Whether in your dream job and just need some extra money for a holiday, or struggling to make ends meet and need an extra stream of revenue, we all face times when we need to find ways to make extra money.
Look at your current outgoings
Be ruthless with any direct debits and outgoings that you are currently paying for. This might not bring in extra money, but it will free up money for you to spend on other things or put into savings. There are a number of charges that creep in over the years, such as paying for cloud storage or apps. The price may be so low that you don't think it matters, but if you're paying 99p a month for several apps you never use, this can add up over the year. If you cancel a product and find that you really miss it or need it, you can always re-subscribe, but quite often these are products or services that we can really do without.
Evaluate your current contracts and see if you could save money by switching. This applies to most things, from your internet bill to your energy bill. Phoning-up and asking for a reduction in price or searching through comparison sites won't cost you a penny but could save you a considerable amount. Money Saving Expert has a money makeover guide to help with this.
Put your money to work
It is possible to make money simply by saving or even, in fact, spending. There are many credit cards that offer cashback incentives, giving you rewards simply for spending. To make this actually beneficial you'll need to pay your balance in full each month to ensure you're not losing money in interest fees. Switching to an interest-free credit card will save you even more money, but many 0% interest offers expire after a certain period, so keep on top of the rate they are offering you. If you have savings, make sure you are getting the best savings rate you possibly can. Rates can change, so it is important to stay on top of how much your money is earning and if your rate has dropped, don't be afraid to switch to a better account.
De-clutter and set-up shop
Ever since Marie Kondo released her books on decluttering and 'sparking joy', people are once again embracing a more minimalist lifestyle. While this can increase productivity and establish a calmer home, it can also give you a chance to make extra money from your unwanted belongings. Ebay was once the go-to platform for selling used goods, but you can now avoid any unnecessary charges by selling for free on Facebook or Gumtree. Once you have expressed gratitude and decided to let go of an item, take the time to clean and prepare it properly for the next owner and take high quality photos. Not only does this show the item at its best, but it also shows prospective buyers that you have taken good care of it. This establishes respect and trust and will encourage more buyers and hopefully good reviews.
Rent out your spare room
Renting out a room or bringing in a tenant to share your home with can bring in a significant amount of money. Past a certain age, the idea of sharing with strangers can be intimidating and tiring, but when you calculate the money you could earn it might sway you. You could even do it for a limited time, just to boost your income in the short term. With the Rent a Room scheme from the government, you are entitled to a tax break on the first £7,500 per year earned from renting out a room. You can also earn a surprising amount if you rent out your parking space. This is particularly valuable if you live in a city, near an airport or tourist attraction that doesn't offer free parking.
Sell your crafts
Cottage industries are increasing in popularity, but so too is the demand for handmade, authentic goods. If you have a hobby, such as knitting, woodwork or anything that involves making things, you could set up a little online shop and sell your goods. Quite often these crafts take a long time to make, and the money you can potentially earn from them is not enough to cover the time spent. However, if you are making them anyway as part of your hobby and have excess products that you can sell, this can be a nice little method to make extra money.
Alternatively, you can sell patterns, guides and kits to help other hobbyists develop their skills, such as PDF patterns for embroidery designs. These kits are low cost and can be duplicated to really maximise earnings. A pattern can be sold in PDF format to save postage and packaging costs and keep the price low for prospective customers.
Release cash from your vehicle
Taking out a logbook loan is a quick and easy way to borrow money. Car Cash Point puts the control in your hands by making it easy. There are no credit checks, no hidden penalties, fees or charges and you can settle early and only pay interest on the time you've had the loan. Loans range from £500 to £100,000 based on the value of your car and the money can be in your bank account within the hour.