What Has Worked For You?

The_Hurricane

Hi All,

Without spending money, how have you managed to supplement your main income?

I've exhausted the usual means such as de-cluttering at home and selling surplus items on etc but I want to replace a part time job I have with something more substantial income wise.

Any advice would be great.

niftyone

Welcome.

Why not start by reading some of the many posts/threads already here on this subject.Where members have already given ideas numerous times how they raise a pound or two.(Not always substantial income wise though alas).

Personally i think you have to invest some money to create a more substantial income,( Speculate to Accumalate and all that). and at the very least invest some effort and time.

EeViL_WeEvil

One brilliant one is to sort your finances out then you can treat the amount you have saved as 'extra income'. It can actually be thousands p.a.

Another excellent way to actually make money is to sort out your banking. Personally I have found the best combination of banks for us is as follows:

1 Joint account with firstdirect
1 Halifax reward account each and 1 joint Halifax reward account
I will be adding another 'layer' to this next year by opening a 123 current account
Cashback credit card for all purchases, vanquis at 3% on everything.

Other essentially passive earners:
Use cashback sites where you can (TopCashBack)
Swagbucks (substitute your normal search engine for this)

Halifax +£180 p.a.
Santander +£40 p.a. ish
Cashback Card +£100 p.a.
Cashback Sites +£300 p.a.
Swagbucks +£10-£20 p.a.
First Direct +£100 one off switch reward
+ your usual reward cards like nectar, tesco points etc.

You are looking at £640 per year there, plus a one off payment of £100. It takes a while to get everything sorted but is worth it as this 'income' is essentially passive once you have everything in place. You aren't really doing any extra work other than the initial legwork!

I also do a few surveys such as Mysurvey and Quostodian, although there is a dedicated thread for this.

Hughjass

If you have spare time and are on the lucky side competitions can be a nice free side line, the more your enter the more you win, no guarantees of course but there are many on here who do very well, myself included, the MSE comps board is second to none once you get your head round it, be warned its addictive!

The_Hurricane

Thanks all, I like the idea of sorting out my finances first of all; it's an excellent idea and one I overlooked completely.

First things first, I have £15k sitting in a current account earning no interest; I pay £500 per month on my mortgage and my income is £1000 per month. What should I do with this £15, perhaps a better current account is the first step?

somethingcorporate

You should not really be keeping £15k in a current account unless you intend to use it shortly. Not only is it not gaining interest but it is being eroded by inflation.

Have a look at the savings tab at the top for some ideas on the best places to put it.

Buffett

Yes, closing all unnecessary bank accounts and cards is a quick way to save loads. Also ensure you're on the best broadband, TV, mobile, etc. tariffs for you. I saved nearly £100/month just by optimizing.

Re: £15k savings, it is always good to have a contingency fund around in case but £15k is probably too high. Look at overpaying your mortgage if you don't have other debts. If you're paying interest on any loans higher than the interest rate you're getting on your cash then pay them down ASAP!

jtk174

If you haven't used your Cash ISA allowance for the year, then that will be somewhere to start. Of course it won't be long rolling around to the 2012-2013 ISA period and the allowance will increase. That's the bulk of you money accounted for.
In the meantime you could put it in an interest paying account that allows interest free withdrawals ( at least one ). This means you can earn interest until the 1st April and be able to withdraw next years ISA allowance without any charges.

loracan1

With £15k to play with I'd be looking at setting up a couple of TSB/Lloyds current accounts until you find something more permanent. They pay 3% per annum on balances over £3,000 as long as £1000 goes in each month but this can be achieved by switching the money around once a month.

Jox

Do you have a spare room you could rent out?

The_Hurricane

My current account is a dead duck so I will sort that our first and pump 2k into an ISA.

The Halifax current account which pays in £5 each moth has been the best I've found thus far; would that be correct?

Regarding ISA's my own bank is offering me 2% but this I find disappointing, is there anything better out there?