How to Make an Extra £500 in a Month
Updated: May 18, 2022
It can be difficult to save money sometimes, but what if you could make an extra £500 per month? By cutting back on a few unnecessary expenses and increasing your income, you can make that money in no time!
It’s not always easy to find ways to save money, but with these five tips on how to make an extra £500 in a month , you’ll have no trouble getting that extra cash in your pocket. It might even make you rethink how much money you spend in some areas of your life!
1) Try at least 2 new fintech companies
In today’s world, most people don’t have time to sit down and research everything they need. Instead, you can find great products and services through your peers – sites like Product Hunt are perfect for finding new software, apps, and other tech-based solutions that might be able to help you start earning more money.
So look for two fintech companies that can help save or earn you some cash.
2) Put savings first
If you don’t make savings a priority, it can be very difficult to find money for any kind of expenditure. Set up a direct debit into your savings account every month and allow yourself something from that account once a year.
That way, you’ll become comfortable with living below your means and develop excellent saving habits. If you start saving early enough and build up enough capital, it might also enable you to start investing, which can generate even more income in future.
3) Move debt from high interest to low interest
Our next tip on how to make an extra £500 in a month has the potential to do it all in one go. Say you have a credit card with a high interest rate, or car payments and mortgages that are eating up your monthly income.
If you’re looking for ways to make an extra £500 in one month, start by consolidating those debts into one low-interest loan.
This way, you’ll be able to throw less money at your expenses every month, freeing up more cash for disposable income.
Consolidation loans come with relatively low interest rates – typically between 2 and 5 percent – but they may take several years to pay off if you can’t meet minimum monthly payments during that time period.
4) Sell your stuff, even if you don’t need the money
Before going out and buying new things, it’s always worth seeing if there’s anything you can sell that you already own.
If so, it could be worth listing them on sites like eBay or Craigslist or even taking them down to your local pawn shop.
You can also see if there are any free markets going on around town where you could get rid of some stuff for cash.
And don’t forget about those items cluttering up your home that you never use—you could always sell these at a yard sale, too!
Another option is to try selling online; most online marketplaces offer flexible listing packages (if not completely free ones) that allow you to specify when items are available and how much they cost.
5) Use coupons and cashback apps
We’re all looking for new and fun ways to save money. Why not give coupon clipping a try?
There are lots of websites that offer coupons, including sites like Quidco and Topcashback. If you shop online a lot, check out cashback apps like Ibotta or Checkout 51 which let you earn cash back on your purchases.
Both options can be great for small budgeting and saving big.
How to make an extra £500 in a month - The Bottom Line
It takes discipline and dedication, but earning a little bit of money on top of your regular salary can help you pay off debt, get ahead of your budget, and improve your overall financial situation.
You might even have enough left over for some travel expenses or a night out with friends. Who said being cheap has to be boring?