I thought it would be a good idea to start providing a regular update on how we are doing with regards to side income.
Side income is not a priority for us in our debt pay-off plan. As a dual-income, one-kid family we make substantial income from our full-time jobs, so our main focus since starting this blog in April has been to cut costs and live as frugal a lifestyle as we can to take advantage of the moderately high salaries that we both make. We have been successful at this so far and our savings strategy is focused on keeping costs low. However, we also have a monthly goal (set in May) of making £50 in side income each month.
So, how are we doing? Since this is my first time writing a post specifically about side income, I am going to keep things simple and list all side income to date since starting this blog in April 2017. Each time I do an update I will add the next period’s side income to the previous update so that eventually, over time, I will have a cumulative total of all side income since the blog began.
Finally, for reference, side income will include: active income (paid in cash or gift cards) over and above our full-time jobs and will exclude: refunds for returned goods, passive investment income, capital gains, tax rebates, government benefits and reimbursement of expenses, such as work travel claims.
Here is our side-income since April 2017:
These aren’t particularly impressive figures, but of the income figures detailed above, £188.75 of it was made in June, so we are well above our goal of £50 for this month.
Our main side income continues to be from matched betting, but as I wrote previously, it is not a long-term sustainable income stream. The polling clerk job was a fantastic experience working a village polling station for the UK general snap election. Unfortunately, elections are only once a year, so I will not be able to rely on this income either. And the Swagbucks gift card income* has been a nice addition, but includes a few introductory bonuses, so may be difficult to sustain at this level.
I would like to think we could improve on the £50 per month goal, but with university classes starting again for me in a couple weeks, I will be time-poor so I am not going to increase our target just yet.
Over time, however, I would like to look at diversifying our side income streams. Some ideas I have are: selling items on eBay, earning affiliate / other blog income, making items and selling them on Etsy (no idea what yet!), and mystery shopping.
Oh and before I go, I have decided to link this post up in the Money Making Madness Linky hosted by Charlotte Burns from Lotty Earns, Emma Bradley from Mum’s Savvy Savings, Emma Drew from EmmaDrew.Info and Lynn from Mrs Mummy Penny.
*This Swagbucks link is a referral link which means if you sign up to Swagbucks through this link I would get a referral bonus at no cost to you. I will only ever link to things I have used and love. Thank you for the support.