Martin Lewis confirms 60 ways to legitimately boost your household income
| Published date | 03 April 2022 |
| Publication title | EdinburghLive (Scotland) |
The TV guru has included some interesting methods, from playing video games to using Amazon vouchers to taking part in surveys in your spare time, reports HullLive.
READ MORE - Unhappy Edinburgh neighbours object to Lotto winner's plan to build £5million home
Here is the full list of ways to legitimately boost your household income:
Make your money work harder
1. Overhaul your finances and save £1,000s
"There's nowt more powerful than sorting out your own finances. By shifting to the best deal on every product, you can give yourself a pay rise of £1,000s, without cutting back. Before anything else, this is the most important starting point.
"When Martin regularly did money makeovers for a TV show, the average saving was a little over £5,000 a year, and this was before he started to say "cut back". To get started, see our full step-by-step Money Makeover guide."
2. Make your credit card pay you
"Cashback credit cards pay you back a proportion of what you spend each time you use them. Set up a direct debit to pay the card off in full each month, so there's no interest to pay, and you can earn £100s/year. Just use the card for all your normal spending.
"The top cards pay 5 per cent cashback for the first three months. For updated best buys, see the Credit Card Rewards guide."
3. Don't accept pitiful savings rates
"Too many people stash cash in pitiful savings accounts where former best buy rates have dropped massively, or in a current account earning just 0.1 per cent. Stop! Five minutes' work will let you increase the interest massively.
"Whether you've £1 or £1 million, take action now to ensure you're getting every possible penny of interest on your savings."
4. Free £150 for switching to a better bank account
"There's fierce competition in the banking market - so much so, some bribe you to switch. The best incentives come and go, but typically it's possible to grab £150, and they're often for the best buys too."
5. Pay off debts with savings
"Most people who try to save while in debt are simply throwing their money away. The amount you pay in interest to borrow is much more than you earn on your savings, so pay the debt off with savings and you're quids in.
"How much? Someone with £5,000 on a credit card at 18 per cent and £5,000 saved at 1 per cent is likely to be around £850 a year better off by paying off the debt with the savings."
6. Debt-free and financially savvy? Earn cash by stoozing
"Many credit card companies are willing to lend you money at 0 per cent interest, so why not use this cash for everyday spending, replacing all other credit and debit card spending?
"This means you'll now have debts on your 0 per cent card (make sure you make the min repayment each month) and a similar amount in your current account, which you can save in a high interest savings account. Then pay off the full balance before the 0 per cent ends, having earned interest on the money saved.
"This is known as 'stoozing'. It's legal and can be profitable, yet it's only for the really financially savvy."
Sell what you've got
1. Flog on eBay for best prices
"If you've something secondhand to sell, eBay usually pays best - yet to really get the eBay cash rolling in, you need to know the etiquette and shortcuts."
2. Sell for free on Facebook
"Local Facebook groups and Facebook Marketplace are where, instead of eBaying second-hand goods, people harness the social media network's power to sell to others in the local community. The best bit is there are NO fees, so you keep the profit."
3. Get quick cash for old CDs, games & more
"Several sites let you trade in old CDs, DVDs and computer games – or even laptops, phones and games consoles – for cash. These sites are easy to use and give instant quotes, so if you've loads to get rid of, you can speedily make extra cash.
"You'll usually get more selling on Ebay, but the advantage of these sites is speed and ease. Type in the barcode, ISBN (books only) or product name on the site to get an instant valuation. Even better, most sites now also have apps that allow you to scan barcodes using your phone's camera, speeding the process up.
"What each site will offer for a given item varies, so always compare prices on a few. Some also have a minimum number of items you need to trade in, or a minimum overall value, so if you're selling lower value items such as CDs you may need a lot of them."
4. Flog tech 'leftovers', eg empty iPhone boxes £8, remote controls £22
"With the pace technology moves at these days, most of us have unused boxes, cables, remote controls and so on stuffed in drawers or packed away in lofts. Yet you can earn money as well as declutter your home by selling these 'tech leftovers' online, via sites such as eBay, Facebook or Gumtree.
"Who'd want them? Some people need replacement accessories for older gadgets. Others buy boxes and manuals for devices they want to sell so they can raise the asking price.
"Bear in mind that what you can earn for these kind of items depends on their condition, demand and how scarce they are. You'll also need to factor in any the fees on the sites where you sell them."
5. Get max cash for old books
"Listing books one-by-one on eBay* may get the most cash, but it'll take some time. One of the best options for selling old books is Amazon Marketplace*, as you need only search for the book and write a short description. Your listing stays up till it sells.
"Amazon provides full reviews of most from its database – if you're listing a few in one go, this saves time. Check your sale price covers postage if it's a heavy book you're listing.
"You can list up to 35 books a month for free, but Amazon will charge 75p per book plus 15 per cent of the total price paid (including postage). Alternatively, to list more than 35 books a month, you pay a flat subscription of £25/mth and then 50p per book plus 15 per cent of the total price paid. See more on Amazon's selling fees.
"Use trade-in sites for less hassle. If you need speed and ease, trade-in website WeBuyBooks.co.uk and Ziffit let you enter details, they offer a price, and you post books free. Prices can be lower than selling them yourself though."
How much? Potentially £100s if you're selling pricey textbooks, less if it's old paperbacks.
6. Sell old Lego by the kilo
"If you've mountains of unmatched Lego bricks sitting somewhere – perhaps your children have grown out of them or they were a hobby you're no longer into – you can now turn them into cash and sell them online to Music Magpie by the kilo (or half kilo).
"It also buys old CDs, DVDs and more. But if you have unsealed or complete Lego sets or figures, they'll probably fetch more on eBay.
"How much can I make? Music Magpie pays £3/kg. You'll need to sell a minimum of £5's worth (this can include books, CDs, DVDs etc as well as Lego).
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