software to give you the best experience, track visitor interactions across this website for
the purpose of improving the user experience of our website and for internal reporting purposes.
If you do nothing we'll assume that it's ok. Read our terms and conditions for more details.
Your browser is out of date. It has known security flaws and may not display all features of this websites Click Here to Update
COVID-19 Notice: Bayport’s services are still accessible. Bayport encourages you to process all your Bayport requirements online. You can apply, get updates and view statements via our online portal. Please register and login. You can also use our WhatsApp self service portal by sending a message to 087 240 5555. For more information click here
Published: August 5, 2020 Categories: Financial wellness Tags: Become your own boss, Financial education, Financial Health, Financial Literacy, Financial Tips
Getting your personal budget to balance at the end of the month can be tricky. When your income doesn’t stretch far enough to cover all your expenses – despite your best efforts to buy only what you really need – and getting out of debt seems impossible, the time has come to think creatively about earning a second income.
Where do you start when you’re in the market for a second income? Here are three ideas:
Start with what you love doing. Take, for example, the freelance graphic designer who found herself with no income when lockdown started in South Africa. Her clients were mostly in the tourism or restaurant industry, and as they all had to stop trading, she had no work coming in. With a lot of time on her hands, she focused on a hobby she loves – participating in quizzes. She soon spotted a business opportunity and, within a few weeks, she was designing and running quizzes for people across the world. Not only was she doing something she loved, but she had pretty much matched her income as a designer. What do you love and is there a way you can make money from it? Maybe cooking is your thing, and you can supply home-cooked meals for your neighbours. Maybe you enjoy gardening, so how about expanding your vegetable patch and supplying neighbours with fresh, organic produce?
Solve a problem for someone else. If you live in a complex, for example, offer to shop for your neighbours who work crazy hours. If you are good with children, offer babysitting services to parents who have to work late or need childcare help over weekends. Or let it be known that you are available to do small DIY jobs around the house and garden, or household chores, such as sewing on buttons and mending items of clothing, or cleaning dirty ovens. It may not be glamorous, but many people will be only too glad to compensate you for making their lives easier.
Volunteer your skills. Yes, we know you don’t get paid for volunteering, but you are bound to meet interesting people, learn new things and – who knows – discover a business opportunity or get introduced to someone who could offer you a paying gig. At the very least you will have an opportunity to help others and, instead of sitting at home worrying about money, you will be doing something valuable and helping to make the world a better place.
Here are some specific ideas to generate a second income that can help you clear debt, build an emergency fund, or help you save for a financial goal:
Become a virtual English teacher. Many countries prefer South Africans because compared to Americans, Australians, and those from the United Kingdom, our accents are a lot easier to digest and understand to the ears of second- or third-language English learners. There are many teaching opportunities across the globe, and all you need to start earning is decent internet connection speeds and a computer.
Tutoring could be a great opportunity at the moment with many schoolchildren and university students not able to attend classes.
M4Jam is a proudly South African app that allows you to find jobs near you and that suit your skillset. The platform offers micro-jobs, typically simple tasks you can complete in your area, like taking a photo of a shop or completing a survey from your couch. You earn money for each job you complete.
Building a second income stream can be simpler than what you think. And remember, to give your personal budget a boost or getting out of debt quicker, you don’t necessarily need huge amounts of extra money. Every bit helps, especially when you apply healthy money habits to managing and making the most of the additional cash.