Quick Quids – 5 Ways to Make Extra Money

Quick Quids - 5 Ways to Make Extra Money

by Les Roberts on 15 Sep, 2011

Money is tight for most people these days and any easy ways to make extra money is often welcomed with open arms…and wallets!

So take note of these 5 simple tips and you could be on your way to some extra cash at the end of the month. It may not pay for that Caribbean cruise but it’ll certainly come in handy!

1. Something for nothing

If you’re of the opinion that “you don’t get something for nothing” then you’ll probably approach sites such as Freecycle with a degree of skepticism. However, if you are of the opinion that “one man’s junk is another man’s treasure” then this will be a case of preaching to the converted.

Whatever your opinion, there are people out there that will gladly give away their unwanted items, even if only because they haven’t been able to sell them on an auction site.

And though some will just be doing this so you dispose of their junk because they don’t have to, if you scour sites like Freecycle or GumTree then there will be some items that you can either pick up and re-use or sell-on to make extra money.

2. Money for nothing (part 1)

This may sound implausible, maybe even impossible, but you can actually get free money from your credit card company…provided you play your cards right!

More and more lenders are trying to encourage spending by providing credit cards that offer cashback on purchases. This means that you get back a percentage of however much you spend each month with rates usually set at between one and three per cent of your monthly spend, up to a maximum spend of between £100 and £300 in any one month.

The best way to earn this ‘free money’ is to use your credit card solely for everyday purchases that you would normally pay for with cash or with your debit card, for example, groceries or petrol. You should ensure that you put the money aside for these purchases and pay the balance off in full at the end of each month as this means that you will not pay any interest on your purchases and so reap the full rewards of the cashback incentive.

3. Money for nothing (part 2)

Another way to get money for nothing is to make sure you take full advantage of supermarket and petrol station loyalty cards. These cards often reward you with money off vouchers on your shopping and if you save up enough points you may even find that you have enough to pay for a full week’s shopping or a full tank of petrol!

Furthermore, some supermarket loyalty cards team up with other retailers so you can earn points on more than just your weekly shop. For instance, Nectar card points are usually associated with Sainsbury’s but you can earn extra points by shopping online at Amazon and eBay, filling up at BP petrol stations or even by simply having British Gas as your energy provider!

4. Sell unwanted items

Most people will have a room/loft/garage full of unwanted items that have been lying around and unused for ages. So instead of letting them clutter up your home, you may as well try and get rid of them and make some money whilst you are at it.

One way of doing this is to gather up all of your unwanted items and sell them at a car boot sale. However, this is not always for everyone as it usually entails getting up at the crack of dawn on a Saturday or Sunday morning and then haggling with members of the public over something as trivial as whether or not that Shakin’ Stevens Christmas Hits CD is a little overpriced at 50p!

A less involved way of going about this could be to place the items individually on an auction site like eBay. The downside to this approach is that placing listings can be time consuming and you can lose a fair portion of your money through a combination of eBay’s listing fees, seller fees and PayPal fees should you use them for payment.

If you go down both of these routes and still can’t sell your items then there’s a good chance that you will end up as one of the people from point one of this article!

5. Pay by direct debit

The accepted wisdom is that you can save money by switching suppliers for services such as gas and electricity and telephone and broadband. However, a much quicker way to save money could be to simply switch your payments for these services to fixed monthly direct debits.

Many companies would sooner their customers pay in this way as it means that they don’t have to chase them for money at the end of each month. This is why many will offer discounts to encourage people to pay directly from their accounts.

If you’re not convinced then research by BACS, the not-for-profit organization responsible for direct debits, has shown that you could save around £230 per year by simply switching to direct payments.

Another advantage of paying in this way is that it can help with budgeting and ensures that you do not miss monthly payments and so are not subject to late fees.

There are other ways to save money, such as going easy on socializing and eating out and switching to supermarket own brands when shopping, but these all affect your lifestyle in some way. The examples above aim to pocket you some extra cash without cutting back on the fun stuff.

See how much you can save on your mortgage by using the MoneySupermarket mortgage calculator.

About the Author

Les Roberts

Les Roberts has been a freelance journalist for over ten years specialising in lifestyle, football, music, fashion and art. He also works for moneysupermarket.com, the UK's leading comparison website as a video and content writer. Follow Les on Twitter @LesRobertsMSM