Furlough. Up until a month ago we had never even heard of this word, and now it is popping up in almost every conversation. You’ll probably already be aware that if you are put on furlough by your employer, it means that you cannot work for your employer during this time frame, and will be paid 80% of your monthly wage by the government.
Your employer can top this up by 20% to account for your full wage, but many choose not to. A 20% salary cut will be a very tangible hit to most people’s income, so how can you make extra money while on furlough if you’ve experienced a loss of earnings?
Potential side hustle ideas are a little more restricted than they usually would be- what with not being allowed to meet people or go outside! But there is still a ton of avenues that you could take to make some extra money while on furlough- most of which are online.
For most people, you may need to explore multiple options to recoup the full 20% if this is the pay cut that you are facing at this time. Although not on furlough, I am currently experiencing a 20% pay cut and exploring multiple alternative income streams to make up for this loss of income.
So without further ado, here are some ideas on how to make extra money while on furlough…
How To Make Extra Money While On Furlough
Sell your freelance services on Fiverr
If you have any marketable skill, someone on Fiverr will be looking for it. Writers, logo makers, graphic designers, proof readers, voiceovers, translators- you name it, someone is looking for it.
Fiverr is the perfect place to start looking to make some extra income from the skills that you may already utilise in your day job, or may have previously used at university or college.
Despite what the name suggests, not all jobs on the site are priced at $5 (thank goodness!). You can price your service as you want, and can offer different pricing tiers and add-ons which can all increase the amount that you earn on the site.
This article on selling writing services on fiverr is a brilliant guide on how to get started- how to set up, how to price yourself, and how to get and retain your first customers on the site.
Payment is in dollars, and you can expect to receive these funds after two weeks- not bad! And if you end up getting regular work through Fiverr? It could even become a long-term side hustle.
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Sell printables on Etsy
If you’re a regular crafter and maker, you’d usually be able to set up an Etsy store and get your first customers in a matter of days. But now? With many post offices closing and operating with reduced hours, it’s not so easy to get products out to customers.
An alternative is to sell printable artwork online- customers can purchase your print, and print it themselves at home! It’s a win-win situation. With people spending more time than ever indoors, there is no doubt that there are many potential customers who are itching to change up their home décor.
And if art’s not your thing? You can create gorgeous printable planners, invitations, spreadsheets and more. Printables can be practical too! Now that people can’t head out to get their stationery fix, you could provide it to them without even needing to head to a post box.
Printables are also a great form of passive income- income where you do the work once (i.e. create the printable and the listing) and make money from it again and again and again without needing to lift a finger. Another option that could keep making you money way after isolation is over.
Tutoring and coaching
Are you a teacher, personal trainer or fitness instructor by day? The power of video at this time is huge.
With kids being off school for the foreseeable future, tutoring can be a very lucrative side hustle if you are a teacher who is not currently working normal hours. Many parents will probably be relieved for someone else to teach their kids for half an hour!
And if you’re a personal trainer or fitness instructor? Although there are a ton of free resources for people to use, your regular clients might be looking for a more tailored work out session from home. All you need is an internet connection and a smart phone or laptop and off you go!
You might also be interested in: How to Make Money Fast
Start a business
So this idea isn’t going to recoup your lost earnings instantly- in fact, it could take a long while. But if you’ve had a business idea and have been waiting for the right time to start working on it- THIS is the time to do so. Maybe now could be the time to grow a blog?
A crazy amount of successful start-ups were founded in the 2008 recession, including Uber, Slack and Airbnb.
If you’ve been putting an entrepreneurial venture on hold due to lack of time, this is your sign to take the bull by the horns and get stuck in. Because, if you’re on furlough, when are you ever going to receive 80% of your wage whilst not working again? It’s a brilliant opportunity, so use it if you can.
You might also be interested in: 20 Ways to Make Extra Money in London
Can you get another job whilst on furlough?
Whilst side hustles are generally going to be ok with your employer, getting another job (i.e. at the supermarket) will be at the discretion of your employer.
Check your employment contract, to ensure that you are not breaching your contractual obligations. You could even check with your manager to make sure that if you apply for a temporary job to see you through the next few months, you are allowed to do so without being penalised.
What next?
These are, without a doubt, some uncertain times that we are living in. You may be worried about the future security of your job, and what might happen after the end of the furlough period.
All you can do at this time is prepare for what’s next as best you can. If you can make some extra money on the side- that’s great. But don’t beat yourself up if it doesn’t happen for you- there are currently a higher number of people than ever who will be trying to make extra money to make up for loss of income. At least you now have an idea of how to make extra money while on furlough- if you want to.
Another strategy that could help might be to set a budget in order to stretch your money over a longer period of time. If you don’t currently set a budget, it could be time to think about doing so, the 50 30 20 rule of budgeting or zero based budget could be good starting points.
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