8 Tips for Increasing Your Income without Extra Work
None of us are any strangers to needing extra cash, but how is it possible to increase your income without working even harder? Whether you’re saving up for something special, or need extra money to cope with your costs, here are some tips to help you on your way.
Rent a Room
If you’ve got a spare room filled with junk, make your home work harder for a living by taking in a lodger. Rent is tax free up to the amount of £4, 250 a year under the rent-a-room scheme, so this way you can add just over £80 a week to your income without paying a penny of tax. Even better, they might be even handy in the kitchen! Who wouldn’t appreciate an extra cook in the house?
Check your Income
If you don’t earn very much, you might be entitled to tax credits to add to your income. Similarly, check you’re on the right tax code. 8 in 10 people pay more tax than they should, and you could even be owed a rebate. Go to the HMRC website for help with tax credits and to check your code.
Cash for Your Possessions
If you have a lot of things you don’t use lying around, have a good sort through and sell them on ebay or a car boot sale. For more valuable items, and if you need cash in a hurry, pawnbrokers will buy your possessions for very little fuss.
Rent out your House
This is a drastic measure, but if you own your home and have somewhere else you can live temporarily, renting out an ordinary three bedroom home can generate anything from £500 – £1,500 a month depending on location. However, you need to make sure there are no restrictions from your mortgage provider, and that any rent is taxable income.
Rent your Parking Space
Got space in your driveway? Live in a central city location or near a station? Then why not rent your parking space? You can earn up to £500 a month in central London, and up to £200 elsewhere.
Take out a Loan
If you need cash fast, a short term loan is a good option, but only if you can afford to pay it back. Shop around for a good loan deal, and pay it off as quickly as possible to reduce the cost.
Sell your Hobby
Whether it’s making cakes or trading Star Wars figures, you can have fun and make cash at the same time through monetising a hobby. The WI or local market make a good outlet for enthusiastic cooks and craftspeople, and trading collector’s items on ebay is a great way to turn over some extra cash. It’s not work – it’s fun!
Ask for a Pay Rise
This is a long shot – but those who don’t ask don’t get. Choose your moment, present your case, and be sure to tell your boss what you have achieved for the company over the year. Don’t make ultimatums though, unless you want to shoot yourself in the foot.
Wendy Lin is a freelance writer and painter. She enjoys guest blogging and painting watercolour in her garden. She is also a proud mother of 3 lovely children.