have identified your product, you will need to create a product listing on your chosen platform. This should include a detailed description of the product, high-quality images, and pricing information.
To increase the visibility of your products, you can use social media platforms such as Facebook, Instagram, and Twitter to promote your store and engage with potential customers.
You can also use search engine optimisation (SEO) techniques to improve the ranking of your product listings in search engine results pages (SERPs).
One advantage of selling products online is that it allows you to reach a global audience. However, you will need to factor in the cost of shipping when pricing your products, and you may need to comply with import/export regulations if you are selling to customers in other countries.
Earning Potential: A few hundred to thousands of pounds per month
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Includes everything you need to create, build and sell profitable digital products in a niche you're already passionate about.
Investing
Investing is another way to generate additional monthly income and potentially earn £500 or more per month.
However, it’s important to remember that investing carries risks and you should seek professional advice before making any investment decisions.
Here are a few ways that investing could help you make £500 a month:
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Dividend stocks: By investing in dividend-paying stocks, you can earn regular income from your investments. Many companies pay out a portion of their profits to shareholders in the form of dividends, which can be reinvested or used as income.
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Property: Investing in property can provide a steady stream of rental income. You can invest in rental properties, real estate investment trusts (REITs), or crowdfunding platforms that allow you to invest in property projects with lower capital requirements.
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Peer-to-peer lending: Peer-to-peer lending platforms like Zopa, Funding Circle, and RateSetter allow you to lend money to borrowers and earn interest on your investments.
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Exchange-traded funds (ETFs): ETFs are investment funds that trade on stock exchanges and track the performance of a particular index or asset class. By investing in ETFs, you can gain exposure to a diverse range of assets and potentially earn returns over the long term.
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Cryptocurrencies: Cryptocurrencies like Bitcoin, Ethereum, and Ripple have become popular investment assets in recent years. While they carry significant risks and volatility, investing in cryptocurrencies could provide substantial returns if you understand the market and invest wisely.
It’s important to note that investing carries risks and you should always do your research and seek professional advice before making any investment decisions.
Additionally, it’s important to have a diversified portfolio and not to rely on any one investment to generate all of your income.
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Selling unwanted belongings
In a world of fast fashion and consumerism in general, it is very easy to end up purchasing things that you ultimately don’t need.
In the end, these items just end up taking room in your house. So, one of the easiest ways to make additional income is to sell items that you no longer want.
There are lots of ways to sell unwanted belongings. You can physically participate in a car boot sale, or you can sell these items online too.
There are lots of different platforms that you can use, including eBay, Vinted, Facebook Marketplace, and more.
No matter whether it is clothing, books, or even furniture, you can make a good amount of money by selling your unwanted belongings.
Car boot sales have been incredibly popular for many years, and they are a great way to sell off unwanted items in your home.
Set Up A Side Hustle
Alternatively, you could set up your own side hustle. Side hustles are becoming increasingly popular, and many people use them to make money from doing things they enjoy.
If you enjoy baking, then you could set up your own little cupcake business. Alternatively, if you like making jewellery, then you could make and sell earrings on a platform such as Etsy.
There are all sorts of different side hustles that you can set up. They don’t need to be on a grand scale, they could be something as simple as walking your neighbour’s dog, or helping your elderly neighbour clean their home.
No matter whether you make products to sell to multiple people, or help out someone in your community on a smaller scale, setting up a side hustle is a sure fire way to make yourself some additional money.
Freelancing
Freelancing is also a great way to make some additional income. Freelancing is an excellent option if you are somebody who has limited time because you can pick up jobs as and when you have time.
There are lots of different things that you can do on a freelance basis, and it can be a great way to put your skills to use.
From freelance content writing to freelance bookkeeping, there are all sorts of different freelance gigs that you can complete. They are also pretty easy to find through platforms such as Fiverr.
If you have a skill that suits any freelancing task, then this could be a great way for you to make an additional £500 a month.
Hire a freelancer on Fiverr to help you build the brand of your dreams. Whatever it is you need help with there's a freelancer waiting for you to reach out.
Mystery Shopping
Mystery shopping is a fun and flexible way to earn extra income, and it could potentially help you make £500 or more per month.
It does however require your time and effort but can also be really fun!
Here are some ways it can be a good income source:
- Flexibility: Mystery shopping can be done on your own schedule and at your own pace.
- Payment: Many mystery shopping companies pay for your time and reimburse you for any expenses incurred during your visit.
- Bonuses: Some mystery shopping companies offer bonuses or incentives for completing a certain number of assignments or meeting certain performance metrics.
- Referrals: Some mystery shopping companies offer referral bonuses for introducing new shoppers to the company.
- Variety: Mystery shopping assignments can vary widely, from visiting a clothing store to testing out a new restaurant.
To get started with mystery shopping, you can sign up with a reputable mystery shopping company such as Market Force or Mystery Dining.
Check out the best mystery shopping companies in the UK.
Let the latest technology help get you there with the best money savings apps.
Market research and surveys
Finally, you can make additional money by participating in market research and paid online surveys.
In particular, surveys have become very popular as a side hustle because you can quickly complete them when you have a spare 5 minutes.
Platforms such as AttaPoll and Google Rewards allow you to make money for completing a quick survey. The pay for each poll is usually low, but it can add up over time.
Throughout the day you will be sent multiple surveys, which you can complete. It is a great way to make money without having to put in too much effort.
You can also check out two apps we’ve reviewed in Research Tribe and Oh My Dosh.
Summary
In short, there are lots of different ways that you can make extra money to supplement your income. In this guide, we have taken a look at some methods you can use to make up to £500 a month.
There are lots of different options from side hustles to surveys, so there is definitely something out there for you.
£500 is just over £10k a year so what would you do with 10k save, invest or spend it?
Thank you for reading our guide on how to make an extra £500 a month UK!
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Disclaimer: Content on this page is for informational purposes and does not constitute financial advice. Always do your own research before making a financially related decision.
