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Another surefire way to clear debt quickly is to boost your income, but live lower than your means – redirecting anything extra to paying everything off in order to reduce stress and gain financial freedom when you achieve your new debt free life.
Here are a few quick ways that you could boost your income:
1. Rent out your drive
If you live in a busy area, you could make some extra money by renting out your drive to those who are sick of paying hiked up parking prices. If you’re out all day anyway, and your drive will be empty, then why not make some money out of it? A quick internet search will bring up plenty of places for you to list your drive, and it could be easy money.
2. Offer your services
We all live such busy lives, so it’s no surprise that lots of people delegate the tasks they just don’t have time for. If you have a talent for ironing, cleaning, gardening, dog walking, DIY or anything else that might be handy, make the most of your local Facebook pages and advertise your services. Setting up a little side-line could be a super way to boost your income!
3. Apply for Marriage Tax Allowance
Marriage tax allowance allows you to transfer £1,250 of your personal tax allowance to your spouse or civil partner, if they earn more than you, as long as one of you is a non-tax payer. If you are eligible, it will lower the higher earner’s tax bill for the tax year. But you can also backdate your claim by up to four years – which could see you get a payout for hundreds of pounds!
4. Get crafting
If you’re a keen crafter, a whizz on the sewing machine, or perhaps have a way with wood; put your skills to good use and start a side-earner from home. There are lots of free platforms to advertise what you make without spending a penny, or use websites like Etsy and start a selling profile. Personalised, hand-made items are always in high demand, so it could be a great way to bring in some extra cash, whilst enjoying your hobbies.
5. Join a cashback website
We all shop online to get the best deals, so why not go a step further and get money back on your purchases and necessary bills like insurances? It sounds too good to be true, but it’s definitely not and some of the cashback deals are brilliant – if you were going to make that purchase anyway you may as well get a little return on it. We’ve had almost £3000 from cashback websites!
6. Take in a lodger
If you have a spare room, you could rent it out to boost your income – earning up to £7,500 per year tax free. If you don’t like the idea of a full-time house guest, it could be an idea to look into short-term options such as Air Bnb or foreign exchange students – you could earn upwards of £80 per week per student hosted.
7. Tell your story
If you have an interesting story, or even an amusing photo, you could earn some cash by selling your tale to a magazine. Think you’re not interesting enough? Most of the time publications just want to talk to real people with experience of topical issues – perhaps a diet trend or pregnancy story.
Join the FeatureMe! Facebook group to see current requests from writers and TV shows that are looking to pay people willing to talk about their experiences, usually for at least £100. Or, pitch your story directly to a magazine, such as Take a Break – who will pay up to £2000.
8. Be credit card savvy
As long as you pay it off in full each month to ensure there is no interest to pay, which is best organised with a direct debit, spending on credit cards could help you to boost your income. Cashback credit cards pay you back a proportion of what you spend each time you use them. You can earn £100s each year, with some paying up to 5% cashback – just use the card for all of your normal spending.
9. Get paid for your opinion
If you have some spare time, why not sign up to a survey website or attend a face-to-face market research focus group? While it takes a while to earn larger amounts through surveys, you could get paid between £30 and £160 for a face-to-face group. Just give your opinion, and you might even get a free lunch thrown in too!
10. Ask for a pay rise
So often we work tirelessly for years for the same employer and, even as inflation rises, our wages stay stagnant. Ask for a meeting, and prepare some pointers as to why you feel you deserve a wage increase – the worst they can say is no! A loyal, experienced team member is worth its weight in gold, so it’s definitely worth asking; you might be pleasantly surprised with the response!
11. Declutter and sell what you don’t need
My printable 30 day decluttering guide will help you to get started with decluttering and organising your home. Sell the things you don’t need – even little amounts, £5 here and there, will soon accumulate – you might even have some items that could fetch a decent amount of cash.