Ways to Earn a Little Extra Money

Often, we feel like we could do with a bit of extra money. Whether we would like to pay off a loan, save up for a holiday or just make managing easier each month, there are often good reasons that we have for saving up more. In order to so this we will normally need to earn some extra money. There are different ways we can try, but sometimes we cannot think about what to try. So below is a list of ideas that you might like to pick from.

Sell things you own

If you have things around the home that you no longer want or need then you could make some extra money by selling it. This could be anything from clothing to tools and not only could you earn something but you will also declutter at the same time. There are lots of places as well that you could potentially sell them. If you have lots of cheap things then a car boot sale could be the best thing, but more expensive items might be better sold at an auction. It is good to look at online sites too such as auction sites and classifieds as well as social media groups to see what sorts of things are sold on these sites so that you can decide what will be the best for you. It is a good idea to do research first as it will ensure that you get the best price for the items that you are selling as you will put them in the best place.

Buy and sell things

Some people really enjoy selling and decide that they would like to buy and sell items. This means that they will have to invest some money in some stock and work out how they can resell the items at a profit. This can be easier in some genre than others, it all depends on the types of things you choose. You will also need room to store the stock and you will have to think about how you will get the items to the buyers. It might be that you choose to sell online and post them or that you choose local sales. It will very much depend on the products and you will need to make sure that you do a lot of research first to make sure that you will be able to make a profit out of the items.

Online work

There are many jobs to be found online these days. They can vary massively and again it will depend on what skills you have and what sort of work you want to do as to what you will end up doing. It is good to have a search around first and see what sorts of jobs are available and then you will be able to choose what you think will be the best for you to do. This can be anything from answering surveys to doing freelance work.

Freelance work

Depending on what work you like doing, you might be able to do some freelance work. This could bring in a chunk of money or you might be able to find something regular so that you can get a more regular income. There are different things that you could try but it will all depend on what sort of thing you would like to do. You could do some art portraits, cleaning, gardening, fix computers or all sorts of other things depending on where your skills lie. It can be a good way to get some extra income but in a flexible way.

Part time job

You might feel that a more conventional job will suit you better. If you already have a job then you may need to find something part-time to do alongside it. Perhaps some evening work or some weekend work could be the answer for you. There are different jobs that you could do such as bar work, shop work, factory work or even evening work in offices as well as cleaning, gardening and such like. It is worth thinking about what hours you think you will be able to manage as this could influence the type of work that you will be able to do. You need to think about what you think you would manage as you will have to expend energy in your normal job as well as in an extra one. You might want to make sure that it is something easy and /or relaxing so that you can easily cope with both.

Temp work

If you do not want something that is too permanent them temporary work could suit you well. Jobs can vary and you might be bale to find factory work, catering jobs or office jobs as well as others. IT is a good idea to have a think about what you might like to do and what sort of time you have available to do it so that you can look for relevant work.

Top Ways to Repay Your Loan Early

Many people like the idea of repaying their loans early. It might be because they want to get a mortgage and need to have less debt in order to get one, that they want to reduce the interest that they are paying, that they want to reduce their monthly outgoings or for other reasons. Many lenders are flexible and realise that borrowers want to repay loans early and allow them to do so. Some may have an admin charge for this, so you will need to check as you will need to pay this as well. Once you have made the decision that you would like to repay the loan early, you will need to then find some methods to be able to do this.

  • Use savings – if you have any savings then it can be a good idea to use these to repay the loan. These will probably be earning less interest in the savings account than you are paying on your loan. It can be hard doing this. You might wonder whether you are being foolish using savings as you will have nothing to fall back on if you need it However, you can get a loan if you need something to fall back on and in the meantime you will save a lot of money. If you are saving up for something specific then it can be even harder to part with the money as you may have been really looking forward to that item. However, you will much better off in the future without that money to have to find and so it could mean that you will eventually be able to save up much more quickly if you use the money you would otherwise have been using on interest payments to save up. Even if your savings are not enough, using them to partially repay the loan can be a good idea.
  • Set a target – it is a good idea to think about what you are aiming for. Obviously, you want to repay the loan early, but how early? If set your sights on just repaying it early you could just repay it a week early. Think about how soon you want to repay it and precisely what your idea of early is. You will then give your brain something more specific to work on and you will be able to plan what you are doing based on that date. It will allow you to calculate how much you will need to repay each month which will help you to be able to set a budget.
  • Budget carefully – it is important though, when you are setting the budget, that you make sure that you are able to manage. You need to calculate how much income you have and how much you pay out each month on necessities. Any money that you have left will need to be spent on luxuries as well as repaying the loan. You will need to make sure that you can cover the costs of everything that you need and want as well as putting some money against the loan. It is wise though, to arrange a direct debit to pay extra into the loan when you get paid. If you wait to see what you have left at the end of the month, you may find there is nothing left as you have spent it. If you budget well this will not be a problem and you should have plenty left, but it is not always that easy.
  • Earn more – the best way to repay the loan more quickly is to find ways to increase your income. You could try things that will generate a lump sum or something that will bring in more regular payments. If you sell things you own and no longer need, for example, this will give you a lump sum of money that you could put towards it. The same as if you do a freelance job on a one-off occasion. However, if you want a more regular income then you may have to look at ways to earn more. This could be within your own job, perhaps by working more hours or asking for a pay rise or it could be by getting a supplemental job. This could be a part-time job locally or you could look at online work so that you can be at home when earning. There are lots of possibilities and you will need to think about what you would like to do and then see whether there are those sorts of opportunities available for you.

So, if you want to repay your loan early there are options for you to consider. Even if you feel that it will not be an option for you, there are things that you might be able to try that will work for you. It is a good idea to get a good understanding of what you might need to do and how much you can afford to repay and then this might motivate you to make a few changes that will enable you to repay it more quickly.