13 ways to boost your income - Times Money Mentor (2024)

With the cost of living crisis still raging on, you might be considering ways in which you can boost your monthly income in order to make your finances more manageable.Here we have come up with some ideas to help.

Over two fifths of Brits will be launching a festive side hustle this year, according to new research from GoDaddy. Aspiring entrepreneurs plan to sell self-made goods, offer personal care such as make up and nails and services like pet sitting.

We have other ideas that range from receiving free cash for switching your bank account, entering competitions or working as a tutor.

In this article, we explain:

• Which banks are paying you to switch bank accounts?
• How can you make money by taking part in surveys?
• What can you win through competitions?
• Are cashback sites a good idea?
• How can I ask for a pay rise?

Read more: What is ChatGPT and how can I make money from it?

*This article may contain affiliate links that can earn us revenue

1. Sell your unwanted things

If you’ve got a pair of trainers you never really wear, an old smartphone or books that you know you will never read, it’s likely there is somebody out there willing to pay you for them.

A big clear-out could raise a decent amount of cash and it’s a no-brainer if you’re selling things you won’t miss anyway.

Ebay* is the largest online second-hand marketplace. You will typically pay a listing fee and a fee when your items are sold, but the site runs semi-regular low-charge promotions.

During these promotions the fee will either be limited to a certain amount, such as £1, or you will get a certain percentage off fees. This makes the process a touch more lucrative. Depending on the value of what you’re selling it might be worth waiting for the next low-fee promotion to roll around.

If you’re selling clothes, Depop is an app built for this purpose. It might be worth browsing it to see what kinds of prices your items would sell for before listing them. Note that you will pay a 10% fee when your items sell, so don’t forget to factor that in.

If selling larger items like a bicycle or a desk, Gumtree might be a good way to go. It’s generally designed for local selling, and somebody collecting your stuff will save you postage costs.

Is the income taxable? Yes, but there is a £1,000-a-year tax-free allowance for property and trading income. In other words you will only be liable if you earn more than this by selling unwanted possessions.

Read more: What is the best way to sell my stuff? Including how to sell on eBay, Facebook Marketplace, Depop, Vinted, Gumtree and Etsy.

2. Take advantage of bank switching offers

Switching your current account could be a quick and easy way to bring in some extra cash. In fact, it is the highest work-to-returns ratio on our list.

If you have an existing current account to switch over, you can get up to £185 bonus to move. New deals come and go fairly often so check in regularly to see what is on offer at the moment.

By using the Current Account Switch Service you can move all your direct debits and standing orders automatically, making the process a breeze. Find out more about how bank account switching works.

You can do multiple switches and rack up hundreds of pounds, but it’s best to space out your applications for bank accounts because each one will be noted on your credit file.

A lot of applications in a short space of time could affect your credit score – and therefore your chances of being accepted for a competitive deal if you want to borrow money.

For plenty more information about the current best switch offers see our full bank account switching guide.

Is the income taxable? No

3. Take online surveys

There are several websites that pay you for completing surveys, either in the form of vouchers or cash. You will usually be asked for your opinion to help an organisation develop its products or marketing.

It’s a very broad spectrum, and you could end up answering questions about government policies. You generally don’t need to prepare anything, just answer the questions honestly.

Ipsos i-Say and Swagbucks are two sites worth considering. Both give you points for completing surveys that can then be exchanged for Amazon vouchers, PayPal cash and more.

Doing surveys may not be the most lucrative form of boosting your income, with payouts generally clocking in at no more than a few pounds per survey (and often less).

You’re also usually limited in the number of surveys you can complete each month, and can generally only withdraw cash or vouchers once you’ve hit a certain threshold of points. But it’s a decent way of earning money as long as you don’t mind answering a few questions.

Is the income taxable? Yes, if earnings exceed £1,000 a tax year

Check out how the way you pay for things can affect your consumer rights.

4. Enter competitions

Many brands offer competitions or giveaways as a way to reach new customers and reward loyal existing ones.

Some competitions offer cash prizes, while others offer vouchers or free products. One reader explains here explains how she has won thousands of pounds’ worth of prizes by entering competitions.

Cash prizes are obviously a great way to give your bank account a boost. But it’s also possible to win high-value items such as a TV smartphone, TV or even a house.

You could either keep these or sell them to raise extra cash, using an online selling marketplace such as eBay, Gumtree or Facebook Marketplace. If using the latter, check out our summary of Facebook Marketplace scams to watch out for.

Is the income taxable? No, you do not pay tax on competition winnings

5. Work as a tutor

Maybe you speak another language fluently, are an artist or write code for a living. It’s not just kids that are after tutoring, from university students to retirees, lots of people want to learn all sorts from strumming a guitar to astrophysics.

You can put up ads on Gumtree for your services, but there are also plenty of websites and agencies out there that can help you find work. Superprof, MyTutor and Tutorful are some of the most popular platforms, but note that they’ll generally take a cut of the fee you earn as commission.

Your hourly rate should depend on your experience and qualifications. Have a look at what other tutors are charging to gauge the right level. You will also need to factor in the preparation that you do for each lesson into your rate.

Is the income taxable? Yes, if earnings exceed £1,000 a tax year

6. Find a side hustle

This is another way to take advantage of a skill you think might be in demand. This time the emphasis is more on turning a passion or hobby into a means of getting paid. Here are a few examples:

• Painting commissions for friends and family
• Playing an instrument or DJing at weddings and parties
• Cooking at various events
• Taking photos for people, for example at weddings
• Designing, making and selling clothes
• Starting a YouTube channel (though this is particularly difficult to make money from)

To find your customers, a good place to start is to set up a website or a social media account to advertise your services. Initially working for friends and family will help you practise doing your craft professionally, as well as get your name out there.

Fiverr is a website that lets you advertise your services to the masses, so people can quickly find you and hire you. Find out more about freelancing with our range of guides.

Is the income taxable? Yes, if earnings exceed £1,000 a tax year

7. Get a reward credit card

A reward credit card pays you to do your normal spending on it in the form of cashback or rewards such as supermarket points. Some of these cards have juicy introductory bonuses that you get by spending a certain amount within a given period of time.

The key with these cards is only to use them for purchases you would make anyway, and to repay the balance in full each month to avoid being liable for any interest.

If you are planning a big purchase, putting it on one of these cards is a good way of getting something back for it.

See all the current best reward credit cards and find out more about how they work.

Is the income taxable? No

8. Sign up to cashback websites

Using a cashback website is another way of earning a return on your spending.

Quidco* and Topcashback* are two such sites that track purchases that you make across certain websites, adding a certain percentage of your spend as cashback to your account.

You can then withdraw the balance to your PayPal or bank account. Both sites also let you withdraw your balance as gift vouchers, and this usually results in more value.

It’s worth signing up to both websites as they give cashback for different retailers (though there’s a lot of overlap).

Both Quidco and Topcashback have corresponding browser extensions you can install that alert you when you’re on a website that’s eligible for cashback, so you don’t miss it.

Is the income taxable? No

9. Ask for a pay rise

Arguably the most effective way of boosting your income on this list, getting a pay rise is a good way to combat rising inflation.

It’s not always straightforward, so check out our guide to getting a pay rise, including how to set a realistic figure and prepare your case.

Is the income taxable? Yes, use our income tax calculator to see how changes in your income will affect how much tax you pay

10. Get more from your savings

If you have savings, it’s worth checking regularly to see if you could get more out of them. The rates on savings have increased significantly since the Bank of England started raising the base rate.

You won’t lose money in a savings account – that money is safe and is guaranteed to grow at the level of interest offered by the provider.

You could nab a better return by shopping around, particularly if you are prepared to forgo instant access and switch to a notice or fixed-rate savings account in return for you locking your savings away.

See our guide to the best savings accounts to find out more about what kind of interest you can earn.

All that said, these accounts are still no match for sky-high inflation, meaning the money you have set aside will still lose value in real terms sitting in one of these accounts – though it’s better than nothing.

Is the income taxable? Everybody in the UK has a personal savings allowance, which lets basic-rate taxpayers earn up to £1,000 of interest each year tax free.

11. Rent out your driveway

If you live in a busy area with high demand for parking spaces, for example near Wembley or Twickenham stadiums, some drivers might pay good money to use your driveway.

JustPark and ParkLet are two popular sites with corresponding apps that let you rent out your driveway. They’ll both charge commission, but they sort out all of the legal stuff for you, making the whole process pretty stress-free.

The amount you can get really depends on the location, though particularly successful driveway-renters could make hundreds of pounds each month. As with many of the other tips on this list, only the first £1,000 is tax-free and you’ll need to pay tax on any earnings above this.

Is the income taxable? Yes, if earnings exceed £1,000 a tax year

12. See if you qualify for rebates and grants

Claiming rebates, grants and tax relief can seriously boost your income. As the cost of living crisis deepened, the government announced a number of schemes to help. Find out more about what you might be entitled to.

Additionally, if your employer required you to work from home even just for one day during the pandemic, you can apply for tax relief. You could be owed hundreds – find out more in our full guide.

If you’re married or in a civil partnership, you might be able to claim the marriage allowance, a tax perk worth up to £1,242 if you backdate it. Check if you’re eligible with our guide.

Find out other ways to reduce your tax bill and boost your income.

Is the income taxable? No

13. Rent out your stuff

If you’ve got equipment, clothing or anything that you’re not always using, then renting it out could be a great way to raise some extra cash and boost your income.

Fat Llama lets you list pretty much anything, and people in your area can arrange to meet you and collect it before borrowing it for an agreed-upon amount of time.

Here are a few things you could rent out:

• Designer clothes
• Musical instruments
• Tech, such as speakers and laptops
• Kitchen equipment
• Building and garden equipment, such as a pressure washer

Fat Llama covers you for loss and theft, so you’ve got peace of mind when letting people use your belongings.

Is the income taxable? Yes, if earnings exceed £1,000 a tax year

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