Has anyone surprised themselves with the extra money they've managed to make?

woosutt

My husband and I are £32000 in debt. £15000 of that is being paid off through an hsbc loan. We pay 305 per month and this will end in October 2012, so i view this debt differently because its very structured.

The remaining 17k is on 3 credit cards and 2 overdrafts. Its ruining our lives and we have most definately had our lbm. We haven't added to the debt at all since April which is a big achievement for us. And we are DESPERATE to get rid of it the 17k asap.

We've cut down all our bills as much as we can and if we're very strict, we can pay off £700 per month. But this still takes us way into 2010/possibly 2011 before we would be paid off. We want to get savings behind us and then start a family. So we're fighting the clock.

We've decided to try to make as much money as we can each month from external things like surveys, mystery shopping, competitions etc. We haven't got started properly yet but i'm feeling really positive about it all. But am i kidding myself?

Has anyone found that they've made a lot of money through surveys, mystery shopping, competitions etc? And been able to pay off debts alot quicker than anticipated?

I'm getting lots of tips from this website. But i don't want to kid myself if these extra income ideas really don't change finances that much.

I guess i'm looking for some reassurance that there is hope I can pay off our debts alot quicker than the forecast is saying.

Thanks!

redsquirrel80

Yes, all those little bits help - see if you can find the £10 a day challenge thread, it's amazing how much some people are making! It can seem like a lot of effort for not much reward but when you see it all add up it's worth it. Personally, I set myself the challenge of covering my debt minimum payments through 'extra stuff' and I've managed about £1200 since Feb (for exact figure see my signature, I can't see it while I'm typing!).

Good luck!

Piquant_2

Hi and welcome

As Red squirrel say every little helps (think Tesco say this too!) I've made £249 on the £10 a day challenge and it's my first time. It takes a little effort sorting and listing stuff for ebay, but if you want the money that's what you have to do

I've also found the grocery challenge invaluable, I've cut down from £300 a month to £200 so far. I can spend even less, but it's best to go in gradual stages, otherwise it's too large a change to commit to straight away.

I wish you luck and as someone else said to me on this board, it took you a while to get into debt, it's going to take you a while to get out of it!

Piq

Uniscots97

woosutt wrote: »

But am i kidding myself?

Has anyone found that they've made a lot of money through surveys, mystery shopping, competitions etc? And been able to pay off debts alot quicker than anticipated?

No, you're not kidding yourself about it, where the money earned (from surveys ebay etc) come in useful is bashing away at the worst debt i.e. the one with the highest APR. A penny less on that is a penny less interest paid. All the little bits do mount up. Even doing mystery dining means you get a night out but its on someone else! These little nice things are what make it easier and along the way you realise (or at least I did) that takeaways, meal out and new clothes every week isn't the normal life they are treats and should be so. We now enjoy the cheaper pastimes i.e. day out a the park, walk along the beach, playing board games together and keep the cinema (using Orange wednesdays vouchers or free preview screenings vouchers), meals out (mystery dining or vouchers earned through surveys) for a treat.

Give the surveys, mystery shopping, mystery dining, ebay etc all a go and see what happens. I think you'll be pleasantly surprised

tyllwyd

I'm going to sound a bit negative - I had a go at doing mystery shopping, surveys, and a couple of competitions etc, and all I earned was a bit of pocket money, say £20-£40 a month. I found it was quite time consuming and since I work on an hourly rate, it wasn't worth my while doing it, so now I just do a few surveys now and again. It might be a bit more worthwhile if you are doing it in your free time on top of working, but then again once your are over the personal alloance you should be paying tax on anything that count as self-employed earnings, so that doesn't help. Matched betting always seemed like a more profitable idea to me, as long as you are good with the figures - I've never been brave enough to try.

Sorry for being negative, but I don't think you can rely on it as a magic wand to solve all your troubles, just a few bits and pieces to help you get by.

MinniMe_2

Hi Woosutt,

I'll be honest - it takes a fair bit of time and work but its worth it, I make about £30 a month - not a lot but then I only do half an hour or so every week day. however using the good old snowball calculator I worked out that the £30 a month that doesn't sound alot could bring my DFD forward by nearly 5 months!! so when you look at it that way - GO FOR IT.

Also have a massive declutter around the house, a) you will feel better in your own home and b) carboot and ebay what you clear out for some more cash to through back at the debts

James240

woosutt hiya and welcome to DFW One of the best way that i have found to make money is by matched betting If you have a look on the GIOL there is a great introductory thread on how to do it It does take a little while to get ur head round it, but once u have the potential to make a lot of money is fantastic est place to read up on it is here http://forums.moneysavingexpert.com/showthread.html?t=325861 both myself and SS (southernscouser) have done this and made a fair bit of money, their are also other users on this board who have used this as a way of boasting there incomes

fluffyb

I have only been a member here for a few days [and our debt is way bigger than yours ]but like you I am giving it all a go. In just a few dyays I am doing the surveys, signed up for 4 MS companies and eagerly awaiting the first assignment, and am selling anything that doesn't breathe on Ebay. Made £12 on Ebay yesterday, but it is a good way of decluttering too :T

I might join the £10 a day challenge next month. I wish you luck, but IMO it all has to be worth a try and I am feeling happier for at least trying to do something to get extra money

OliveOyl_2

My debt crept up not just because of a major court cost (£45,000) but because of little things, never saying no to the meal out, the new clothes, and almost whatever the children wanted.
The little things done to raise money will have a steady shrinking effect on the debts.

I started mystery shopping originally just to pay off my car insurance. I challenged myself to earn the £14 per month that I was paying for it. And I succeeded, and my insurance was therefore free.
Quidco in 18 months earned me £770, and I bought nothing I wouldn't have had to buy.

Like weight loss, it may have taken you years, and be because of little extras that you put the weight on, so it is with debt. And there's unlikely to be a dramatic solution, better to rely on steady savings.

hypno06

I constantly amaze myself at the amount of extra income I can bring in just by joining in the challenges and gleaning information from these boards. Whatever your "spare time" or lack of it (in my experience) there is something that you can do to bring in a bit of extra cash - whether it is a few pence, or a few hundred pounds, it all adds up and makes such a big big difference to the debt.

Have you put your figures in the snowball calculator at www.whatsthecost.com ?

Put in your minimum payments, and get your initial debt free date (DFD) then add in £10 a month that you could make from surveys etc and see if that makes a difference, then add in £20 or £50 and see if that makes a difference. I find that it acts as a great motivator!!!