Out of the red and into the purse: ways to make money quickly (part II)
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Last Updated on by Noni May
To be honest, I’m always looking for ways to make money quickly. As the cost of living rises, rent rockets, and house prices soar, it’s not too hard to get into the red. But once in there, it’s always a hell of a lot harder to get out of.
Of course, there are lots of frugal ways of living, but not everyone wants to adopt these. Sometimes we want to live the Champagne lifestyle on a lemonade budget. Wait, just kidding. I always want that haha.
While I can’t advocate doing this all the time when you are strapped for cash, I don’t want to stop you having fun and enjoying life either! Sometimes we are so broke by the end of the month, that it feels relentless. Today we’re going to look at some of the ways you can start filling up your purse so you can get out of the red and still live the life you want to lead.
Ok, maybe not the superyacht lifestyle you dream of. But at least to have enough cash to go out for dinners, short city trips and socialize with friends!
Sell Your Old Clothes
Yes, we hear it often enough, but how many of us actually bother to do it? Dedicating just one weekend to putting in the action of selling your old clothes can give you a few extra bucks in the bank.
Be ruthless with your choices and pull everything out of your wardrobe that you haven’t worn in the last six months to a year. If you have designer clothes and shoes hidden away in your closet, you’re likely to make a fair bit of cash.
And even high street clothes in good condition sell well on eBay and at pre-owned clothes stores. Sort the tat from the good stuff and then get selling. The tat can go I the recycling bin and the good stuff can make you some cold hard money.
If you’re selling on an auction site be sure to take good photographs at all angles and preferably show the garment worn. Give as many details as you can about the item and make sure you include enough postage and packaging money too.
Make sure you choose the correct keyword for the search to pick up too. If it’s designer or high street, always include the brand.
If it’s brand new, always mention this too. Iron or steam your clothes before packing them up. Good feedback is an all-important tool in successfully selling on sites such as Ebay. If you’re heading to a consignment store, make sure your clothes fit the season. They won’t want winter coats in the summer and vice versa they won’t want silk summer dresses in the winter. Make sure everything is in tip-top condition and non-creased too. Make sure you know the store’s policy too. They may offer upfront cash, profit sharing or both. Be sure you know what you are willing to accept before you enter the store to sell.
Sell Your Old Entertainment
One man’s trash is another man’s treasure. This can certainly be true when it comes to old DVD’s, computer games, books and CDs. Perhaps you’ve outgrown your ‘Friends’ box set or ‘Lord of The Rings’ trilogy.
But that’s not to say someone else doesn’t want it. Spend half a day going through all your old books and DVD’s and be prepared to sell on anything you haven’t watched or read in the last six months. Chances are you won’t reread your fiction.
Bulk sell your stuff online for a quick sale and money in your purse straight away. Not only will it clear your house of clutter but you’ll make dollars on surplus goods that are just gathering dust too.
Get Into The Habit Of Saving
In this age of consumerism and credit, we haven’t really been taught much about saving in the way that our parents and grandparents were. But that’s no excuse! Don’t be a slave to the shops, and start thinking about saving your hard earned cash instead.
Consumerism is a commodity that relies on instant gratifications and persuading us that we need more than we do. We’re not saying don’t treat yourself from time to time but don’t always fall prey to it. For example, do you really need a new pair of sneakers?
Or has advertising persuaded you that your life won’t be complete unless you part with your cash and get them?! Think a bit more before you make purchases and you could save money each month. And saving just a little bit of your salary from paycheck to paycheck will soon add up over the year.
The general guide that works well for saving is the 50/30/20 rule. Broken down simply? This means that 50% of your salary should go to your ‘living needs’, 30% should go to your wants and social life, and 20% should go to your savings account.
Your living needs include your rent/mortgage, your utility bills, fuel and your grocery shopping. Your wants include dinner with friends, spa treatments, sports tickets, clothes, haircuts and so on. Your last 20% should either go into a savings account or pay the debt you have accumulated.
If you are heavily in the red, you may want to adjust these percentages slightly. But if you are looking to start saving seriously, then try living by this rule. Your savings will soon start to accumulate, and you will feel proud of yourself.
A good rule of thumbs is put that 20% away as soon as you get your paycheck. That way you won’t miss it so much and will get into the habit of a good saving technique.
Think There Is A Book In You?
So, a slightly more crazy by no means completely insane idea is to attempt to write a book and self-publish yourself as a Kindle eBook.
It’s said that everyone has a book inside them, so if you are strapped for cash maybe it’s time to unleash yours. With the Amazon Kindle Store, anybody can publish an eBook and start making money. Hire a Developmental Editor and make sure you have someone to help you with the text.
Obviously, you are going to have to invest some time into this and be a bit smart about marketing and writing. But if you’re creative and time-free, who is to say you can’t give it a go! If you list your book at a low price, you can reap up to 70% of each sale.
A Parental Loan
Nobody wants to turn to their parents to ask for a loan when they reach adulthood. However, if your parents have savings, they may actually prefer you doing this. Getting out a loan from the bank can incur high-interest charges.
But if you have a serious conversation with your parents you may find that they are willing to lend you the money on a two or three-year basis. This way can set up a repayment system set up every month that doesn’t incur interest. If they have the spare cash, it is worth the ask.
Parents would prefer to help out their kids rather than let them end up paying the huge interest charges that loans require. Sometimes swallowing your pride is all it takes.
Check Your Tax
If you are a student working part-time throughout the year or if you are not working full-time hours you may be overpaying tax. Often you are put on an emergency tax income and could be paying out more than your personal tax allowance. It is always worth checking with the tax office in case you are due to any tax back.
Cashback Reward Cards
Ok, so you may not have reached the point of becoming an extreme couponer, but that doesn’t mean you can’t invest in a few handy cashback reward cards. Cards such as Citi Rewards Platinum and HSBC Platinum offer full annual fee refunds, gift vouchers, and money back if you reach the annual spend.
Do your research and see what suits your needs. Cashback credit cards reward cardholders with money or vouchers if they spend a certain amount on their credit card each year. We’re not necessarily condoning the use of credit cards, but if you do use one, it’s worth reaping the rewards if you can.
If you are feeling totally strapped for cash why not invest your spare time into making extra money? There are regular part-time jobs such as bar work, supermarkets clerks and reception work available.
However, you could also think outside the box. If you are halfway through a law or medical degree why not take on extra freelance legal or medical writing?
If music or dance is your thing, how about offering guitar or piano lessons to budding students? Or set up ballet or tap lessons for kids in your local community hall? If you’re trained in beauty, you could open an at-home spa offering tanning, eyebrow threading or offer services in wedding makeup.
And if you’re an animal lover, why not offer dog walking or pet sitting? If you need extra dollars, now is the time to start letting your creativity shine.
I’d always suggest you start looking for extra income online, here are 50+ ways to make an income online from home as a blogger or entrepreneur (tried and tested by yours truly!)
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