Thursday, 3 August 2023

How To Start Family Savings With Tax-Free Side Hustles

One of my main loves in life is planning fun adventures with my family, but unfortunately - we don't always have the finances to allow us to travel as much as I'd like to. So to solve this problem, I always have a Holiday Pot on the go - a little savings pot that we work toward filling up as much as possible through side hustles. ]

Whether you're looking to supplement your income, save for a special goal, or simply enjoy some financial freedom, tax-free online side hustles can be a game-changer. Here's what we do and how it works for us as a family.

1. Online Surveys

If you enjoy providing feedback and opinions on various topics, there are tons of online survey apps which are free and easy to use and can allow you to earn some extra pennies. And IS pennies, but it's true what they say - pennies soon turn into pounds! The surveys can pay anywhere between 5 pence to £1.50 a time, but if you make it a habit to do some daily it soon builts up. I use CuriousCat and Qmee but my favourite app is AttaPoll, This user-friendly app connects you with paid surveys that align with your interests and demographics. 

To maximize your earnings on AttaPoll, make sure to complete your profile accurately and regularly check for available surveys. Respond promptly to survey invitations and provide thoughtful and honest feedback. Remember, consistency is key, and the more surveys you complete, the greater your earning potential.

I earn around £20 per week from surveys, which may not seem like much but its actually £960 a year into the holiday pot - definitely not one to turn your nose up at!

2. Vinted

Vinted, the leading online marketplace for secondhand fashion, offers an excellent opportunity to declutter your wardrobe while earning extra money. Selling on Vinted is simple and tax-free, allowing you to maximize your profits. Start by curating your closet and selecting pre-loved clothing and accessories that are in good condition.

Take high-quality photos and write detailed descriptions to attract potential buyers. Price your items competitively by researching similar listings on the platform. Consider offering bundle deals or special promotions to encourage larger purchases. Engage with the Vinted community by promoting your listings and providing excellent customer service.

With Vinted, you have control over your sales, and you'll receive direct payments into your account. Just remember to factor in any applicable shipping costs and Vinted's seller fees when pricing your items. By leveraging Vinted's platform, you can transform your unwanted items into tax-free income and potentially discover a new passion for sustainable fashion.

I earn around £200 by selling on Vinted, which can work out to a whopping £2,400 per year! Definitely helps with the holidays!

3. Cashback sites

I have to admit that until last year, I thought cashback sites were a waste of time but I am a total convert. There are apps such as Cheddar which allow you to register your card and then it automatically tracks any spends with eligible retailers so you can just shop as normal and forget all about it until you log in to check your rewards - the rewards are quite low with Cheddar at around 1% but one of their retailers is McDonalds which we visit often so that 1% is better off in my pocket than Ronald McDonalds!

I also love TopCashback which is a popular cashback platform that allows you to earn money while shopping online. The concept is simple: before making a purchase, visit TopCashback and search for the retailer you plan to shop with. Click through the provided link to complete your purchase as usual. In return, you'll receive a percentage of your purchase amount as cashback, which is tax-free.

To maximize your earnings with TopCashback, always check the available cashback rates and promotions. Be mindful of any terms and conditions associated with the cashback offers. Regularly browse through the platform's featured offers and special deals for additional earning opportunities.

It's important to note that cashback earnings are separate from any discounts or vouchers you may use during your online shopping. With TopCashback, you can earn extra money effortlessly, simply by making your usual purchases through the platform. Over time, these tax-free cashback rewards can accumulate and become a significant source of additional income.

I tend to earn around £500 a year through Cashback sites.

Earning extra money through tax-free side hustles has never been easier. Remember to approach these side hustles with dedication & consistency, and you may just be surprised with how much extra income you can generate.  

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