Scoop up thousands of pounds in extra income to help you cope with the cost of living crisis
WORDS: FAITH ARCHER
From making the most of your home to ‘money challenges’ there are loads of ways to rake in some extra cash. Which of our top tips will you try first?
1Cash in on clutter
Sell stuff you no longer need. Try Depop when selling vintage clothes or Vinted for high-street brands. For designer items, check out Vestiaire Collective. Shift books, CDs, DVDs and video games fast using sites with apps that scan barcodes, such as We Buy Books, Music Magpie, Ziffit or Zapper. Cex and Music Magpie are good when selling gadgets and old tech, while comparison sites such as comparemymobile.com or SellMyMobile will help you find the best prices for old handsets. For larger items, try Gumtree or Facebook Marketplace.
EARN: Up to £1,000 a year tax-free under the trading allowance.
2Cash out loyalty cards
Use up points and credits on loyalty schemes. Check if you can get greater value by spending benefits on things like days out, travel and subscriptions, instead of money off your shopping.
EARN: £71.20 – average value on loyalty cards, according to MyVoucherCodes.
3Make a money date
Review your utility bills to see if you could get a better deal with a different tariff or provider. For example, more than half of consumers could save up to £523 on their car insurance, up to £177 on their home insurance and up to £154 a year on superfast broadband, according to MoneySuperMarket. Meanwhile switching your mobile to a SIM-only deal could save up to £321 a year, according to Uswitch, particularly if your handset is already paid off.
EARN: Up to £1,175.
4Get a lodger
Profit from your spare room by letting it to a lodger. The average rent for a room in London is a chunky £995 a month and £653 a month in the rest of the UK, according to flatshare website spareroom.co.uk. Plus, you can claim up to £7,500 a year totally tax-free, when letting a furnished room in your own home.
EARN: Up to £7,500 a year tax-free, under the Rent a Room Scheme.
5Rent out a parking space
If you don’t use your drive or garage, see if someone else will pay to park there instead. Offstreet parking spaces in cities or near stations and airports are particularly popular. Check out sites such as YourParkingSpace or JustPark, while ParkLet specialises in monthly contracts. Pocket up to £1,000 a year without paying tax, under the property
