20 ways to make money in your spare time
There are ways to generate income outside the 9-5
grind - get busy in your free time and you could see the pounds rolling
in. Moneywise shows you how to make money with our top money making
tips.
Austerity measures from the
coalition government has meant many people have had to tighten their
belts. While sticking to a budget and finding ways to cut back are
advisable, with a little imagination and effort you could find there are
ways you can actually make money.
Moneywise has come up with 20
ways to make money during austere times - some are easier than others
but all of them could see you make some extra cash.
Here are some ideas for you to consider:
1. Track down old accounts
According to the British Bankers’ Association, there is more than £15
billion sitting forgotten in bank and savings accounts in the UK, with
the average balance estimated to be £600.
The good news is that tracing lost funds has become easier with
Mylostaccount.org.uk – a free online service that covers all UK bank and
building society accounts. All you need to do is to go to the website and type in your details.
How to track down money in lost accounts
2. Claim tax credits
It’s always worth checking that you are receiving all the tax credits you are eligible for.
Research by entitledto.co.uk found that people across the UK are
collectively missing out on benefits and tax credits worth more than £8
billion a year. So while you’re tracing lost funds, why not visit the
entitledto.co.uk website too and work out how much you could claim.
Take a look at our competition page for the latest prizes and giveaways.
3. Sort your savings
Another easy way to make money is to make sure your savings are working as hard as they can.
If you’ve had the same savings account for a while it might be worth
shopping around because new customers tend to get the most competitive
rates. Good rates come and go, but if you've had a savings account for
more than a year the chances are the interest you are earning is not the
best out there.
Buyers' Guide - Savings accounts
If you have a lump sum that you are prepared to lock away for 12
months or longer, then a fixed-rate account might be best. This type of
deal will also protect you from interest rate cuts.
If you want to start a savings habit then a regular savings account
is a good way to ensure you put a set amount of money away each month.
But if you want to make deposits as and when, an instant access deal
could be the one for you.
However, if you haven't yet used your
ISA
allowance for the current tax year then this sort of account should be
the first home for any savings. You can save up to £5,100 each tax year
as cash in an ISA and this will not be taxed.
Find the best Cash ISA or savings account for you
4. Use cashback credit cards
If you pay off your credit bill in full each month, a cashback
credit card could be the way to go. These offer you moneyback on purchases in certain shops or on goods such as petrol.
“
Cashback credit cards
are a great way to reward savvy spenders,” says Andrew Hagger, from
Moneynet.co.uk, a price comparison website. “You can earn extra cash
without even having to change your shopping habits.”
See the best cashback credit cards with Moneywise Best Buys.
5. Cashback sites
You can earn even more money from shopping online.
Cashback websites
will automatically pay you every time you buy a product or a service
from selected retailers, from your weekly groceries to switching your
utility provider.
Websites include topcashback.co.uk, quidco.com and
quidsinuk.co.uk which offer 100% commission cashback.
The top five cashback websites
6. Paid for surveys
The web also offers a wealth of balance-boosting opportunities.
Survey websites such as Yougov.com, Panelbase.net and Toluna.com will
all reward you for your opinions, either through cash or reward
vouchers.
Once you’ve registered on the website, you’ll be sent surveys
tailored to your personal profile, ranging from 10p to £2 per survey.
7. Earn from web research
Any Question Answered (aqa.63336.com), are often on the lookout for
internet researchers. Once a customer asks a question through their
mobile phone, it’s the researcher’s job to hunt out the answer and reply
online.
You can choose your own hours and the questions you answer, and can earn around 30p for every question you answer correctly.
8. Review music
Budding Simon Cowells amongst us should check out soundout.com, a
music website that pays users to review unsigned bands. The idea is
simple: you sign up, listen to a track, rate it and write an honest
review. You’ll get 5p per review, but the more reviews you make the more
you can charge – experienced reviewers can command 25p per song.
“If you’re a dedicated reviewer, you can earn some decent pocket money, some users have earned in
excess of £1,000,” says David Courtier-Dutton, the founder of soundout.com.
9. Take in a lodger
While most of us pay a fortune for our homes, it’s possible to make your home make money for you.
According to Santander, you could make as much as £289 a month from renting out a spare room. Under the
government’s ‘rent a room’ scheme,
you don’t need to pay tax on the first £4,250 you receive either, which
means you could charge up to £354.16 a month without being lumbered
with a tax bill.
10. Rent out a parking space
If you live close to a city centre, train station or football stadium
and don’t use your parking space or garage, you’re sitting on a
proverbial goldmine. Renting an empty parking place to a commuter or
football fan could see you rake in the pounds.
Parkatmyhouse.com is a website where you can advertise your space
free of charge and let frustrated drivers get in touch. A parking space
in the West End of London, for example, can fetch £500 a month, while in
a leafy suburb of Leeds a space could net you £100.
11. Rent your home to film makers
Hollywood can come to your home too, provided you have the right
location. If you live in an interesting property, you could bag upwards
of £1,000 a day renting your home to film and TV companies. Ideal
locations must have large rooms, good parking facilities and
understanding neighbours. Ordinary homes are wanted too.
Five ways to cash in on your home
12. Be a Film extra
If you fancy seeing yourself on screen, film and TV companies are
always on the hunt for extras. You could make up to £150 a day and get
the chance to meet some famous actors. However, you will need to join an
agency first.
13. Model your child
While every parent thinks their child is a star, model agencies could
think so too. If you think your little one has what it takes, the first
step is to contact an agency to ask about their requirements. You will
be asked to send in a head and shoulders photo of your child, either by
post or email.
If your child stands out, you’ll both be invited for an interview, to
assess if your child is right for TV, photo or film. Depending on the
child’s age, shoots pay upwards £50 an hour, but bear in mind that
agencies can charge up to 25% commission.
14. Auctions
We’re all guilty of hoarding items that "could come in handy one
day". But one man’s rubbish could be another man’s treasure, which is
why online auction website eBay.co.uk is so successful. In fact, eBay
estimates the average British house has about £450 worth of unwanted
items that could be sold on the site.
Make cash from your old junk
Furnishing your home from an auction
For more valuable items, it could be worth going to an auction. Jonty Hearnden, antiques expert and presenter of BBC 1's
Cash in the Attic and
Sun, Sea and Bargain Spotting, says you should contact a local auctioneer if you think an item could be valuable.
"You could be asked to email across a digital photo, which the
auctioneer will assess for free, or the auctioneer might visit you at no
extra cost to take a closer look - especially if it is a large item,"
he explains.
15. Car boot sales
If you’d prefer money in your palm instantly, a
car boot sale is the place to go.
Thousands of people flock to car boot sales every weekend, with pitches
costing about £10 a day. To find out where to flog your booty, check
out Carbootjunction.com.
Make money from car boot sales
16. Recycle your old mobile
Many of us have an old mobile phone gathering dust in a drawer somewhere, but you could easily turn it into cash,
even if it is slightly damaged. Websites such as Mopay.co.uk,
Fonebank.com and Envirofone.com will tell you how much your phone is
worth. An iPhone 3G, for example, could fetch around £130.
Cash in on your old mobile
17. Mystery shopper
If you're longing for some retail therapy but can’t afford to hit the
shops, why not earn a few pounds as a mystery shopper? Websites such as
Retaileyes.co.uk employ mystery shoppers to drop in unannounced in
shops and restaurants and rate their experience.
After you send in your feedback, you’ll be paid for your time and
reimbursed for any purchases you made. You could make up to £20 a day,
and get a meal or a night in a nice hotel thrown in for good measure.
18. Sell your skills
We all have skills and talents so why not use these to make a few extra quid.
“If you spent years of your life being marched to piano lessons, put
the experience to good use in adulthood by advertising your services in
the local newspaper as a music teacher, says Laura Howard in her book,
CashQuestions.com's 100 Ways to Beat the Credit Crunch.
"Just three hour-long lessons a week could see you up to £60 better
off, not to mention the sense of satisfaction you will get. The same
applies for languages."
19. Clinical trials for money
Volunteering for medical experiments doesn’t just have to involve
taking untested and risky drugs. Some clinical trials are perfectly
safe, such as sleep studies, psychological tests and taste testers. Fit
and healthy volunteers living in London willing to donate their blood
for clinical research, for example, could be paid £60 a time.
But remember, never sign up for anything you are not happy with –
risking your health for a few extra pounds is just not worth it. Go to
Gpgp.net for trials in your area.
20. Join the TA
If you’re brave and committed enough to sign up, the Territorial Army
is always looking for recruits. You would need to give up one weekend a
month, attend an annual two-week camp for basic training and be ready
to be called to active service.
Basic pay starts at £34.41 a day, but can rise to £112.51. When you
meet the minimum yearly training requirement (27 days if you’re in a
Regional Territorial unit, 19 days if you’re in a National unit) you
receive an extra payment known as a bounty. This increases as you spend
more time as a Territorial, so within five years of joining, you could
receive an extra £1600 a year. Go to Armyjobs.mod.uk for details.
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