With the cost of living crisis raging on, you may be searching for ways to boost your monthly income to make your finances more manageable.
To help you along the way, here are 13 ways to do so, ranging from getting cash for switching banks to getting yourself a side hustle.
In this article: 1. Sell unwanted things
If you’ve got a pair of trainers you never really wear, an old smartphone you recently replaced or books that are gathering dust, it’s likely somebody out there is willing to pay for them.
A big clear-out could raise a decent amount of cash. It’s a no-brainer if you’re selling things you won’t miss anyway.
Ebay is the largest online second-hand marketplace, making it a great place to quickly garner the attention of potential buyers. You’ll typically pay fees when selling your items, but the site runs semi-regular low-fee promotions.
During these promotions the fee will either be limited to a certain amount, for example £1, or you’ll get a certain percentage off fees. This makes the process a touch more lucrative. Depending on the value of what you’re selling it might be worth waiting for the next low-fee promotion to roll around.
If you’re selling clothes, Depop is an app built for this purpose. It might be worth browsing it to see what kinds of prices your items would sell for before listing them. Note that you’ll pay a 10% fee when your items sell, so don’t forget to factor that in.
If selling larger items such as a bicycle or a desk, Gumtree might be a good way to go. It’s generally designed for local selling, and somebody collecting your stuff will save you postage costs.
Is the income taxable? Yes once you make more than £1,000 a year 2. Take advantage of bank switching offers
Switching your current account is a quick and easy way to boost your income, with multiple providers offering up to £170 in cash. It’s the highest work-to-returns ratio on this list.
To do this, you’ll need an existing current account to switch over. By using the Current Account Switch Service you can move all your direct debits and standing orders automatically, making the process a breeze. Find out more about how bank account switching works.
You can do multiple switches and rack up £100s, but it’s best to space out applications for bank accounts over several months. This is because each switch application will be noted on your credit file and too many in a short space of time could affect your credit score.
For plenty more information about the current best switch offers see our full bank account switching guide .
Is the income taxable? No 3. Take online surveys
There are several websites that will pay you for completing surveys. This could either be in the form of vouchers or cash. You’ll usually be giving your opinion about something to help an organisation develop its products or marketing.
It’s a very broad spectrum, and you could even end up answering questions about government policies. You generally don’t need to prepare anything, just answer the questions honestly.
Ipsos i-Say and Swagbucks are two sites worth considering. Both give you points for completing surveys that can then be exchanged for Amazon vouchers, PayPal cash and more.
Doing surveys may not be the most lucrative form of boosting your income, with payouts generally clocking in at no more than a few pounds per survey (and often less).You’re also usually limited in the number of surveys you can complete each month, and can generally only withdraw cash or vouchers once you’ve hit a certain threshold.But it’s a decent side hustle as long as you don’t mind answering a few questions. 4. Try matched betting Matched betting is when you place a bet on a certain outcome with one bookmaker, then place a ‘lay bet’ against this outcome with a different bookmaker.By placing bets, you earn ‘free bets’ which can then be used to repeat the process. Each time you do this one of your bets will win, and you’ll gradually build up profit.Crucially, if done correctly, you will not lose any money doing matched betting. This is because your bets have covered all possible outcomes, and lots of the bets you place will be free bets you’ve qualified for.The risk from matched betting arises when mistakes are made, so it’s vital to follow the instructions properly. Matched betting is entirely legal, and any money you make is not taxable. Profit Accumulator and OddsMonkey are two […]
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