Saving is often about saying ‘no’ to things – but what if saving for your deposit could be fun?
Usually, a mortgage deposit has to be at least 5% of the overall cost of your new home. The higher the deposit, the better the deal you’ll get, with improved interest rates and so forth. So it’s worth bearing that in mind when you start saving up.
Saving up the money for your mortgage deposit doesn’t have to take an eternity, and guess what, it can even be fun! Yes, cutting back on expenses is a great place to start. Adding more money to your bottom line will give you the financial freedom you seek and allow you the freedom to maintain your current lifestyle.
The following are fun ways to make extra money.
Every penny pays
To effectively start putting money away, you need to change your mentality. Accept that every little sum you file away for your mortgage will add up. You won’t find £10,000 lying around, but you will find it a lot easier to put aside £100 here and there
Sometimes you can get a better deal here than selling your stuff online, especially if you like haggling or selling face-to-face. Plus, you can make it your goal to get rid of everything in one sitting!
Make money from your rubbish bin
Start composting your waste – anything from plant-based leftovers to meat and bones. The compost comes out in juice form. Bottle a few batches and sell to neighbours and friends. You’ll be making money from every bit of waste.
This one will only be fun if you enjoy knitting or feel like you would – give it a try, it may surprise you! If you hone your skills, you can create products that you can then sell for a profit. There is a range of effortless items you can produce through knitting. Start with a scarf and move on from there.
Why not use your spare moments after work or on weekends to spend time with some furry friends and get paid for it. It’s an excellent way to destress and increase income. Contact local grooming and boarding to let them know you are available for pet sitting or dog walking.
Sell your hair
Yes, you can make money selling your hair. You’ll need at least 6 inches of hair, and it must be clean, healthy and shiny. Prices vary, but some wig sellers will pay up to £200 for your hair!
Recycle your old phone(s)
If you have some old phones hidden somewhere around the house, you’d be surprised to know that you can get some money if you decide to sell them. A lot of companies offer compensation for recycling old phones. Ask your family and friends if they’d like to give away their old phones too.
Why not sell your old things in your neighbourhood? According to Gumtree, we have over £2,500 worth of unused items in our homes. It’s a great way to get rid of things without having to transport anything, plus you’ll get to earn money.
Take advantage of the popularity of gardening by organising a sale of seeds, bulbs and both indoor and outdoor plants. By asking people to take cuttings, propagate their plants or collect seeds, you will have lots to sell without spending any money on stock.
Play video games
Dreams do come true. How many times have you said to your friends how fantastic it would be to make money doing something you love? There are many free computer games and low-cost video games out there, which offer incredible gameplay depth and fun. They also attract a surprisingly sizeable online viewing audience, people who just love to tune in and watch people play and hear their commentary through sites like Twitch.
If you enjoy playing video games, stream them! You can set up streaming pretty easily from an Xbox One, a PS4, or a PC and stream out your games. This is a huge market now. Or, you can become a video game coach. That’s right; people will pay you to mentor them.
Rent Out Your Room
If you have a spare room in your living space and want to generate some side income, consider renting it out. Use Airbnb to put your home to work for you, whether you wish to rent out your entire home or a single room.
Give Your Opinion
When you were a child, you might remember your parents telling you to “mind your own business,” but as an adult taking heed to this advice can cost you. This is because you can get paid to mind other people’s business. Some companies will pay you to participate in focus groups, phone surveys, online surveys, and even product trials.
Be a friend
Friendship doesn’t usually pay. Well, now it does. Money is money, right? There are people out there who pay you to be their friend, which means doing things that friends do. They might want you to work out with them or head to the cinema, whatever they feel like, as long as things stay friendly. To get involved, you need to sign up to Rent a Friend free to join and keep everything you make. The general price range is from £5-£30 an hour.
Bake and cook
Do you enjoy cooking? Are you constantly baking, kneading, whipping, blending, stewing and roasting? Your house always smells amazing, and your neighbours, family, and friends all love tasting your latest creations. And everyone constantly tells you, you could profit from your efforts. If that is the case, it’s certainly an opportunity to sell your products for that extra money.
Sell your wardrobe
This is a perfect option for women. How many dresses do you have that you wore like three times, and now they’re hidden somewhere deep in your closet? Clothes you no longer wear shouldn’t pile up around the house when they can be turned into cash asserts.
You can either organise a yard sale yourself or better sell the items online.
Do a pantry challenge
Ready, set, don’t buy any more groceries! See how long you can make the food in your pantry last and think outside the box with the meals you make.
Become a Mystery shopper
If you have a great memory, can pay attention to details, and report on what you see and experience, then making money as a mystery shopper will be great for you. Becoming a mystery shopper is as simple as you registering with a company that provides that service, then going undercover to different stores and reporting your experience as a customer. You are paid for your insight, and while you are at it, you can enjoy some free meals, travelling and shopping.
Become a part-time mover
This option is more suitable for guys, but girls are often accepted to move around fragile stuff and do some minor cleaning. Moving jobs are typically per request, and you can always choose a suitable time for you to do them. Check moving jobs to get a better idea of how things work and how much you can earn for lifting someone’s sofa.
Don’t get too carried away with the fun and games of saving money that you forget to be intentional with the money you save. And don’t let the money hang out in your bank account and tempt you to spend it.
Now, let the games begin and stay on top of your savings goals!
Kirk Shephard – Independent Estate Agent
07784 375 181