Five smart ideas to diversify your income

A bit of extra money always comes in handy and no more so that right now. If you’re worried about your finances or just want to try to get ahead and build up a bit of a buffer, then you can think about trying to find a second source of income. It doesn’t have to be a major project or a second job – you can just use the skills you already have and spend a few hours a week on your alternative set of income. A second source of income is important for two reasons. First, the extra money is always handy and will allow you to achieve your goals more quickly, be that saving for a home deposit, paying off your home loan or buying an investment property. Second, it’s a form of insurance in case something happens to your primary source of income such as your job or small business, which unfortunately is an increased risk during this COVID-19 crisis.

Offer a service

As people work longer hours they are outsourcing some of the things they used to do themselves, and this provides an opening for you to earn some extra income. It needn’t be complicated. You could mow the lawns for people in your neighbourhood; maybe you’ve got a knack for putting together Ikea furniture – a service a lot of befuddled householders would pay for! If you have clerical skills you could work as a virtual assistant – doing typing, responding to emails and scheduling meetings for busy small business owners. Sites like Freelancer are a good source of this work.

Sell something

Is there something you can make that people would buy – such as knitting scarves or jumpers for winter? You might have a knack for restoring wooden furniture. You could buy it very cheaply at garage sales or even pick it up free from council throw outs and get it looking good again before selling it on Facebook Marketplace, eBay or Gumtree.

Do something you’re already doing

Another way of thinking about an extra income source is to consider chores you’re already doing for yourself and whether you could charge other people to do the chores for them. For instance, if you own a dog, you’re probably already taking it for a daily walk, so why not see if there are two or three other people in your neighbourhood who would pay you a small fee to ensure their dog gets some daily exercise. This is how the Dinner Ladies started. They were already cooking meals for their own families and decided they could also deliver meals to time-poor friends in 2007. Now they – and their staff – cook about 10,000 dinners a week*.

Start a passion project

Is there something you’ve been dying to do for years, perhaps start up a cupcake business or make furniture? Now might be your chance. Luckily if these are already your hobbies, you’ll already have all or most of the equipment you need to start out on a small scale. If things take off, you can invest more time and money.

Investing

If you’re in the fortunate position where you have money to invest, you might be able to make an investment such as a rental property. Once you have paid off the loan, the rent you earn will provide you with another source of income for as long as you own it. If you need some advice, you can speak to one of our expert brokers who can assess your situation and advise on how to get started. Even if you’re not in a position to invest yet, the extra income you earn from your side hustle might just start you on that path to investment property ownership. Book in a quick call with our customer care teamSourceshttps://www.theaustralian.com.au/business/meal-delivery-firm-dinner-ladies-revenue-surges-40pc-eyes-expansion/news-story/30f4c34f8f1659dd56393de6bde91fc2Book a call in with UNO

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October 26, 2023
What a fantastic experience using UNO Home Loans. Mike Parsons and the team were exceptional. Such an easy, hassle free experience, cannot recommend them highly enough. Mike Parsons was in touch every step of the way, and with him doing all the leg work, the transition to a refinanced home loan was a very easy one. Thank you!
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July 1, 2023
Scott Wilkinson has been fantastic when dealing with my broking needs. He has held my hand through every step of the way and has made purchasing my first home a much more comfortable experience than I anticipated.
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July 1, 2023
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June 1, 2023
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June 1, 2023
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Ashley Morson
We are truly grateful for uno home loans and our broker Karis Churchill. This is our second time purchasing a home with the help from Uno and both times have been a very positive experience. Our recent purchase had many obstacles due to different factors however it was our dream home and we were up for the challenge. Our broker Karis was a true support and went above and beyond. She communicated so well with our solicitor and the real estate agents. She kept us updated through every step and kept us motivated when things seemed impossible. Uno is very fortunate to have Karis as a broker and we would highly recommend her to anyone. Our family are so happy we are now in our new forever home. Thank you so much Karis and to the uno team!!!
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