Just like the rest of Europe, Spain is in the grips of a cost-of-living crisis. With the cost of fuel, utilities and now food increasing considerably, many people living in Spain are finding that their money just isn’t stretching as far as it used to. Luckily, there are some achievable ways to earn a little extra cash. Whether you’re working full time in Spain but want to supplement your income, or you're not working in Spain but want a little extra cash to top up your savings or retirement pots, there are plenty of options available.
Please note that everything you earn should be declared to Spain’s Agencia Tributaria tax agency, no matter how big or small the sum. Your bank is obliged to inform tax authorities of any payment transfer above €3,000. And if you don’t declare any extra income, you could be subject to a fine, or worse. But even with the admin of declaring your extra income, it’s still a great way to combat the cost-of-living crisis. With that in mind, here are some top tips for earning extra money whilst living in Spain:
Join the Queue
Individuals who are cash rich, but time poor are often happy to pay for someone to take on inconvenient jobs for them, including standing in line for concert tickets, new consumer releases, or other must-have items. If you are a patient person with time on your hands, then you could make a little extra cash by offering your services as a ‘line stander’. According to reports, standers in New York can earn up to $14,000 in a single day when new products like iPhones are released.
Take Up Dog Walking
Walking is a great form of exercise and good for your mental health too. Why not earn extra money on your daily walks by taking up dog walking? This is a great side hustle if you’re an animal lover. You can start by walking dogs for friends and family members, but this business is one that is easy to grow. Advertise your services on social media and in local community groups, and you’ll soon have plenty of ‘lockdown puppies’ that need walking now their new owners have returned to work.
Sell Items You Don’t Need
If your house is full of clutter, then you can earn a little extra money and clean out your living space at the same time. The best thing is, you can do this from the comfort of your own sofa: online marketplaces such as eBay, Facebook marketplace or vinted are great forums to list and sell your items without leaving the house. Selling your items in this way also has the added benefit of being convenient, covid-safe, and easy to fit around an existing role.
Set Up an Online Shop
During the coronavirus pandemic, more people than ever turned to online shopping, and the convenience and variety offered through this medium means that the online shopping boom is only set to continue. Take advantage of this by setting up your own online shop. Use your expertise and experience, find a gap in the market, and take advantage of your skillset. Perhaps there is something you know expats in your area really need? Or know a wholesaler who can get you an in-demand good for an affordable price? Use this knowledge and turn it into cash.
Offer Translation Services
Many expats living in Spain are fluent in both their native tongue and Spanish. If this applies to you then you could earn money offering translation services. Translating items such as menus, information leaflets, and town hall forms in your local area, for the benefit of foreign visitors, could be a great way to supplement your income. And because these are not official documents, you won’t need to be registered as a sworn translator to provide this service.
Much like offering translation services, if you are bilingual then you could take advantage of this by offering online teaching services. Many young people’s education was disrupted during the pandemic, and Spanish parents in particular as seeking tutoring services to close this gap. There are a huge number of online teaching platforms that you could use to offer your skills to those hoping to enhance their own.
Offer Mystery Shopping Services
Do you love to shop? Or perhaps you’re a foodie who loves eating out? As a mystery shopper you can indulge your favourite pastimes and make money at the same time. Your role will be to make secret reports on the quality of service on offer, on behalf of the companies themselves. Secret shopper work can be both regular and well paid.
Explore the World of Investing
If you’re financially savvy and ready to take a risk with your money then you could consider entering the world of investment. You can invest, buy and sell, and profit from currency, futures, commodities, or even crypto currencies. It’s important to note that whilst the rewards of investment are high, so are the risks: you could double your money, but you could also lose it. Investing is an interesting option, but it’s important that you consider this carefully and do your homework rather than jumping straight in.
Are you thinking of moving to Spain? Looking to buy your holiday bolt hole, or to relocate and start an idyllic new life in Spain? Then why not get in touch with our local property experts, who are perfectly placed to assist you with your property search.