Having a clear-out at home can boost your finances by £4,300
Coronavirus has impacted everyone’s finances one way or another, but fortunately there are ways to give your bank balance a much-needed boost. An easy place to start is to have a clear-out and sell unwanted items on websites such as Gumtree and eBay.
Figures from H&T Pawnbrokers show that the average household could be sitting on unused items to the value of £4,300, so a simple tidy-up could be profitable.
Bikes remain in high demand thanks to the current cycling boom and could fetch several hundred pounds if sold online. Televisions typically are selling for around £300 and even broken ones are going for £50, says H&T. Other sought-after products include gym equipment, mobile phones, jewellery and dining room furniture.
Cash in hand: Figures from H&T Pawnbrokers show that the average household could be sitting on unused items to the value of £4,300, so a simple tidy-up could be profitable
Sarah Buck, H&T’s head of retail, says: ‘Many general household items still hold good value, so it’s worth doing a clear-out. Don’t be put off by older items either, as appliances and electronics – even broken – are a great way to make cash.’ As more people shun public transport in favour of driving to work, renting out an empty driveway is a lucrative option. Websites such as JustPark and Your Parking Space let users decide how much to charge, but average annual earnings are more than £1,000.
Alternatively, websites such as Stashbee and Storemates match people with spare garages, rooms, or attics with those who need extra storage space. Holly Andrews, of financial broker KIS Finance, says: ‘Storage space can be hard to come by in city flats, so people are turning to renting spaces from people in their community instead of renting a commercial selfstorage unit.’
Earnings of around £80 a month are possible for garage rental, rising to £250 in Central London. But it is best to check whether renting out space will affect home insurance cover before signing up. If selling or renting items is not for you, there are other money-making opportunities. Jon Ostler, chief executive of personal finance comparison website Finder, says: ‘It is worth trying to take advantage of any specific skills or talents you may have.’
Online tutoring is one way, particularly with the summer holidays imminent. Earnings vary depending on location, subject and experience, but website MyTutor says hourly rates start from around £18 for those with less experience, rising to £40 for highly experienced tutors.
Alternatively, anyone with good photography skills may be able to sell their snaps online. Andy Barr, co-founder of online price tracking website Alertr, says: ‘Sites such as Shutterstock can take your images and promote them on their enormous database and then pay you every time someone downloads or purchases your images.’
Similarly, those skilled at designing or writing can earn a little extra by freelancing through platforms such as Worksome and Upwork. Users create a profile before being matched to suitable jobs – or they can choose to bid for any work they want to take on.
For those with time on their hands, another quick money earner is online surveys. Take a look at survey panels such as Valued Opinions and Panelbase where payments are anywhere between 25p and £10 per survey.
Andrews says: ‘Depending on how many you sign up to and how much time you want to put in, you could earn upwards of £100 per month doing this.’
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