Who doesn’t want to earn a bit of extra money on the side? While many people might be put off by the potentially time-consuming aspect of money-making, there are plenty of different ways of making money online that are pretty painless. Making money online can really help boost your income, and could give you a bit of extra cash for a rainy day. 

We’ll go through some of the ways that you can make money online from the comfort of your sofa, giving you some examples and how you can get started with each one. We’ll also go through some of the pros and cons of each one, so you can decide whether it is for you or not. While there are lots of different ways to make money online, we’ve taken a look at some of the most popular ones.

Earning Cashback

Signing up for a cashback scheme with your credit card or via a cashback website could end up with you either managing to save on your credit card bill, or give you credit with the service you have paid for. Basically, whenever you end up buying something with your card or online, you get back a percentage of what you spent. It sort of works like a reward or an incentive, and can be a great way to make money online. It does require you to make a purchase initially, but you will end up getting money off the final bill – and who doesn’t want that!

How do you get started?

More often than not, your credit card company will be the ones to implement a cashback scheme. Be sure to ask them about getting involved, or if they offer such a scheme. If you want to get involved in a cashback credit card system, you’ll have to sign up with a credit card company that offers a cashback scheme. Alternatively, if your credit card provider doesn’t have a cashback scheme and you don’t want to sign up for a new card, you can use websites such as Quidco and Topcashback. Topcashback is a site you can access other retailers through and purchase items, and then earn cashback on your purchases. 

Pros & Cons

The pros with earning cashback is that whatever you buy, you could end up getting a discount and getting money back – and who doesn’t want that! However, the big con is that you have to purchase something in the first place. Some cashback cards also come with fees attached, which is another con you should factor in. 

Matched Betting

Matched betting is a technique that you can use to profit from free bets and other similar incentives that are offered by bookmakers. It’s often considered as quite risk-free as you end up placing bets on both outcomes so whatever happens, you are guaranteed to win. Most bookmakers offer up a freebie of sorts – so taking advantage of this can sometimes lead to big bucks! There’s been a lot of querying in the press about the legality of matched betting, as quite often it seems too good to be true. However, it is in fact all above board and legal.

How do you get started?

It’s as simple as opening an account on a betting website like Betfair or Coral, and taking advantage of their free introductory offer. Often they will do things like give you a set amount to place on bets as long as you match those bets. If you use two betting sites in conjunction, you will be able to bet both for a win and a loss – with the result of you basically not losing out.

Pros and Cons

The pros is that matched betting is a fairly foolproof way of how to make money online. You’re basically taking advantage of the free bets offered to you by websites, and while it may seem illegal, it is in fact totally above board. The cons are that it can be quite confusing and if you don’t fully dive into the ins and outs of matched betting, mistakes can be made, and things could go wrong.

Freelancing

This is an umbrella for all sorts of different types of work – from writing, proofreading and editing to things like web design, code writing and illustration and logo design. There are obviously some freelancing roles that require more specialised skills than others, but on the whole, you can do almost anything. Freelancing is basically taking on any work on a freelance basis – this means working alongside your 9 to 5 job. It’s a great way of making money online as you can do it as and when you want to.

How do you get started?

There are lots of websites out there that can help you find all sorts of freelance work, in all its many forms. Some of the biggest and best ones that can help you find your next gig include Fiverr and People Per Hour. You sign up and then create an advert that will demonstrate what you can offer, and then wait for clients to reach out to you!

Pros and Cons

The pros to freelancing as a way to make money online is that it is really flexible, and can be really well paid – especially if you have some specialist skills. It can also be a really regular way to make money online. The cons to freelancing as a way to make money online is that it can take a while for things to get moving, and get those all-important clients through the door.

Final thoughts

There are lots of different answers as to how to make money online, and some are better than others. At the end of the day though, everyone wants a bit extra in their pocket. These top tips on how to make money online should put you in a good position and get some extra cash in the bank. While there are lots of pros, it’s worth taking note of the cons with each method, as they may not be the ones for you.

About the author

Scott Nelson

Scott Nelson is a financial services expert, with over 10 years’ experience in the industry, including 6 years in FCA regulated companies. Read more
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