As the year comes to a close, it's time to start thinking about ways to increase your income and set yourself up for a successful 2024. With the high cost of energy and rising mortgage rates, many households are looking for ways to make extra money. Luckily, there are several options to consider, from quick earners to long-term solutions. Here are nine ways you can make up to £8,600 in 2024:
1. Switch your bank account – up to £200
Switching your bank account to a new provider can earn you up to £200 in free cash. Many banks and building societies offer bonuses to new customers who switch their accounts to them. Make sure to use the Current Account Switch Service (CASS) to qualify for the bonus. For example, Nationwide is offering £200 to customers who switch to a FlexDirect, FlexPlus, or FlexAccount, while First Direct is offering up to £175 for switching to a 1st Account.
2. Earn free cashback – £1,000
Websites like TopCashback offer cashback on your purchases. Simply shop through their website and earn a set amount or a percentage of your spending. One savvy shopper reported earning £1,500 in cashback in just one month by using TopCashback. That's a potential £1,000 a year!
3. Rent out your spare garage – £1,500
If you have a spare garage, you can rent it out for storage space and make extra cash. Websites like Stashbee connect renters with available storage space. One Londoner earned £2,300 in 18 months by renting out their garage through the platform, which works out to £1,500 a year. Setting up a profile takes just minutes, and bookings can start coming in within days.
4. Mystery shopping and advert checks – £2,400 a year
Mystery shopping and checking retailer's adverts can be a simple way to earn extra income. One McDonald's manager shared how he makes an extra £200 a month, or £2,400 a year, by doing this on Shepper. Users can earn up to £22 per hour completing market research tasks and jobs at local supermarkets and takeaway restaurants.
5. Check your notes for rare finds – from £50
If you have any £20 notes with special characteristics, they could be worth more than their face value. Notes with early serial numbers, consecutive serial numbers, or special meanings in serial numbers can fetch a higher price at auction. Keep an eye out for valuable notes and see if you can sell them for extra cash.
6. Product testing – £3,000
Product testing allows you to receive free products in exchange for reviews. Websites like LatestFreeStuff list items you can get for free in return for your feedback. While you may not always get to keep the items, this can save you thousands of pounds compared to buying them yourself. One savvy saver reported making around £3,000 a year through product testing since 2022.
7. "Flip" phones – £200 an hour
Buying phones at a low price and reselling them for a profit, known as "flipping," can earn you hundreds of pounds. One individual shared how they make £600 in just three hours through phone flipping. Online platforms like Twig make it easy to buy and sell phones, while websites like Mazuma Mobile allow you to sell your old model for extra cash.
8. Install an app on your phone – £140
By installing apps like Ipsos Media Cell on your phone and filling in surveys, you can earn £20 in online vouchers. Keeping the app installed for 12 months will earn you a total of £140. This concept allows Ipsos Mori to gather more information about media consumption while rewarding you for your participation.
9. Fill in surveys – £100
Online surveys are another way to make extra money from the comfort of your home. Websites like Qmee, Swagbucks.com, and Yougov offer surveys that can earn you cash. The length and compensation for surveys vary, but they can be a great way to earn money in your spare time.
With these nine methods, you can make up to £8,600 in 2024 and boost your bank account. Start the new year on the right foot by taking advantage of these opportunities to increase your income.
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