Your money-making expert. Financial journalist, TV and radio personality.
Over 60s make money in all sorts of ways now.
With returns from savings low and cost of living rising, finding ways to supplement income elsewhere has become a necessity for many who have already retired.
For a start, over half generate an extra income from selling on websites. The extra cash generated is used to pay bills, go on holiday or reinvested into savings accounts for day-to-day living.
We’ve put together a list of the best money-making ideas for the over 60s, so take a look and see what suits you.
Sorry men, this one tends to be for women only. Basically, this involves using your experience as a mother (or grandmother) to help families with a new baby.
You support the mum-to-be during her pregnancy (and often after the birth too). First, you sign up to an agency that will train you and place you with families. On average, Doulas in Britain make about £10–12 per hour for post-birth work and £200–400 for a birth.
Do you play a musical instrument?
Or speak another language?
Perhaps your talent lies in writing or pottery?
Whatever your skill is you can make money from it by tutoring people or groups and charging by the hour.
In fact, if you read our article you’ll find out how to make as much as £80 an hour tutoring.
If you can iron a basket of crumpled shirts, with your eyes closed (don’t try it!), then providing an ironing service could be the answer to your cash-flow problems.
Best of all, you can do it all from your own home and the set-up costs are minimal.
If you have been in business for a number of years, consulting is a good way to make money from your experience.
There are various ways you can do it: you could contact former employers offering your services on a project basis or for a few hours a month, or you could set yourself up formally as a consultant, go to networking events with your business cards, get in touch with prospective clients through LinkedIn and other online networking platforms and build up your business like that.
Companies need consultants in many different areas from HR to sales (that’s a big one, as everyone needs help with sales), financial management, business strategy, communications and more.
Consultancy is vital across numerous sectors too. For example, if you used to run a hairdressing salon you could consult for other salons. Likewise, if you used to run a cleaning franchise you could consult for other franchise businesses and so on.
Consider writing a business book, getting into corporate speaking to impart your knowledge and being on panels, where your expertise is truly needed. You might be surprised at how much you could make.
Market research companies are always looking for people to join focus groups. There are plenty of opportunities, if you look around.
Most will only be asking you to work for an hour and the pay won’t be much (probably £10–20), however it may be quite interesting and could lead to more work.
Here are some market research companies you may want to contact. Simply call them up, or send them an email, explaining that you would like to attend any focus groups they have in the future:
Another very useful site is Gumtree, where you can do a job search for ‘focus groups’ or ‘market research’ to get a list of most recent work opportunities in your area.
Have a scan through to see what sounds right for you. Certain lifestyle conditions may be necessary, however if you aren’t suitable for one particular job, try to get the contact details of the company anyway and let them know you’re interested in some part-time focus group work.
Now read our full article on making money doing market research.
One of the best things about house sitting is that over 60s are usually much more in demand as house sitters than younger people. This is because they tend to have more experience running a home, plus the flexibility to sit during holidays and weekends.
House sitting is a job that you can do as a couple, so it’s a fantastic way to spend some time together and make a little extra money.
You can start by joining an agency like Trustedhousesitters, who’ll match you with suitable clients. Working with an agency may be the best option if you’re a little nervous about house sitting for a stranger.
They will often arrange a meeting between client and sitter to make sure you know exactly what’s expected of you. Some agencies also have insurance to cover you should anything go wrong. Click here to apply to Trustedhousesitters.
The other option is to advertise yourself as a house sitter. Post an ad on Gumtree – place it in the ‘work wanted’ section explaining how much you charge and where you want to house sit.
Now, check out our full article on house sitting.
If you’re no longer working, you can use your free time to offer your gardening services during the week when other part-time gardeners may be unable to work. You can do anything from basic upkeep of gardens to pruning and planting flowers.
Likewise, you could grow your own fruit or vegetables and sell them for a profit. You can also make good money by propagating seedlings and selling the plants at car boot sales as you can see here.
Start by gardening for friends and neighbours. If they spread the word, you could end up with more paid work.
You don’t have to be an expert either; if you don’t know where to start there’s loads of help about:
Don’t forget, you can also make your own compost and sell it. Some local councils will even provide a discounted compost bin. Simply, enter your postcode into the search box to see where you can get one from and how much it’ll cost.
Now take a look at these articles:
If you love the companionship of dogs, but don’t want the responsibility of owning and looking after one full time, dog walking could be the perfect way for you to earn some extra money. First, you need to read our essential article on how to make £60 an hour by dog walking.
Then, register yourself with a dog-walking company such as Narps, or keep it simple and look after the pets of people you already know. Expect to make around £6–10 per walk.
You could also take it a step further and actually look after an animal in your own home, while their owners are away. To do this, join a company, such as Barking Mad, and register as a ‘host family’.
We’ve all got a loft full of old gadgets we don’t use, or an old computer you don’t use anymore.
That is where Cash In Your Gadgets come in handy. Cash In Your Gadget buy your unwanted tech, tablets and computers and get the money back to you in 2 days time. Perfect for getting some quick cash for the stuff you don’t use!
If you live near a sporting or music venue, university, or hospital there’s a very good chance you could make money renting out your driveway or garage.
Garages can also be rented out for storing equipment. This is particularly useful in big cities where storage is an issue for many people. Also, if you live in a tourist or coastal area you may be able to rent out your parking space during the holiday season.
If you’ve got a spare room that you don’t need, then turn it into a moneyspinner by renting it out. You choose who stays and for how long, so it really is a good way to make money with little hassle.
You should also consider taking in foreign students on a short-term basis. Depending on where you live and how nice your place is, you can make between £35 and £150 a week. Read this article on hosting foreign students to find out more.
For a long-term money-making scheme, running a B&B is another option. You could make anything from a few hundred quid a month to a few thousand a month, depending on where you live and how many rooms you have. However, it can be hard work and it’ll take a lot of effort initially to get things going, so do consider it fully before you make any decisions.
For those who are 60 and over, a big garden can eventually become a bit too much to look after. If this sounds familiar, then you could divide up your garden and offer people your unwanted space to grow vegetables.
Allotment patches are booked up for years in some areas so you can really cash in by offering someone a patch in your garden for them to use.
Spareground is a useful site where you can register and advertise your garden space (or anything else) for free. Again, you should also post a free ad on Gumtree.
If taking it easy isn’t really your style and you’re full of good ideas, why not set up your own business?
It doesn’t have to be as scary as it sounds.
You’re older and probably much wiser than you were 10 years ago, and if you’ve paid off the mortgage already, now could be the perfect time to venture into something new.
We have a whole section for over 50s and loads of helpful articles so take a look at these to get you started:
If you’ve discovered any money-making ideas we haven’t covered here, then get in touch by commenting below!