Live more comfortable and earn extra money

[CottonCandyCrank]

The title says it all. I want to be able to live more comfortably. I come from a family that's always just got by, pay to pay, month to month. And I want better for us. I work part time/term time currently as it fits around my child at school and saves on childcare during school holidays. Partner works full time and earns an OK wage. We are all happy and healthy, we have a small semi house, nothing mega, we can just about manage 1 holiday abroad a year (but that uses the years savings) I have no extra savings should we need a new car (or like now our kitchen needs updating) Partner does all (or the majority) of the DIY in the house. I help where I can, painting, flooring etc.

I would love business ideas to enable me to pay off my mortgage. One less thing to worry about each month. I would love to have plenty of savings in my bank if I need a new car etc. Reading a thread on here about savings people have.. I want that 🤑 It's got me thinking what do people do to get so wealthy? And where the hell do you start?

I would love to work freelance to enable me to travel and earn money and I also want out of the UK to live somewhere with a nicer climate and a better lifestyle. Ideally Spain or Balearics but that wont likely come to fruition. Just somewhere where the weather is warm and the people are more relaxed and chilled. Less busy.

I just want something else to work towards to better our financial situation to enable us more freedom as a family and to give my children a better life. Where do people start? How to find the opportunity's? What is there to do? I'm not talking social media (tik tok and the likes) I hate being behind a camera. What are good ways to earn extra money online? Not selling old clothes etc, I do that when I can. But something that can give me a steady income each week/month? Where I dont have to risk losing money.

I need some inspiration or ideas on where to start to get me out of this lull I'm in.

Thanks

@CottonCandyCrank
You teach them English in English, it sounds bonkers but that's what they train you to do on the course, it's fascinating. It's a specific method whereby you build on whatever they already know. So it's easier to do, the higher level English they are to start with. With beginners you do a lot of miming and drawing pictures haha. You ask particular questions which draw out their knowledge and check they've understood instructions.
I'm hoping to teach abroad this year in south east Asia

Awe thank you.. I didnt realise. That's interesting 😄 well good luck with teaching abroad, I hope it happens for you ❤️

Re savings, I've never inherited anything and have never had a well-paid job so for years spent whatever I earned.

One year my PIL gave me cash for my birthday and I decided to buy some premium bonds with it. Then the same that Christmas, then the following birthday. It was such a small amount that it didn't really seem worth it but then after that whenever I could spare £25 I bought more bonds.

It wasn't the amount of money more the fact that I couldn't access it instantly so wasn't tempted to spend it, that then gradually got me in the habit of saving.
A decade later and I've got a somewhat healthy stash spread over different investments.

All those £10 and £20 gradually add up.

Where would you say is a good place to start with premium bonds?

Also, what does PIL stand for 🤔 keep seeing this and cannot work it out haha

In the school holidays what about dog boarding? There’s such a shortage of home boarding , people don’t like their dogs going to kennels as much unless they are big hardy dogs. The holiday time works be popular if have thought. Insurance is approx £8 a month. Look at local council for license rules (some u don’t need straight off till you’ve earnt £1,000). Advertise on local facebook groups and there’s usually local Facebook dog groups and park groups.

PIL = Parents In Law

Premium Bonds are purchased through N S and I (National Savings & Investments) you buy them from £25 up to £50k and each separate bond is entered into a monthly prize draw. £25 is 25 numbers in the draw so the more you have the greater the chance of winning.

The downside is you don't earn any interest.
The upside is that, unlike playing the lottery, you can withdraw your money. Any winnings are tax free and if you need the money out it only takes a few days, unlike some savings accounts where you need to give more notice or leave it in for a set period.

There's a thread on here where people discuss PB and how much they've won, or not won, each month.

I just found it an easy way to get into the habit of saving regularly. £25 a month was doable for me and once it started accumulating it gave me the incentive to put more in and not to waste money.

Thank you for the explanation. I will look into this. Certainly seems more plausible than winning the lottery with the benefit of not losing money 😬 so if I put 25 a month in, in 12 months that's 300 and no chance of losing the 300? Only gaining if you win

Blimey.. I ran through all the in laws possible 😅 and couldn't find any starting with a P.. thanks for that

Technically you're losing money because it's static, you're not gaining any interest meanwhile everything you buy goes up in price.
But there's always that chance of winning...and you can set it so that any prizes are automatically reinvested.

You might find a normal savings account suits you better. It's more the fact that if you can afford to squirrel away even a relatively small amount of money each month it's setting up a good habit. When you first start it doesn't seem worth it but believe me it all adds up.

Parents are always looking for clubs for DC in the summer holidays. Do you have any skills you could run a club with. Could you teach kids to cook? Art and craft ideas? Run a sports club? You could run some adult classes, cooking basic meals, baking, cup cake decorating?

The people I know that have a decent amount of money are either academically gifted and have PhD in science subjects or are corporate lawyers. Or have their own business such as builders and the owner of a haulage firm and are good at the business side as well as the actual physical job.

Myself, DH and many of our friends moved around and sometimes a lot while some moved overseas for a short period and a couple have moved and will never return to the UK. We also all had our children after age 30 with the majority at around 35.

We made most of our money through investing but it’s risky and it’s a very long term strategy.

Full time work is the way foward im afraid. Comes with benefits too.

Very unlikely you will be able to both lead a more financially comfortable life and a more chilled life. It would take years of hard work and stress, saving up and investing those savings wisely rather than spending savings on holidays etc.
Businesses are so risky, you’d be more likely to lose all than become wealthy unfortunately. Just very hard work and saving religiously, living within your means and investing what you can over a number of years… good luck!!