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Do you need to make an extra £500 a month?
It might sound like a crazy amount of extra money to need but the reality is with the cost of living skyrocketing and wages remaining stagnant, many people really do.
So whether you need to earn an extra £500 a month to keep on top of your living expenses or you need to make an extra £500 this month to cover a one-off expense, we’ve got you covered.
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How to Make an Extra £500 this Month
If you need a couple of hundred quid to cover a one-off purchase, or to fund an unexpected bill here are a few ideas to help you raise the funds quickly.
You won’t be able to do these to make money every month, but they’re a great starting point to get some money in your pocket now.
Sell Your Old Stuff
We’ve all got stuff lying around that we no longer use or need, so sell it to free up some cash.
There are so many different platforms you can use to sell, but here are a few ideas to get you started.
- Sell large items on Facebook Marketplace to avoid costly fees and delivery hassle.
- Sell more valuable items on eBay to reach a bigger audience and attract better money.
- Sell old clothes and shoes on Vinted – cheap stuff sells well and those pennies quickly add up, you don’t pay fees on Vinted either.
- Declutter your books, CDs and DVDs and scan them into a website likeMusic Magpie or Ziffit.
- Recycle any old mobile phones you have laying in drawers using a comparison website likeSell My Mobile to find the best prices.
- Take any old gold jewellery to a local Cash for Gold counter.
Check Your Tax Code
Do you know what your tax code actually means? It’s worth spending some time getting to grips with your payslip because there’s a possibility that you might be overpaying tax or not claiming a tax relief you’re entitled to.
Some ideas of things to look out for:
- Old taxable benefits from previous jobs or that you no longer receive that could still be affecting your tax code.
- Uniform Tax Allowance – if wear a uniform to work and have to wash it yourself, you could be able to claim this allowance (and reclaim up to 5 years previous). Money Saving Expert have a great article detailing all you need to know about it and how to claim it.
- Marriage Allowance – if you’re married and you or your partner earn under the personal allowance (currently £12,570), then you can transfer 10% of your allowance to your spouse reducing the amount of tax they pay by up to £252 in the tax year. You can also backdate your claim to 2018. Find out more on the Gov website here.
Free Cash Offers
There are lots of apps and services out there that offer a cash incentive for joining.
Though these are one off rewards for signing up, in some cases there are ‘refer a friend’ schemes where you can earn more money by referring other people to sign up too.
Here are a few current free money offers you could complete (if you don’t already have the accounts):
- Monzo* – get £5 free when you open a Monzo account (and make a card transaction within 30 days).
- Monese* – sign up using my link, verify your ID and when your card arrives activate it and make your first transaction to get £10.
- Curve* – get £5 free when you sign up and use Curve to make a card payment of £10 within 14 days.
Switch Bank Accounts
Many banks offer a cash incentive for switching bank accounts.
They usually require a set amount of money to be paid in each month and for some direct debits to be transferred across, but it’s not as complicated as it seems.
Some of these incentives take longer than 30 days to be paid, but some can be set up and the reward paid in less than that.
Make sure you read the terms and conditions of each offer carefully as they can vary from bank to bank and don’t forget that you’ll be credit checked so opening lots of accounts quickly could impact your credit score.
You might also enjoy…15 Best Refer A Friend Schemes in the UK 2022
How to Earn an Extra £500 a Month
If you’re looking to make an extra £500 a month every month don’t fear – it is totally doable!
Here are some ideas of side hustles you can do to supplement your income.
Survey Sites
Surveys alone won’t make you hundreds every month but I think £30-50 is a realistic figure to aim for.
The best site out there is undoubtedly Prolific (though they currently have a wait list if you’re not already a member) but there are also others which are worth a look.
I’ve talked about my Top 5 Paid Surveys favourites in this post.
Matched Betting
Matched Betting is a great and flexible way to make extra income and best of all – the earnings are tax free.
You’ll easily make £500+ just by completing the sign up offers.
Not sure what it is or if it’s the right side hustle for you? Check out myMatched Betting for Beginners post.
Blogging
Blogging won’t net you £500 a month straightaway, in fact it might take a while before it earns you anything at all.
But once you get your blog to a profitable point, the opportunities are endless.
You can earn money through:
- Adverts
- Sponsored Posts
- Affiliate Marketing
…and much more.
Interested? Here’s my guide to setting up a blog in less than 24 hours.
Market Research
Market Research is another great side hustle that you can dip in and out of when you need to make some extra money.
The studies usually require an hour or two of your time but are well paying.
There are loads of websites out there, but here are some suggestions to get you started (and current examples of studies they’re recruiting for):
- People for Research – Online Grocery Shopper? Get paid £50 for 60 minutes.
- Research Opinions – Over 18 and have a bank account? Get £70 for 2 hours.
- Askable – Transact in crytocurrencies or shares? Get £150 for 60 minutes.
Other Ideas to Make an Extra £500 a month
There are so many side hustles and ways to make extra money it would be impossible to list them all.
So why not dig through my money making archives and see if anything appeals to you?
Here are some other posts you might enjoy:
The Best Side Hustles UK
25 Passive income ideas for those in the UK
How To Make An Extra £100 This Week
