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The global pandemic has seen a huge rise in job losses. This post is about how you can increase your cash no matter what your circumstances. From tips to help you make the most of the money you had, tips for making money online, or how to use your home to make cash. The tips are about having a money makeover and showing you easy steps to increase your cash.
Boost your Savings Potential
At the moment, interest rates on savings are very low and won’t get you a huge amount of cash. However, there are some top interest paying bank accounts that will help you maximise the interest on your savings. There are also ways you can obtain additional interest such as setting up a savings account for your children. Shop around and ensure you are getting the best interest rates on your savings. Moving your savings is a good way of getting extra cash.
Switching Bank Accounts
You can get paid for switching your current account. There is now a Current Account Switching service that makes it easier to have all your direct debits transferred. You can earn anything up to £175 for switching, so it’s well worth looking into this option.
ISA tax-free savings
You could choose to save tax-free through an ISA. This is a great way of using up your tax-free allowance. During the tax year 2019/2020 you could invest a maximum of £20,000 tax-free.
Cash-back Credit Cards
Why not use a credit card that pays you cash-back? Check out the best deals but basically, each time you buy something on your credit card you will receive a percentage in cash-back. This all adds up during the year, giving you a potential lump sum for yourself.
While you won’t earn interest in placing your money in premium bonds, it is safe but also you will be entered into a prize draw each month. The jackpot prize is £1 million which is a staggering amount of money.
Ensure you check whether you are entitled to benefits.
This can help with childcare costs, fuel costs, or if you care for someone you may be entitled to a carer’s allowance. This is a great way of ensuring you are getting all the help available to you.
You may have money in a bank or building society that you have forgotten about. Check your paperwork or go to the relevant government website to check if you have any lost accounts that have money sitting in them.
Remortgage or Release Equity
If you are on a high mortgage interest rate, look around to see if you can get a better one. If you own your property and need cash you could decide to release equity. Check out a professional company that will be able to talk you through the equity release costs before you make a decision.
Start a Blog
Starting a blog is a great way of making cash. Here is a great guide on how to start making money on your blog to get you started. From earning money from advertisement placements to selling courses, a blog is a great way to start earning money online. Starting a blog can also be a cost-effective way of making money as the setup costs are relatively low.
Sell Unwanted Goods
Why not have a declutter and sell your unwanted goods? From eBay to Depop, there are so many selling platforms out there now where you can sell unwanted furniture, unwanted clothing, and books. As well as decluttering, you will earn cash from your unwanted items too.
You can earn small amounts of cash regularly by sharing your opinion through surveys. Search online for the ones that offer you the best rates for completing their surveys. Some pay in cash while others may pay in vouchers.
Sell Your Photos
If you are a keen photographer, you could decide to sell your photos on the many photo sites available. The likes of Alamy or Shutterstock pay you a commission each time someone buys your photo.
You can earn cash from the items you already purchase online. By going through cash-back websites you will earn each time you buy. This all adds up so never purchase anything online until you see if you can get cash-back.
Use Discount Codes
By using discount codes you can save money on products you purchase. There are many discount code websites out there as well as companies that offer you apps you can download and scan when you shop.
Become a Mystery Shopper
Get paid to visit shops and provide feedback on their service. Becoming a mystery shopper is a great way of being paid to shop. Places that employ mystery shoppers include supermarkets, hotels, fast food outlets, and many more.
Rent Out A Room
If you have a spare room then renting it out to a lodger is a good way of increasing your income. You can earn up to £7,500 each year tax-free. There are many professionals out there who need a place to stay for business. Remember to consider a tenancy agreement no matter how short the stay is.
As well as renting a room out, you could use your spare room or even your home and rent these out for holidaymakers. This is easy to do through Airbnb and is another alternative to renting a room out all year round.
Host Foreign Students
Again, another theme on renting out a room whereby you can rent it to a foreign student who is looking for a place to stay while studying. You can do this through universities and especially for older graduates who are staying to complete their post-graduate course.
Grow Your Own
You can reduce your food outgoings by growing your food. You don’t need a lot of space just the know-how to grow items such as salad leaves, carrots, spring onions, cabbage, and other vegetables that you use. If you have space you could grow more than you need and sell these at a local market.