Tuesday, March 17, 2015
7 tips to boost your income
1 Take in a lodger
It means giving up the spare room and giving up some privacy. However, the rent is tax-free up to £4,250 a year – or just over £80 a week – under the Rent-a-Room scheme.
It means giving up the spare room and giving up some privacy. However, the rent is tax-free up to £4,250 a year – or just over £80 a week – under the Rent-a-Room scheme.
Householders should inform their insurance company first.
If you do not have a spare room, you could consider turning the living room into a bedsit.
2 Rent out the garage or parking space
Obviously, this only applies to those who have a spare space and who live in areas of high demand. Spotted on one South London street last week was a "To Let"sign by a parking space in the rear of someones garden – for £150 a month.
Obviously, this only applies to those who have a spare space and who live in areas of high demand. Spotted on one South London street last week was a "To Let"sign by a parking space in the rear of someones garden – for £150 a month.
Owners of properties near major sporting events and other attractions often also turn their lawns and drives into make-shift car parks.
3 Sell unwanted and valuable items
Heirlooms left to gather dust, collectable china that is never used, the flat-screen TV that is no longer affordable and never-worn designer clothes – all are relatively easy to sell on online auction sites such as eBay.
Heirlooms left to gather dust, collectable china that is never used, the flat-screen TV that is no longer affordable and never-worn designer clothes – all are relatively easy to sell on online auction sites such as eBay.
The alternative for valuable antiques is an auction and for low-cost items, try a car-boot sale.
The credit crisis is already hitting home, with families now selling off the family silver – eBay says that fine jewellery sales are up 69 per cent and antique furniture sales up by 30 per cent.
d what is selling.
d what is selling.
4 Take on a second job
One-in-10 workers now has a second job to boost income. The advantage of working unsociable hours at nights or Sundays is that the pay tends to be higher.
One-in-10 workers now has a second job to boost income. The advantage of working unsociable hours at nights or Sundays is that the pay tends to be higher.
Wages for even low-skilled jobs, such as shelf-stacking in a supermarket (which can also offer staff discounts), can be up to £8 an hour. Other possibilities include bar work, mini-cab driving and being a security guard.
5 Teach others a skill
It could be years of practicing yoga, a reputation as an artist, being a brilliant bridge player or having a musical talent – anyone who has a skill and the ability to communicate can turn this into a money-spinner by learning to teach it to others.
It could be years of practicing yoga, a reputation as an artist, being a brilliant bridge player or having a musical talent – anyone who has a skill and the ability to communicate can turn this into a money-spinner by learning to teach it to others.
6 Sell your time
Our time-poor society creates opportunities for anyone based at home – either because they are retired or looking after children.
Our time-poor society creates opportunities for anyone based at home – either because they are retired or looking after children.
Offer to take in deliveries for neighbours (to save them waiting in all day) or to let in builders/repairmen etc. Then encourage them to recommend your service to others.
7 Convert goods to cash
Pawnbrokers – usually old-fashioned jewellery shops – offer a way to turn valuables into cash. Pawnbroking contracts last for six months with interest charged monthly.
Pawnbrokers – usually old-fashioned jewellery shops – offer a way to turn valuables into cash. Pawnbroking contracts last for six months with interest charged monthly.
The alternative is to sell the item – for example, in Cash Converters – for money upfront or to use the companys buy-back scheme – giving cash today that has to be repaid in 28 days, when the goods are bought back plus a fee. Valuables can mean anything from a watch or set of golf clubs to a musical instrument.
