4 Ways to Make Extra Money
Guest post by Lewis Callan
London is one the world’s most incredible cities. From Buckingham Palace to Covent Garden, there are tourist attractions on every corner – plus thousands of world-class restaurants and bars, and endless shops all waiting to be explored. Whether you’re visiting for a day or checking in for a little longer, you certainly won’t run out of amazing things to see and do.
The only trouble with a having such an amazing city where many people want to live is that things can get expensive. From rent to even the price of dinner, London can take a toll on savings and bank accounts – even when it comes to the basics. Living in London requires careful financial management, so to help you try to keep hold of or earn a bit of extra cash for the London life, we’ve put together a few money-saving tips.
If you’re planning a trip to London or thinking of moving there, you should definitely check out the following tips if you want to live it up in the capital. They’re all straightforward suggestions, and with a bit of hard work, savvy and luck, you’ll soon have more in your pocket to do more fun stuff.
#1 | Get your bills in order
It’s highly likely if you’re living in London, you’ll be renting – and rent can be a bit extortionate. You’ll feel top dollar the closer to the city you are, and if you want more than 100 square metres of living space you’ll need to find some extra salary every month.
If you’ve got any spare space in your house or flat, you could put it to good use by renting it out. First of all, check your tenancy agreement to see if you can sub-let. If so, list your spare room or even living room as another bedroom and get it listed on the internet. An estate agent will help you to sub-let and list any free space in your house, and you can easily turn even a box room into a £500 to £800 per month income, depending on location. Many people are getting creative with the space they are sub-letting – but watch out you don’t take it too far.
If you’re coming towards the end of your tenancy, talk to your landlord about a rent decrease. Granted, a lot of landlords will increase your rent if there’s a lot of demand in your area, but if you live a little further out, you could threaten to leave if the rent stays the same. After all, many landlords are often prepared to keep a solid tenant who will sign another one year agreement rather than go through the process of finding a new tenant.
Look to switch your gas, electricity, water and internet suppliers – as this could save you thousands per year. Get on a price comparison website and see if you can get a lower price. The same applies to banks – take a look at where is offering the best switch deal and go for it.
#2 | Get another job
London is a 24-hour city, so just because you’ve got a 9 to 5 office job doesn’t mean you shouldn’t be taking advantage of the other hours of the day. According to the Office for National Statistics, There are well over a million people in the UK who have two jobs, so you could easily top up your income by getting a part-time bar job on the side.
If having to leave the house after a day at work doesn’t sound like your cup of tea, then check out work-from-home jobs, like online surveys or selling stuff on eBay. You could easily add a couple of hundred pounds just by spending the time you’d usually reserve for binge watching Netflix on the laptop working.
#3 | Earn elsewhere
You have to speculate to accumulate, and putting some extra cash on the line could be the difference between being skint and swimming in it. An investment account in stocks and shares is a slow burner in today’s economy, and a savings account will net you around 0.5% interest every year, next to nothing unless you’ve got millions sitting in the bank.
This is where it pays to think outside the box. Channel your inner rain man and take a trip to the casino. You can even game online, playing your favourite casino games from the comfort of your own home, or on the move. Just remember to walk away if you’re winning, and only gamble what you can afford to lose – you never know just how lucky you might get. A great place for beginners to start is at the slot machines, and through consulting a guide written by an expert like John Grochowski, you’re in with a great chance. Grochowski is a famous gambling columnist and author, his tips on how to win at slots are trusted by millions of gamblers worldwide.
Alternatively, you should look into microfunding and more volatile investment if you need a quick return on a short amount of money. Apps like Moneybox and crowdsourcing services like Gofund.me are great ways to back something you think is going to be huge, and watch your pounds grow along with the business.
Bitcoin is the final investment that seems to be doing well as the moment, but caution should be taken with this one. The value of Bitcoin feel drastically recently from almost £20,000 to under £10,000, so be prepared to lose money if the cryptocurrency’s value drops any further.
#4 | Enjoy some freebies
Who doesn’t like free stuff? You may be surprised to learn that the world is packed with businesses trying to promote their new product or service, and they may be offering it for nothing to try and get people interested. From shampoo to energy bars, there’s a universe of free stuff to be had if you know where to look. Student Free Stuff is a great starting point, with loads of free postal samples available just by handing over a few personal details.
The other great way to try and get stuff for free is by entering competitions, or ‘comping’. Someone has to win all of those free cars, dream holidays and cash prizes, and as long as it’s free to enter, you can get your application in to be in with a chance of winning.
With a few quick tricks and some self-discipline when it comes to money management, you can easily cut your bills or pick up some extra cash. Just make sure you’re on top of everything, as you can quickly get into financial difficulties if you’ve got multiple investments or bank accounts that aren’t performing. Once you’ve got the hang of earning or saving extra cash, then it’s time for the fun part – deciding what to spend it on!