.png){kind=logo}
I have compiled a list of twelve creative ways to make money online to survive a recession. These are not the type of ideas that will bring in huge sums of money. No. These are little things you can do every day to earn or save some money to survive a recession, unemployment or any other temporary financial setback.
If you have a stable job and earn about £100k a year, this list probably isn't for you. This list is for people who've been made redundant and need money to help them get by until they find a new job. It's for a mother who just had a baby, isn't working, and has a couple of hours to spare each day. It's for that person who is curious and wants to know how to make £5 today or £50 tomorrow.
If this all makes sense, here are my top twelve ideas for making money online to survive a recession in 2020. Note that the examples I used here are specific to the UK, but the general ideas are applicable globally.
Get paid to participate in research from universities and companies.
Cashback is a service that lets you get money back on goods, services, and travel through exclusive partnerships with brands and leading retailers. For example, if you spent £50 at Tesco and got a 10% cashback, that's free £5 in your pocket. Here's how to get cashback:
With these services, you share some of your data like a scanned copy of your supermarket receipt to earn rewards. Here are some companies that offer these services:
Most tech companies will offer you money when you invite your friends to join their website or sign up for their app. Here are a few good ones:
You can earn some extra cash by reviewing products online and testing websites. For these types of jobs, expect to get paid between £8 and £20 for a task which might take you 20 to 25 minutes to complete. Most payments are via PayPal. Below are five websites for product reviews and testing:
This one saves you time and money. Auto-switching companies automatically switch your energy tariff to keep you on the best deal. It takes about two minutes to sign up, and it's completely free except you opt-in for a paid plan. Here are the ones we feature on Koody:
You will hardly make any new money from this idea. Instead, you'll save some of what you already have. Here's how to save smartly:
Many big banks will offer you money to move your current account over to them. I'm not a massive fan of bank switching deals because it can take several months to receive the bonus. But, if you're a patient person, you should check out the ones below:
1. Natwest Everyday Bank Account - £125 switching bonus (available to new and existing customers).
How it works
2. HSBC Advance - £125 bonus when you switch to HSBC + access to 2.75% Regular savings account.
How it works
3. RBS - £100 bonus when you switch to RBS
How it works
4. Lloyds Bank - £100 when you switch to Lloyds bank.
How it works
5. Metro Bank - If you are an existing Metro bank customer, you can refer a friend, and you'll both receive £50 after your friend successfully switches to Metro. The offer runs until 11th December 2020.
Selling your old stuff online is one of the best ways to make money quickly. It is also pretty straightforward and effortless to implement. You can sell anything from used clothes to old gadgets. You also can list your products as 'collection only' so you don't have to bother about delivery and delivery costs. However, if you want to appeal to a broader audience, remember to factor in delivery costs. Here are a few places where you can sell things online:
Identify your hobby and find a way to make money from it. Here are a few popular hobbies and my suggestions on how to make money from them:
People often forget to take advantage of employee perks. Websites like Perks At Work and Perkbox offer discounts on several retailers and brands. Employee perks are company-specific, so if you and your partner don't work in a company that offers them, you won't be able to benefit from them.
Combining employee perks with cashback offers can be quite powerful and can significantly reduce your bills. It is also worth adding that even if it's just your partner who has access to these discounts, you can also benefit from them.
If you've been made redundant, there's never been a better time to start improving your skills.
As you take advantage of some of the money-making ideas I listed above, try to dedicate some time each day to self-improvement. For example, you may have identified some jobs you would like to apply to or a way to make money from one of your hobbies. Whichever is the case, your odds of succeeding increases significantly when you take deliberate actions to improve your skills.
I will close with one of my favourite quotes by best-selling author Hal Elrod. He wrote, "Your level of success will seldom exceed your level of personal development because success is something you attract by the person you become."
I hope you enjoyed reading my 12 money-making ideas to survive a recession in the UK. Don't forget to leave your comments below!
Every month, we’ll send you The Plug - a curation of the best personal finance content in the UK. We share real-life stories, how-to guides, top personal finance news, popular community questions, and tips to help you stay on top of your money.
.png){kind=small}
