Mounting Debts: 7 Ways to Raise Funds

As the Western Hemisphere rides out Austerity, you might be thinking of ways to boost your income. Even if you have a stable job, or a successful business, there is no harm in creating another income stream, however small, for times when work is less buoyant. If taking on a second job is not necessary, or possible, there are still ways to make some good money.

Flog Your Stuff

Recycling Companies – We’ve all got stuff lying around. Old electrical equipment, cell phones, iPods, cameras, etc – can all make money instead of gathering dust. There are many recycling companies who will happily take your equipment off you for a reasonable price.

The process is simple: enter the model of your gadget and the site will tell you its worth. If you agree, they’ll send you an envelope. Return it (recorded delivery) and then you’ll receive a cheque, or a bank transfer. A 32gb iPhone 3Gs with charger can make you around $130.

Ebay and Amazon – Dedicated sellers can make significantly more selling on ebay and Amazon than selling to a recycling company. Have a look in the loft, I bet you’ve got some vintage vinyl, or an old record player that would fetch a good price on ebay. If you have a loft or garage full of stuff, like old skis, or an electric guitar from your youth, you could make a tidy sum.

Rent Out Your…

House as a film location - All kinds of houses are sought after by production companies who need locations for their film, TV and photo productions and I’m not talking about productions of the adult nature. Agencies are always willing to look at new properties and they will pay several hundred dollars per day for the inconvenience of taking over your home. When contacting production companies, ask for their Location Scout.

Spare room - If you live in a major city, or a region that had any kind of tourist trade, you could rent your spare room to travellers using sites such as Crashpadder.

If you prefer the idea of renting to a single person, consider getting a lodger.

If you live in a major city with a busy theatre, advertise your spare room to actors looking for digs while touring.

Go Self-Employed

You can do this for just a few hours a week and you donít have to give up your job. If you have a skill, like web design, or you can write, you can make some extra cash. Perhaps you’re good at fixing things. If you have a skill that people want, advertise yourself.

Get Tax and Insurance Savvy

Cancelling unnecessary insurances, such as cell phone insurance can save you a lot ever year. Make sure youíre declaring everything that is eligible for tax deductions can reduce your tax bill. Pay down your credit card bill to avoid exceeding your limit ñ we all know how they love us for exceeding our credit limits and making late payments.

Participate in Paid Medical Trials

Many drug companies like GSK are in constant search for healthy individuals to volunteer in the mandatory medical trials before drugs are brought to market. Participants are paid up to 2000 dollars, pounds, or euros and can participate in up to four trials a year ñ thatís up to eight grand for very little effort. If you have a couple of weeks to spare and a few good books to read, consider volunteering

There’s money to be made in the most unexpected places in everyoneís lives. You could call it a treasure hunt.

Contributed by Sally, who loves talking about personal finances, blogging and online resources to make money.

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