Money management

Making extra money

We would all like a little more money – it can make the difference between merely surviving and being able to afford a few of life’s luxuries or saving to make our dreams come true. These ideas on how you can Declutter, Find a second job, Get your home to help and Cover all the bases might spark off some thoughts of your own.

Declutter

Everyone has things they either do not use or do not really need, so sell them in an online auction, through classified ads online or in the local paper or through car boot sales. Start with a few items to get your eye in and use some of the many advice sites for tips on how to sell.
Recycle your old mobile – it can be worth anything from a tenner to several hundred pounds. Several websites are devoted to the topic and second-hand shops love good quality phones.

Find a second job – or even a third

Second jobs – bars, restaurants, shops and cleaning companies are always on the lookout for people who can be flexible with their hours, particularly if you can work at anti-social times. Second jobs working mainly from home include baby sitting, pet sitting and doing a small business’s books. If you can leave home for a few days or weeks at a time, house sitting is another option. Even something as simple as ironing can be turned into a second job – lots of people do not have the time but need crisp shirts.
Turn your hobby into cash – some people are born sewers, bakers, cooks, gardeners or computer programmers. If you are selling a local service, try the old-fashioned approach and put postcards in newsagents’ windows. If you are selling an internet-related service, put up a website and advertise it online. Good photographers can lodge their pictures with photo sites – you generally get half the sale price if someone buys an image.
Hold selling parties – an idea from the 1950s that has suddenly taken off again. Cosmetics, clothes, perfume, storage and kitchen equipment companies are all recruiting people to hold parties for them. You need to be gregarious and have a wide circle of friends and acquaintances because you will be paid on commission.
Sign up on the web for online market research companies and call face-to-face ones after looking them up in the phone book.
Be a life model – for the body confident, there is always a need for models at life drawing classes. The thought that you will be earning around double the minimum wage should keep you warm.
You can earn extra cash and take a bit of exercise at the same time by distributing leaflets and local newspapers. Look out for ads in the paper or ask an existing distributor who to contact.
Sign-up as an extra for films and television shows – you will not be paid a great deal but it could be fun. You will need to get onto the books of a reputable agency, so do some research on the Internet first. Most agencies require a fee but this is usually deducted from your first job.
Star letters and personal stories can earn cash from magazines and newspapers. If you have a way with words, give it a go – and it is a hobby that can be enjoyable in its own right (excuse the pun).

Get your home to help

Hire out your parking space – if you live in an inner city and have a private parking space or garage, the chances are that someone wants to commute to near where you live or needs a home for a prized motor. Advertise the space on a board outside your house or use an online service.
Rent your home as a location – it does not need to be posh. Movie and tv companies need to film in real places. Look for booking agencies online – they take a cut of any job they book, so it is in their interests to get the best possible price. Avoid companies that ask you to pay an upfront fee and remember to tell your insurance and mortgage companies well in advance.
Take in a lodger – under the Rent A Room scheme you can earn up to £4,250 a year tax free, a bit over £350 a month. You must inform your mortgage company and insurers, you cannot take in more than two lodgers and having a lodger might affect any Council Tax benefits you receive. The lodger must not have exclusive use of any part of the house. Download a formal lodger agreement from the internet and get your lodger to sign it. And be sensible – check references and carry out a credit search.
Take in a foreign student – if you are not keen on a full-time lodger, language schools always need reasonably priced accommodation in term times. You will probably have to provide breakfast and dinner, though.

Cover all the bases

Check what benefits you could receive – go to www.direct.gov.uk. Millions of pounds in state benefits go unclaimed every year, simply because people don’t know they exist.
Turn your car into a billboard – some firms will pay around £1,000 a year to plaster your car with posters that advertise their business.
Enter competitions – but only if they are free. Avoid ones based on premium-rate telephone numbers. Win and you could be quids in.