Five ways to generate extra cash

You don’t have to be chained to your office desk 24/7 in order to earn money. In fact, with some clever thought to the way you’re using your free time and the things you already own, you could generate some extra cash in no time. Here are five ways of doing just that…

1. Sell your unwanted items

Use eBay to sell the possessions you no longer want. The key to getting the cash rolling in is understanding eBay’s rules and etiquette, so read up on Money Saving Expert’s eBay Selling Tricks to learn how to become a pro at it. You can also use Facebook groups to sell your unwanted goods, and best of all, you’ll keep 100% of the profit.

2. Freelance your trade or talent

It’s possible you’ve got a trade or talent you could be making some extra cash from. For example, if you can play an instrument, why not volunteer to play at weddings, birthday parties and funerals? You can set your rate (£20 an hour isn’t unreasonable) and negotiate travel and food costs too.

Even those of us without a particular ‘skill’ to sell can make some extra cash: if you’re great at cleaning, a dab hand with an iron or are green fingered in the garden, why not let your neighbours know you’re available for hire? You can pick your hours and earn as much extra cash as suits your lifestyle.

3. Raise a loan

If the thought of asking for a bank loan fills you with dread (or you’ve already been refused), you could raise some cash against something you already own without the need for a credit check. For instance, services like CarCashPoint allow you to release cash from your vehicle, giving you a loan to spend the money on whatever you want. Or you could call in a favour from a friend or family member, arranging a date and rate for repayment.

4. Sell your wedding dress

If you’ve got an old bridal dress gathering dust in the attic or swallowing up space in your wardrobe, consider selling it. You could sell it privately, but there are also a number of websites that now offer a second hand bridal gown selling service, such as Preloved and StillWhite. You can easily earn £500 or more doing this if you can bear to part with your wedding dress!

Similarly, consider selling suits and formal wear that you and your partner no longer use—rather than hoping they’ll get some use or that you’ll fit back into them one day, you could generate some extra income right now.

5. Rent a room

As of April 6th 2016, the government’s Rent a Room scheme means you can earn up to £7,500 tax free by letting your spare room to someone. So, if you’re comfortable letting someone come and live with you for a short term (or longer, if you prefer), you could earn some extra money quite easily! Or, if one-off, no-commitment arrangements suit you better, you can rent your home or rooms through services like Airbnb.

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