The rising cost of living is hitting our finances hard. The Centre for Economics and Business Research say 72% of Brits think they’ll be worse off by an eye-watering average of £252 per month (£3,020 a year) in 2022.
However there are ways to bring in much-needed pounds that you may not yet have considered. The team at money-saving website, Quotegoat.com have put together their 15 top tips on making some much needed extra income this year. They may not be possible for everyone, depending on your circumstances, but they might bring you some inspiration when it comes to your own budget.
Editor in chief of money-saving website Quotegoat.com , Michael Foote, said: “Every person in the UK is likely noticing they’re financially worse off right now. It’s crucial that you take action if you’re slipping into debt or unable to pay bills. The longer you leave it, the more your debts will balloon. Although these projects won’t solve all your financial worries, they might help in some small way”.
“You won’t have to pay tax on the first £1,000 you earn from these types of activities or selling your unwanted goods. If you’re lucky enough to make over £1,000 with side earners like these within a year, you’ll need to declare it to HMRC”.
Earn money with the assets you already own
There are a number of apps and websites that will help you rent out your spare room, parking space, car and even wedding dress and home to film crews. Check out Airbnb , JustPark , Hiyacar , Byrotation and Shoot Factory .
Earn an additional income with a flexible second job
This isn’t an option for everyone and it won’t work for those already working long hours or jobs with varying shift patterns. But many services are looking to employ people on flexible terms with no long-term commitments, which for some can make it easy to fit around your primary job. You could consider driving for Uber or delivering for Just Eat or Deliveroo .
Be a case study
Follow #journorequest on Twitter to find journalists looking to speak to individuals about subjects varying from relationships to finances. In some cases there will be a payment for your story and photos.
Host a foreign exchange student
Get in touch with local schools to find out if they run foreign exchange programmes and what you need to do to become a host. You may be able to earn as much as £80 per week per student.
Join a mystery shopper agency
Retailers and restaurants spot check their outlets to make sure their customer service is satisfactory. Mystery shopping agencies like Grass Roots and Retail Maxim will pay you to visit shops or eat at restaurants to check the quality of your experience.
Freelance in your spare time
Again, you may not have the time to spare around your current job. But if you’re a budding photographer, graphic designer, writer or other creative professional, websites like Fiverr and Upwork will connect you with businesses looking for freelancers.
Check what benefits you’re entitled to
To check your eligibility for benefits that you may be entitled to but didn’t realise you could get, visit Turn2us . The website includes a benefits calculator along with a grants search.
Earn extra cash or a free homestay looking after pets
During the lockdown, families welcoming pets into their homes soared. Those families are now going on holidays and need people to help look after their beloved pets. Check out Trusted Housesitters .
Get paid to play video games and surf the web
Before new video games and websites are released, companies need to test them out. Some websites like Testerwork have been known to pay as much as £50 for you to trial them.
Babysit for money
Babysitting may have been your first ever job, and you might think of it as something the teenager next door does, but in reality, childminding on an ad-hoc basis is a very sought after service. Depending on where you live, the going rates for adults range between £8-£10 an hour.
Sell your unwanted goods
You might be surprised how much your old mobile phone, empty iPhone boxes, unused remote controls, instruction manuals, wedding dress and Lego can fetch on eBay, Gumtree and Facebook marketplace. Sell my mobile , We buy books , and Music magpie are also great sites to check out.
Car boot sales
Carboot sales slowly fell out of favour as we all moved to shopping and selling items online, but recently they’ve been making a come back. Use Car Boot Junction to find ones in your local area.
Save money on food using the Too Good To Go app
Each day fresh food goes uneaten at cafes, hotels, shops and restaurants simply because it hasn’t sold. The app lets you buy and collect food for low prices, so it doesn’t go to waste.
Earn money taking part in surveys
Earn cashback while you spend
For more stories from where you live, visit InYourArea.