Category: Make Money

Should I try to make extra Money in my Spare time?

If you are feeling like you would like some extra money then it can be a good idea to try to make some in your spare time. However, there are pros and cons of doing this and it is worth thinking them through before you start so that you are sure that you are making the right decision.

Advantages

Making some extra money is always great. Having a bit more to spend means that you can buy more things, pay off your debts or save some money towards something later. This means that you will be able to have the security of having that extra money too. It can be great having a bit extra; however you decide to use it.

If you are doing something in your spare time to make extra money that you really enjoy, such as running a business, monetising your hobby or freelancing, you might even find that you can be so successful at it you will be able to give up your regular job. Even if you are not, it can still make the job feel better if you are doing something that you enjoy but being paid for it.

Disadvantages

Some people put a lot of energy into their work or find it stressful or both. This means that they may not feel that they want to use the time in the evening doing more work. They might just want to curl up and relax or go out and socialise to burn off some steam. They may also have other things to do in their spare time such as caring for family or just spending time with family or doing a course. They may also have lots of hobbies that they enjoy.

If you decide that you want to monetise a hobby, this could be a fun way to make money. However, if there is pressure on you to make money from it, it might take away some of the fun. You might find that turning your hobby into a job just takes away the appeal. This will depend on you though and you may need to have a think or even try it to see how you feel about that idea.

You may find that doing extra work becomes tiring. You might enjoy the money but by the time you have done the work you may find you are too tired to actually have the energy to spend it. It therefore might be good to do in the short term, perhaps if you want to save up for something specific or pay off a debt but perhaps it should just be a temporary thing.

It is worth noting that some employers will not allow their employees to do a different job in addition to the one they are doing. You will need to make sure that you check if this is the case for you before you start off doing another job or else you may end up putting you main source of income under threat.

So, this is a decision that you should think very hard about. Whether taking a second job will work for you will depend on your circumstances. You need to find out whether it is something you can do and whether you can fit it in. Then think about whether you will have the energy to do it and whether you feel that you will be able to cope with the extra work. It is a tricky decision but you could always try it out and see whether you feel it will work for you or not.

Is it Worth Doing the Lottery?

There are many of us that do the lottery. We might buy a ticket each week for the Saturday draw, a few scratch cards occasionally or buy tickets more often, perhaps even every day or we might play online. However, is it worth doing the lottery at all?

Odds of winning

The odds of winning the National Lottery are pretty small. The odds of winning any prize are 1 in 9.3 for the lotto but one of the prizes is just a free ticket in another draw which means that you only get your money back effectively. However, if you are looking to win a big prize the odds are much smaller with a 1 in 45,057,474. You would have to buy a lot of tickets to give yourself a chance of winning the jackpot and the jackpot prize tends to be at least a million pounds but usually more depending on whether there is a roll over and there is a chance that you may need to share the prize with someone else or multiple people. With a National Lottery scratch card the odds of winning any prize are 1 in 3 but sometimes the prizes are lower than the cost of the card and the jackpots are usually a lot lower than the regular National Lottery jackpot.

There are lots of other lotteries that run as well and they will differ in the odds of winning and the prizes that they offer. All of them will have a very small chance of you winning a prize and therefore you will need to think about whether you think that it is worth it.

Value for money

One way to think about it, is to consider whether you feel that you are getting good value for money. Think about how much money you are spending on the tickets and whether you should really be spending that money on something else. If you are going without essential things or you are struggling to make ends meet or having to borrow money, then perhaps it could be wise to cutback on the tickets and use the money towards things that you need instead.

It is also wise to think about the payment for a lottery ticket as you buying some fun. Hopefully you enjoy having the ticket and checking it and the thrill of seeing whether you have won anything. It is wise to think of this as what you are paying for when you buy the ticket and any prize to be a bonus. It is not the way that we tend to be used to thinking about the lottery but it will help us to reason with ourselves as to whether we feel that it is worth spending the money on the tickets or not.

Better in a syndicate?

It can often be felt that it is better to be in a syndicate rather than just buy a ticket on your own. This means that you have a better chance of winning because each group member buys a ticket and you share the prize between you. If the syndicate has 20 members then you have a 20 times higher chance of winning a prize than if there id just one person buying a ticket on their own. However, the prizes have to be shared between the different members so you will only win a twentieth of the prize. So, you need to decide if that is worth it still. You will not increase your odds of winning the min prize by that much as the odds are tiny anyway but a smaller prize will be more likely, but by the time it is split between everyone there will be very little left.