When you’re looking to bolster your finances, most of the advice that comes your way involves cutting costs as a mean of saving more. But trimming expenses could mean a lowered standard of living.
What if you could save more by earning more? Here are a few ideas:
#1 Cash in on hobbies
- Freelance: If you’re a good writer/ designer or video editor, let friends and ex-colleagues know you’re in the market for freelance gigs. You can also post on social media and sign up at marketplaces such as Nabbesh, Fiverr, or Up work. Be sure to research standard rates before starting.
- Blog: If you have an area of expertise, set up a website and share the knowledge. You can then rent out ad space or create affiliate links to start earning money.
- Make Videos: From recipes to movie reviews to “How to’s” – find your niche and monetize it by making videos and uploading them on platforms like YouTube.
- Sell your craft: Paper quilling, painting, knitting, or jewelry making – if any of these take your fancy – Try selling customised wares on social media or Dubizzle.
#2 Capitalize on free time
- City tour: Love Dubai? Show tourists the city through your eyes. You can become a licensed tour guide with the Department of Tourism and earn money. For more go to Dubai Tourism
- Babysit: Help your friends/ family or colleagues enjoy a weekend off. Offer to watch their toddlers for the day for a fee.
- Photograph: Good with the camera? Take up the position of the designated photographer at weddings, baby showers, birthdays and such.
- Teach: From teaching salsa to adults and swimming for kids – there’s a wide range of classes you can give out. Identify an area of expertise and make your services are known to students, parents and schools.
#3 Let your assets earn for you
- Rent out your house: Going away for a holiday? Rent out your house in Dubai on a short term basis through websites like Airbnb. If you own the property, ensure that you register it with the Department of Tourism and Commerce Marketing. If you’re a tenant, you would need the green signal from your landlord to sub-let it. However, if you don’t live in Dubai, it would be best to wait for a while longer. The legalities of listing on Airbnb is not yet clear for the other six Emirates.
- Sell used furniture and electronics: Instead of piling up old stuff in the storeroom, make a quick buck out of it. Advertise that stroller your kid has outgrown, or sell out the old refrigerator when planning to upgrade.
- Sell old gold and silver: Head to the various gold markets in the city with your old ornaments. Be sure to check the current market price beforehand and carry receipts, if you have them. Also, remember to compare buy back prices at many different shops before you sell up. Some jewelers will cut a percentage, but some may not.
- Sell unused clothes and accessories: Bought something that’s a size too big and can’t return it? Sell it on Shedd, an app for women’s pre loved fashion.
#4 Claim your money
Check in for any money owed to you by acquaintances. And don’t forget to claim vouchers, gift cards, cash back offers before they expire.