We all like the idea of making some easy money. Find out how you could earn serious cash in just one weekend.
Fancy making a bit of extra cash this weekend? The recession has got us all thinking more about our finances. So when every penny counts, it’s time to get creative. Here’s your money-making diary for this weekend. You could be £301 richer by Sunday evening!
Saturday morning
Let’s get the tedious jobs out of the way first - it’s time for a trip to the bank. I know everyone hates doing this - and the banks don’t seem to like it much either - but converting your small change is an easy way to turn coppers and silver into spendable cash. Don’t forget the bank will insist you put all your coins into the correct money bags first.
Try to avoid the temptation to pop all your change into a Coinstar machine which are located in ASDA, Tesco and Sainsbury’s supermarkets because convenience costs. You'll be charged a fee of 8.9p per pound counted.
That said, Coinstar reckons the average household has up to £50 in spare change, so it could be well worth the effort.
Total earned: £50 at the bank, or £45.55 at a Coinstar kiosk if you're lazy!
Saturday afternoon
Now it’s time to trot out to a bureau de change. Did you ever get round to converting those leftover Dollars or Euros after your last holiday? It’s easily done. But with the pound so weak against other major currencies, now is a very good time to change your currency back to Sterling
The pound is worth around 25% less against the US dollar than it was last summer, and roughly 10% down on the Euro. This means, while you’ll get less for your money when you’re buying foreign currency (hard luck holidaymakers!), you’ll get more when you change it back.
On current rates, $50 in unspent currency equals around £35.
Total earned: £35 (approx)
Saturday evening
Get your laptop out, you’ve got two tasks!
1. Switch your current account.
This is the really easy bit. Why not apply for a current account which pays a generous bonus when you switch?
I like the Alliance & Leicester Premier Current which pays £100 cashback when you use the Premier Switching Service online. Bear in mind you’ll need to pay in at least £500 a month to qualify.
If you already have an A&L account, you could go for the First Direct 1st Account instead to earn a £100 reward. This time you’ll need to fund the account with £1,500 a month.
2. Get selling on eBay (or any other online marketplace such as Amazon or Gumtree).
True, it’s not a new way to make money, but it’s time to get proactive and actually do it. Everyone has something to sell. You might still have brand new - but unwanted - Christmas gifts that you’re dying to get rid of, and it’s normally new, unused goods that attract the most buyers.
According to eBay, last year those tasteful Christmas woolly jumpers sold for an average of £21.03, while surplus saucepans sets were scooped up for £33.67.
If you sold each of these items at average prices, you’d make £54.70. Remember, you’ll need to knock a bit off to cover your selling costs including a small insertion fee for your listing. And, then up to a maximum of 8.75% of the item’s selling price as a final value fee. Let’s say that deducts roughly 10% off your total, reducing your profit to £49.23.
Don’t forget there’s loads of advice out there on how to make money successfully online. Here are eBay’s tops tips for sellers.
Total earned: £149.23
Sunday morning
Wakey, wakey, rise and shine – you’re off to a car boot sale. Believe it or not, some people love them!
For a more immediate return than eBay, you could also try a car boot sale which is a great way of shifting unwanted items in one fell swoop. The same rules apply in that good quality, unused items usually sell well.
You can find a directory of regular sales held locally at www.carbootjunction.com. You’ll need to pay a fee for your pitch, usually around £10, and be prepared for a very early start.
If you can’t bear the idea of standing out in the cold, you can wimp out with an online car boot sale such as www.ibootsale.co.uk (no car required!)
Happy haggling...
Total earned: Let’s say £50 after a good clear out of your stuff and a successful morning (that’s £60 profits minus a £10 pitch fee)
Sunday afternoon
You’re going shopping. Before you set off, collect together all your gift vouchers, loyalty card points and money off coupons. I’ll use myself as an example here: In my purse I have £7 in Boots haircare and skincare vouchers, points to be redeemed on my Boots Advantage Card worth roughly £5 and another £5 in Tesco Clubcard points. If I spend these on items I was going to buy anyway, that’ll save me £17. And, as they say, a penny saved is a penny earned.
Total earned: £17
Sunday evening
Relax and count up your earnings - it’s been a busy weekend. In fact, so busy you haven’t had time to spend any cash either.
Total earned overall - £301.23. Well done!
More: 10 Luxuries You Can Get For Less | Six Steps To Avoid Financial Heartbreak | Read more money saving tips here