Can a side hustle help you pay for Christmas this year?

Can a side hustle help you pay for Christmas this year?

After what has been a challenging year, many will be looking towards Christmas and wondering how they can make this year extra special for themselves, their family and friends. Findings uncovered in our study, show how Brits are getting creative and taking up side hustles, in order to raise some extra cash for Christmas and beyond.

We’re sharing what we’ve discovered and we’ve also partnered up with personal finance expert Lynn Beattie AKA Mrs Mummypenny, who has given us her top tips on starting your own side hustle!

We’re sharing what we’ve discovered and we’ve also partnered up with personal finance expert Lynn Beattie AKA Mrs Mummypenny, who has given us her top tips on starting your own side hustle!

Are side hustles worth it?

Are side hustles worth it?

 

Our study suggests that side hustles are a fantastic way to make extra cash on the side.

 

Out of the 2,000 UK adults we surveyed, the results showed that a third of people may struggle to afford the festive season. In fact, they expect to have a shortfall of £239. Of this third, 13% anticipate to be down £500 this year. So people have been looking at ways to make some extra money - from dog walking to selling stuff online like clothes and tech.

 

 

Why are Brits starting side hustles?

Why are Brits starting side hustles?

 

The rising cost of Christmas is the main concern our respondents expressed when asked their reason for starting side hustle. However, our OnePoll survey also revealed that the festive season isn’t the only reason. In fact, 35% of adults want to increase their earnings throughout the whole year!

want to start a side hustle due to a drop in earnings this year.

of people are struggling to afford Christmas this year.

 

3 in 10

want to start a side hustle due to a drop in earnings this year and

50%

of people are struggling to afford Christmas.

What the experts say...

What the experts say...

 

This year has been a challenge for many financially and with one of the most expensive times of the year coming up, people may be feeling daunted about covering the cost of this year’s holiday season.

 

This year has been a challenge for many financially and with one of the most expensive times of the year coming up, people may be feeling daunted about covering the cost of this year’s holiday season.

 

We want people to know that there are so many ways you can raise some extra money these days to still have a special Christmas, and it’s interesting to see how many are already taking matters into their own hands.

 

We want people to know that there are so many ways you can raise some extra money these days to still have a special Christmas, and it’s interesting to see how many are already taking matters into their own hands.

 

As well as things like pet sitting, DIY jobs, or selling crafts, you can sell old belongings you no longer need and have a clear out at the same time - which is a sure-fire way to make some extra cash.

 

As well as things like pet sitting, DIY jobs, or selling crafts, you can sell old belongings you no longer need and have a clear out at the same time - which is a sure-fire way to make some extra cash.

 

- Personal finance expert, Mrs Mummypenny

Here are the top 20 ways people will be earning extra money this Christmas:

Here are the top 20 ways people will be earning extra money this Christmas:

Our previous research found that the average Brit has £598 worth of unused tech in their homes. This could really make a difference, by paying for Christmas dinner and gifts for friends and family.

Dig through your cupboards, wardrobes and attic and you might just surprise yourself at what you could sell!

How much does Christmas cost?

How much does Christmas cost?

 

Our research shows that Christmas typically costs £619 to cover things like:

Gifts

 

Travel

 

Christmas dinner

 

Charitable donations

 

 

In addition to raising money through side hustles, respondents want to cut their spending by:

Reducing gift buying costs

Holding a Secret Santa to ease financial strain

Making their own presents

Buying second-hand gifts such as refurbished iPhones, instead of new

In addition to raising money through side hustles, respondents want to cut their spending by:

 

28%

Reducing gift buying costs

1 in 10

Holding a Secret Santa to ease financial strain

18%

Making their own presents

17%

Buying second-hand gifts such as refurbished iPhones, instead of new

Top 10 side hustles from Mrs Mummypenny

Top 10 side hustles from Mrs Mummypenny

 

Raid your wardrobe

Raid your wardrobe

Raid your wardrobe for clothes that you haven’t worn for more than a year or that don’t fit anymore. List these for sale on sites like eBay or Depop where branded clothes or vintage clothes work well. Take great pictures and write a good description. Set to auction and let it run ending in the evening at the weekend for best auction results.

Raid your wardrobe for clothes that you haven’t worn for more than a year or that don’t fit anymore. List these for sale on sites like eBay or Depop where branded clothes or vintage clothes work well. Take great pictures and write a good description. Set to auction and let it run ending in the evening at the weekend for best auction results.

Selling old books, CDs, DVDs

Selling old books, CDs, DVDs

Use a selling site like musicMagpie to list all your unwanted items and get an instant valuation. I did this with my huge CD collection and made £70. £70 in my pocket rather than on a shelf! The same applies to books and DVDs, if you will never watch or read them, get selling!

Use a selling site like musicMagpie to list all your unwanted items and get an instant valuation. I did this with my huge CD collection and made £70. £70 in my pocket rather than on a shelf! The same applies to books and DVDs, if you will never watch or read them, get selling!

Mystery Shopping

Mystery Shopping

A personal favourite of mine and something that I do every few weeks. Get paid to buy products and review the customer services of the brands that you love. My favourite company to use is ProInsight where I get free coffee and gym membership and get paid!

A personal favourite of mine and something that I do every few weeks. Get paid to buy products and review the customer services of the brands that you love. My favourite company to use is ProInsight where I get free coffee and gym membership and get paid!

Sell old electronics, tablets, mobile phones, consoles

Sell old electronics, tablets, mobile phones, consoles

Many of us have a few of these stashed away in the kitchen drawer, one little check of my house has uncovered three tablets and two mobile phones, all of which no longer used. Use musicMagpie to sell those old tech devices.

Many of us have a few of these stashed away in the kitchen drawer, one little check of my house has uncovered three tablets and two mobile phones, all of which no longer used. Use musicMagpie to sell those old tech devices.

Sell old jewellery

Sell old jewellery

Sell old unwanted gold jewellery for scrap value, which has risen in value recently. Do some online research for the price of gold per gram and take it to a cash for gold outlet for a valuation. Shop around and don’t be afraid to negotiate. You can also get good prices from pawnbrokers for more unique pieces and again, negotiate hard.

Sell old unwanted gold jewellery for scrap value, which has risen in value recently. Do some online research for the price of gold per gram and take it to a cash for gold outlet for a valuation. Shop around and don’t be afraid to negotiate. You can also get good prices from pawnbrokers for more unique pieces and again, negotiate hard.

Sell Lego

Sell Lego

If your house is anything like mine, I have boxes and boxes of mixed Lego. A toy that my children no longer play with. I was pleasantly surprised to see musicMagpie offer a price per kilo for Lego.

If your house is anything like mine, I have boxes and boxes of mixed Lego. A toy that my children no longer play with. I was pleasantly surprised to see musicMagpie offer a price per kilo for Lego.

Sell furniture

Sell furniture

Bigger items to sell often work well on local Facebook selling sites and collection on Gumtree. With the added benefit of no fees to pay and often a transaction with someone from your local community.

Bigger items to sell often work well on local Facebook selling sites and collection on Gumtree. With the added benefit of no fees to pay and often a transaction with someone from your local community.

Get crafting

Get crafting

Do you have a crafting talent that could make you money? Maybe you can paint, write beautifully, sew, knit or crochet. Can you make pieces are sell them online or locally?

Do you have a crafting talent that could make you money? Maybe you can paint, write beautifully, sew, knit or crochet. Can you make pieces are sell them online or locally?

Pet sitting

Pet sitting

Can you offer your services to pet sit? With many of us working from home, having a cat or dog to stay for the day can make you some extra money while making great company

Can you offer your services to pet sit? With many of us working from home, having a cat or dog to stay for the day can make you some extra money while making great company

Doing odd jobs for others

Doing odd jobs for others

Is there an odd job that you know people hate doing that you could offer as a service, maybe gardening, rubbish clearing or driveway weeding? My son weeded our driveway and was offered a job by the neighbours to do the same for them!

Is there an odd job that you know people hate doing that you could offer as a service, maybe gardening, rubbish clearing or driveway weeding? My son weeded our driveway and was offered a job by the neighbours to do the same for them!

Lynn Beattie is a personal finance expert at Mrs Mummypenny. The author of The Money Guide to Transform Your Life.

Follow her on Instagram at @mrsmummypennyuk