Ways to Make Money – Forbes Advisor UK – Forbes

There is little you can do about the rising cost of living – but there may be ways to increase the money coming into your household. 

Current soaring inflation is making it tougher to manage cash flow as wages fail to keep pace. The average increase in employees’ wages stood at 6.6% in the year to June, according to the Office for National Statistics (ONS). And with the annual rate of inflation at 9.4%, this effectively amounts to a pay cut for the majority of workers in real terms. 

But while you might not be able to cut back on what’s going out, there are ways you may be able to increase what’s coming in. We’ve rounded up some ideas.

EARNING

Make passive income: This refers to income from an investment or asset that involves minimal time commitment. Investing in the stock market can produce passive income from dividends, for example, which are essentially a slice of company profits. But you need a long-term timeframe of, ideally, 10 years or more to invest, and there’s a chance you’ll get back less than you put in. 

You can generate income from investing in dividend-paying shares, investment trusts, and funds, or renting out your assets, such as a property or car. Find out more with our Best Passive Income Ideas for 2022.

Get a pay rise: Workers are failing to ask for a pay rise, despite pressure from rising prices. Only four in 10 Britons who have ever been in paid work have asked for a pay rise, with 26% receiving an increase and 13% failing to get a rise on request, according to a survey by YouGov in February.

Start by checking how much people are paid for similar roles to yours on salary checker’s such as Linkedin’s, and Glassdoor’s. Use your research to negotiate a higher salary. If you’re a freelancer, request a rate increase. 

Work for extra income: Start a side business to bring in extra cash by thinking about any skills you have to sell. For example, you could open an online shop on Esty selling craft items, or offer particular skills to your local community such as piano lessons. 

There’s also a wide range of freelance jobs online. Check out websites such as Peopleperhour, Freelancer and Upwork. You can search for work that needs people with skills such as marketing, writing, or accountancy. Find some more ideas with 20 ways to make money online. 

INVESTING

Get started with the stock market: Buying shares in a company may reward you with capital growth over the long term, and an income in the form of dividends. There are thousands to choose from, and the FTSE 100 index of Britain’s biggest companies may be a good place to start. 

Experts say it’s well-placed for a difficult economic climate, with plenty of strong dividend-payers. A good place to start is checking which shares are the top performers and most popular among investors on investment platform websites, such as interactive investor and Hargreaves Lansdown. Find out more with How To Invest In Stocks & Shares.

However, investing in shares is high-risk and your investment success is dependent on the fortunes of a single firm. Another option is to invest across dozens of companies in different sectors in a fund or investment trust. Find some top picks with our Best Income Funds. 

Use the best trading platform: The biggest and most popular platforms include Hargreaves Lansdown, Fidelity, Interactive Investor and AJ Bell Youinvest. 

But there are also app-based trading platforms to choose from that don’t charge commission, such as eToro, Freetrade and Trading 212. You can use Comparetheplatform’s calculator to find the cheapest and most suitable platform for your circumstances. Find out more with our Best Trading Platforms in 2022.

Explore cryptocurrency: Crypto investors have had a torrid year, with billions wiped off the value of cryptocurrencies such as Bitcoin. You should tread carefully before jumping onto the crypto bandwagon.  You may be subject to extreme volatility, and crypto has been subject to various scams. 

That said, if you’ve done your research, and you want to invest a small amount, there are thousands of coins to choose from. You might want to start with the bigger cryptocurrencies, such as Bitcoin, or Ethereum. Find out more with How To Buy Cryptocurrency. 

SELLING

Sell unwanted items: Spend some time having a clear out and see if you can sell what you no longer want. You can sell a huge range of items such as toys, clothes, furniture, bikes and even old cables on Ebay, Facebook Marketplace, and Gumtree. 

You can sell unwanted clothes on specialist sites such as Vinted and Depop, and get cash for used wedding dresses on Stillwhite.com. 

Sites such as MusicMagpie let you sell old CDs, DVDs, and phones for cash. You can most easily sell old books on Amazon Marketplace and WeBuyBooks. 

If you’ve recently upgraded your mobile handset, you could make hundreds of pounds selling your old handset to sites such as Sell My Mobile and Compare and Recycle. 

Sell for others and make a commission: Many people can’t be bothered with the hassle of listing and selling items on sites such as eBay. If you’ve some experience selling online, you could offer to do the hard work for others, and take a commission. 

Check selling fees: You can sell for free on Facebook Marketplace, and local Facebook groups, for example. You can also buy and sell for free on Preloved, which focuses on selling to the local community rather than sending items miles away.

However, you may get a higher price elsewhere, such as eBay. It’s free to set up an eBay account, and to list up to 1,000 items a month. Go beyond that, and you’ll pay a 35p listing fee for each item. 

The site takes a fee of 12.8% of the total amount of the sale, which includes the price and postage costs, plus a fixed charge of 30p per sale. Other sites that charge include secondhand clothing app Depop, with fees of 10% on everything you sell, including the postage cost. 

REORGANISING

Remortgage for lower repayments: Get your skates on to lock into a low mortgage rate, and the most competitive deals are being pulled from the shelves. 

Lenders have been speedily passing on interest rate rises to borrowers after recent rate rises. The average five-year fixed-rate is currently 4.08%, according to financial analysts Moneyfacts, while the average two-year fix stands at 3.95%. 

If you’re nearing the end of your deal, make sure to remortgage as soon as possible to get the best deal ahead of any more rate rises. 

If you’re languishing on your lender’s standard variable rate (SVR), switch onto a fixed-rate deal as soon as possible to keep repayments down. Compare Remortgage Deals to find the most suitable option for you. 

Use a cashback and reward credit card: You can earn hundreds of pounds a year from cashback credit cards that pay you back a proportion of what you spend each time you use them. 

One of the best deals is the Amex Platinum Cashback Everyday card currently, which pays 5% cashback for the first three months, up to a maximum of £100; 0.5% cashback up to £10,000; and 1% cashback on more than this amount. 

Or you could choose a card that enables you to build up points that can be put towards future purchases. Just ensure to pay off the card in full each month, so you avoid paying interest. Compare Cashback and Reward Credit Cards for your options. 

TRACKING

Use free budgeting apps: A growing number of free smartphone apps are making it easier to budget and sort out our finances. For example, Snoop uses artificial intelligence (AI) to maximise your money. You link your bank and credit card accounts to the app, and it flags how much you’re spending on particular items, such as transport, and gives you money-saving tips in a personalised feed. These may suggest switching broadband supplier, or free Amazon vouchers, for example.

Another option is Plum, which calculates how much you can truly save without slipping into the red. Your savings are then transferred automatically into a Plum account, while leaving enough to meet your outgoings. 

Similarly, Emma uses your data to suggest a monthly budget, and notify you if you breach this figure. It’ll also track your spending from payday to payday, and categorise your transactions. Find out more with our Best Free Budgeting Apps of 2022.

SAVING

Maximise the rate on your savings: Savings rates are at their highest levels in a decade now that the Bank of England has hiked its base interest rate over recent months to 1.25%. Some providers are now paying interest of about 1.8% on their easy access accounts, and more than 3% if you’re willing to tie up your money in a fixed-rate account for three years. Check the best savings accounts to ensure you’re getting as much interest as possible.

Pay more into your pension: Stock markets have suffered setbacks this year, with several downturns that saw investor returns plummet. There may be further falls on the horizon, as the economy battles inflation and impending recession. 

If you’re able to do so, holding your nerve and paying more into your pension during turbulent times can be beneficial. Your contributions buy more shares when prices are low, and over decades, and they could significantly boost your retirement pot. 

COLLECTING

Make the most of bank switching offers: Bank account providers are battling for your custom by offering cash incentives. The Santander 123 Lite account, for example, is offering £160 free cash to switchers, plus 1% to 3% cashback on most bills for a monthly fee of £2. 

The Current Account Switch Service is a free service that guarantees a seven-day switch if you’re closing your old account.

Take advantage of loyalty schemes: The big supermarkets and most major retailers have loyalty schemes that can make your spending stretch a bit further. 

Some of the biggest include: Tesco Clubcard, Nectar (Sainsbury’s and other retailers), Morrisons, Asda, The Co-op, Marks and Spencer, Boots, John Lewis, and Waitrose. 

You can build up points shopping in-store at supermarkets, on their app, and online. The points are redeemed for a discount off your grocery shop. 

RENTING

Take in a lodger: The government’s Rent a Room scheme allows you to earn up to £7,500 tax-free a year from letting out a furnished room in your property. If your income from renting out a room is higher, you’ll need to complete a tax return to pay what’s owed on the remaining income. 

You could start by asking family and friends if they know anyone who needs a room, or advertise online on websites such as SpareRoom.com. If you get a lodger, you need to let your home insurance provider know. Beware that this may increase your premium, as it’ll be considered extra risk. 

Rent out your driveway or parking space: You can bring in extra money by renting out your driveway or off-street parking space on an hourly, daily, weekly or monthly basis. You can list your space on websites such as JustPark, ParkLet, Your Parking Space and Park On My Drive. You’ll usually pay a commission on bookings, and you may pay a listing fee. If you live near a football stadium, or event location, this can be particularly lucrative. 

Rent your property as a film location: Whatever type of home you live in, it may be suitable as a set location. You don’t have to live in a period property. But if you have good parking, and live in or near London, you are likely to make more money. 

List your home on agency websites such as Shoot Factory, Location Works, Amazing Space and Scouty. According to Scouty, average hosts make from £500 to £2,000 a day by renting out their home as a location.

Rent out your spare storage space: If you’ve got more space at home that you need, consider renting it out to someone who needs it for their things. You can register your space, such as a loft, garage or spare room, on a website like Storemates. Simply detail the location, size and monthly rental price. 

CLAIMING

Claim refunds for goods and services: If you’re unhappy with a product or service, claim a refund. Draft a complaint letter and send it to the retailer or supplier. The Consumer Rights Act means that any products you buy must be fit for purpose, of satisfactory quality and as described. 

You have 30 days to claim a full refund for a fault. After 30 days, if you’ve had the item for less than six months, you should get a full refund if the retailer cannot replace or replace the item. 

Get compensation for flight delays and cancellations: Travel chaos this summer with cancelled or delayed flights has caused misery for millions of travellers. But the good news is that you can claim compensation from an airline if your flight is cancelled or delayed three hours or more beyond your arrival time. You may be entitled to between £220 and £520 compensation, depending on the flight distance. 

Get compensation for train delays and cancellations: You can also claim for trail cancellations and delays. You can get a full refund if your train journey is cancelled, and you are usually entitled to compensation if your train arrives more than 30 minutes late (although some offer this for delays of 15 minutes or more). 

Claim work from home allowance: A growing number of employees are expected to work from home since the pandemic, and you can claim specialist tax relief. Since April 2020, you can apply to claim up to £6 a week (£26 a month) in tax relief from your employer to cover the extra costs of working from home, such as energy use. Find out more about how to apply and if you’re eligible at HMRC’s website.  

Check if you’re entitled to benefits: It’s more important than ever to check you’re getting all the financial help you can. Around £15 billion a year goes unclaimed in means-tested benefits, according to government figures, and this help is more widely available than you might think. 

Try the Entitledto benefits calculator to see if you could claim extra support, particularly if you’re in a low income household. 

If you’re struggling to claim benefits, go to your local Citizens Advice Bureau to get help. If you’re claiming benefits, you could access extra help such as cheaper utility deals and council tax reductions. 

Bear in mind that if you receive means-tested benefits, any additional earnings may affect your entitlement. 

Remember to consider the tax implications, too. You may find yourself pushed into a higher rate tax bracket if your earnings increase. Make sure you’re maximising any tax deductible expenses on rental income, for example, and tax-free allowances.  

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