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Want to know how to make an extra £1000 a month?
You might read that question and think, “that’s definitely a scam”.
It sounds almost impossible – for a lot of people that’s pretty much a full time wage. But it can be done.
Many people can and do make an extra £1000 a month (and more in some cases).
So how do we do it?
Table of Contents
How to Make an Extra £1000 a Month – First Steps
Break it down
£1000 a month extra sounds a lot. And if you try to take it in one big chunk, it is.
The key with achieving ‘impossible’ goals is to start by breaking them down into possible goals.
So how much extra is £1k a month?
To make an extra £1000 a month you’ll need to make:
- £5 200 times
- £7.50 133 times
- £10 100 times
- £12 83 times
- £15 67 times
- £25 40 times
- £50 20 times
Looking at that breakdown now, does is still seem so out of reach?
Make a Plan
Once you’ve broken the goal down into manageable chunks, it’s time to plan how you’re going to make that money.
Have a look through some of the suggestions we’ve set out below and play around with the figures above.
If you combine several side hustles that suit your schedule and aim to hit it in chunks, it suddenly becomes more achievable.
So what can you do to make an extra £1000 a month?
Track your Progress
You might not hit your goal on your first attempt, but you’ll be a lot closer than if you hadn’t tried at all.
Keep track of your progress throughout the month. This way you can monitor what is and isn’t working and evaluate changes you need to make to your plan.
Treat the process as a constant learning curve that needs refining and before you know it you’ll be hitting that goal month in, month out.
How to Make an Extra £1000 a Month – Side Hustle Ideas
Since we’re looking at how to make an extra £1000 a month, it’s probably safe to assume you have a main income that takes the bulk of your time.
So it’s important to find a side hustle that is flexible and fits around your current commitments without consuming all of your spare time.
Here are some side hustle ideas that you can dip in and out of when you need to.
Matched Betting
If you don’t know what matched betting is, check out my beginners guide.
In short, matched betting is a way of leveraging bookmakers offers for a profit.
It isn’t gambling and any profits you make are completely tax free.
It’s a little complicated at first, so take time to get your head around it.
Once you know what you’re doing, you can make as much or as little as you like.
There are times of the year that are more profitable (i.e when big sporting events like Cheltenham are on, so there are more offers to take advantage of) but if you commit a few hours to it each week, you’ll still be able to make a consistent profit.
Create and Sell an Ebook
If you are already a content creator and have a following on social media, or a blog – you’re ideally placed to make some extra income selling your own products.
You don’t need to be a graphic designer, Canva* has some great templates.
All you need is a bit of knowledge that you can share with an audience.
For example, a money blogger could create an ebook about:
- making money
- saving money
- budgeting
- investing
Once created, the hardwork is done – you just need to start selling.
You could create a shop on your own website or if you don’t have one use a website like Payhip to host your products for you – you could then just link to it from your social media.
Don’t have social media or a website? Self publish on Amazon.
The great thing about digital products is that once it’s all set up, it’s pretty much passive income.
Market Research and Focus Groups
Market research studies and focus groups usually take an hour or two of your time.
A lot are conducted over zoom but you can also find in-person focus groups.
Basically, brands just want feedback on their products and services or to conduct research to gain insights into consumer opinion.
The pay is good and the studies will often be on completely different subjects, which keeps things interesting.
The best part is there are loads of market research companies out there, so plenty of opportunities to apply for.
It’s not uncommon in the Instagram money community to make hundreds each month from this side hustle alone.
Here are some suggestions of sites to try:
Angelfish Opinions
Code 3 Research
Fieldscope International
People For Research
Saros Research
Take Part in Research
Vocal Views
Zest Fieldwork
Sell your Services
If you’re skilled in a particular area, why not sell your services?
You could register with a website like Fiverr* and advertise anything from writing services to graphic design.
Here’s a detailed guide on Getting Started With Selling Writing Services On Fiverr
Reselling
If you have any experience of selling your old stuff online with eBay or Vinted (or any selling platform for that matter), then another great side hustle to consider is reselling.
What is reselling? Effectively, it’s buying something to sell on for a profit.
You could hit up car boot sales, charity shops or recycling centre shops to bag some bargains to flip for more money.
How much you make reselling will ultimately depend on what sort of things you sell and the quantity, but it can be a really profitable side hustle.
For example you might:
- buy a bargain bundle of clothes from Facebook Marketplace
- Spend a few hours over the weekend listing them for sale
- Spend half hour or so every evening to package up and send that day’s sales
Trial selling different types of things and soon you’ll get a knack for what sells well and what doesn’t.
I’ve seen people have great success reselling a variety of items from vintage jewellery and collectable crockery to plus size clothing and baby clothing.
How to Make an Extra £1000 a Month – Summary
These are just some suggestions of how you can make an extra £1000 a month.
For more ideas check out some of these articles: