Nab some extra cash with these handy tips from MoneyMagpie Editor and financial expert Vicky Parry
We could all do with a little extra cash – especially as bills seem to be going up everywhere. The good news is that there are some things you can do to make £100 or more in the next month with just a few steps.
Start now and by the end of May you should have at least £100 extra in your bank account – and none of these things takes much time at all!
1. Switch current accounts
This is the big one, as you could grab up to £175 for switching to some banks like Nationwide. Shop around for switching deals that suit you – some of the higher bonus reward payments come with more stipulations on the account, such as a higher minimum income or more Direct Debits switched to the new account than other deals.
Remember that applying for a bank account will incur a credit check. So, if you’re planning on applying for any line of credit in the next month or so, you need to be confident you’ll pass the check. Otherwise, a refusal will mark your credit score and make it harder to get that mobile phone contract, loan, or mortgage.
2. Use referral offers
If you’re a loyal customer of a particular retailer or service, make sure you’re telling people about them, too. Referral codes can net you a nice chunk of change, and can be a consistent way to boost your monthly income with one or two referrals a month.
For example, if you love getting cashback on your spending, TopCashback gives you £35 for every friend that signs up through your link and spends online through their account. It doesn’t cost your friend anything, and actually they get a spending bonus too (currently £10).
You can find referral links for many utilities, too, such as your broadband or energy supplier. Check your online account to find out details. For example, Octopus Energy offers £50 bill credit to you for every successful referral, and the person using your link to switch to Octopus also gets £50 bill credit.
3. Join an affiliate programme
Just like referrals, affiliate links can earn you some extra money every month, too. The principal is the same – that people will click on your link and buy through it – but they can be used anywhere you’re online.
That means if you have a good online presence, talking about a product or service and linking using your affiliate can reach loads of people. The percentage you receive on the link depends on the terms and what the person buys via your link, but over time this can add up.
There are loads of affiliate programmes to join, with Amazon Associates and Awin being two of the most well-known in the UK. Many people will set up an Amazon shopfront and use their social media to promote curated collections of favourite products by demonstrating them. This takes a bit of time to do, but can result in consistent side income.
4. Sell your story
If you have a fun, sweet, intriguing or unusual anecdote about your life, you could sell it! Publications and journalists always want interesting real life stories. You need to be willing to have your photo included for most requests, and the story may be verified for facts.
A short story could net you £100 while bigger ones – especially exclusives linked to popular trends or celebrity culture – could run into the thousands. If you have a super exclusive story that would be popular, consider taking it to a specialist agency first as they can set up the right connections to get the best price for your story.
Check out magazines that pay for your letter to be published, too. Many will offer a cash prize of £10 or £25 for a star letter placement. Remember too, if you have an interesting story about your finances, MoneyMagpie pays £25 for reader stories they publish!
5. Enter contests for cash and prizes
If you’ve ever thought you would like a prize from a contest but haven’t entered because eyou think you wouldn’t win – think again! You could regularly win prizes, if you play the numbers game.
The more you apply to, the higher the chance of winning prizes. Set up a specific email account for contests, and some people prefer to also have a second SIM to receive marketing messages too. Most phone carriers offer free Pay As You Go SIMS or have a token minimum amount to load onto it. Having separate contact info will help retain your sanity from bombarding marketing messages!
Enter anything and everything that takes your fancy. Even if you think a prize wouldn’t suit you, you could always sell it on eBay for a profit. Serious competition entering doesn’t take long – give up fifteen minutes a day to enter several and you’ll soon find winner notifications coming through.
Don’t pay for contest entries. There are so many free competitions to enter! Alternatively, take note of the free postal entry route for contests that have paid entries. It costs the price of a postcard and stamp, rather than several pounds per entry.
Some of the brands and websites we mention may be, or may have been, a partner of MoneyMagpie.com. However, we only ever mention brands we believe in and trust, so it never influences who we prioritise and link to.
