Ten ways to get extra cash in your bank account before Christmas

With Christmas just over two months away, now is the time to start thinking about how to boost your bank balance in time for the festive season. Here are ten ways you can make some extra cash before the big day

The festive season is fast approaching, and it's no secret that this time of year can be a bit pricey. However, there are ways to earn some extra cash in the run-up to Christmas.

The cost of Christmas for British households is on the rise, with this year expected to follow suit. According to MoneySupermarket, households spent an average of £1,800 on Christmas festivities last year.

Despite many planning to cut back this year, having a little extra cash will be a huge help, and there are plenty of ways to achieve this. It's crucial to remember not to overspend at Christmas.

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It's wise to create a plan and a budget for the festive season and discuss with friends and family what you can and cannot afford this year. After doing this, you might want to explore ways to earn some extra money.

Here, we've compiled a few methods to boost your finances before Christmas 2024 officially kicks off.

Selling Online

Selling online could be the perfect opportunity for a declutter if you haven't done one in a while, reports the Mirror. You never know, you could be sitting on a goldmine. From old tech like mobile phones or games consoles, clothes that no longer fit, or old toys, selling online is an excellent way to make some quick cash.

There's a plethora of platforms available for selling your pre-loved items, with Vinted and Depop being the go-to for second-hand clothes, while eBay remains a reliable choice for everything else. It's worth noting that eBay has recently scrapped all its selling fees, meaning you'll pocket more from your sales on the site.

Additionally, there are specialist platforms like Music Magpie for CDs, DVDs, and games. Unwanted jewellery and gold can be sold online or through specialist high street stores.

Facebook Marketplace is an excellent platform for larger items such as furniture. Before selling online, it's crucial to research both the platform and the item to determine the best retail price.

Cashback

Cashback is another fantastic way to bolster your finances throughout the year, and there's still ample time to earn some extra cash before Christmas. Even better, if you utilise your planned Christmas spending, this could provide a financial boost in January when money is typically tight.

There are a variety of cashback schemes to consider. Some debit and credit card providers, like Monzo, offer cashback when you spend at specific retailers using their card, while others, such as Chase, provide cashback on all your spending.

On the other hand, dedicated cashback credit cards typically reward you with a set percentage of cashback every time you shop. However, it's crucial to pay off the full balance each month, or the interest charges could outweigh what you earn.

Additionally, there are dedicated cashback apps and websites like Topcashback and Quidco that track your online purchases and reward you with a percentage of your spending as cashback. .

Switching Accounts

Switching bank accounts is another simple way to make some money. All you need to do is swap your main bank for another through the Current Account Switching Service (CASS).

There are several switching incentives currently available, with First Direct offering £175 when you move and Lloyds offering £200. Nationwide is also offering £175, while Co-op bank is providing an initial £75 to switch, plus £25 a month for three months – totalling £150.

However, it's important to note that you'll need to meet certain criteria to receive these payments. Typically, this involves depositing over £1,000 into the account, using your debit card for purchases, and setting up a number of direct debits. It's crucial to read the terms and conditions before proceeding - if you don't meet the criteria, you won't receive the cash.

Surveys

Online surveys and market research can provide a financial boost as they offer cash or prize-winning opportunities in exchange for your opinions on various topics. However, it's not always straightforward, and some effort is usually required to complete them and earn any significant money.

Be aware that some of these sites may be dubious, so it's essential to concentrate on those with good reputations and more substantial payouts. YouGov is one of the better-paying and more trusted sites.

For every 5,000 points you accumulate, you'll receive £50. Typically, a 15-minute survey will yield around 50 points.

Renting items

Renting out your personal belongings has become an increasingly popular way to earn extra cash, from cars to driveways to clothes and lawnmowers. Almost anything can be rented out these days.

There are often specific sites that facilitate this, such as YourParkingSpace for driveways and Swished for clothes.

However, before you start renting out your items, it's crucial to read the fine print and consider how you'd feel if your possessions were damaged, particularly if they hold sentimental value. Additionally, don't underestimate the amount of time that could be consumed by administrative tasks if your goods or services become highly sought after.

Benefits

If you're on a low income, it's worth checking whether you qualify for benefits. Universal Credit is the primary benefit in the UK, and it's not just for those who are unemployed - it also supports those with low incomes.

Policy in Practice estimates that the total sum of unclaimed income-related benefits across Great Britain now stands at £22.7 billion per year. Claiming what you're entitled to could potentially add hundreds or even thousands of pounds to your annual income.

According to the Department for Work and Pensions (DWP) website, you can use a benefits calculator to check your eligibility. The calculator provides an estimate of: The DWP recommends using three specific benefit calculators.

Everyone has some leftover holiday cash tucked away somewhere, and this forgotten money could amount to a significant sum. Research by Leftover Currency discovered that this unused holiday money totals a staggering £2.7 billion across the UK, which could be exchanged back into sterling and provide a welcome boost to your Christmas savings.

Unused Foreign Currency

Brits could be sitting on a staggering £2.7billion in unused foreign currency, which works out at around £66.67 per person for the 40.5million 18- to 64 year olds in the UK. Fortunately, exchanging it back into pounds is a relatively straightforward process.

You can do this through foreign exchanges, online websites, the post office, and supermarkets. However, it's essential to shop around to get the best deal, just like you would when buying travel money. Start by searching online for currency buyback schemes and comparing rates.

Odd Jobs

Another way to earn money without a job is by taking on odd jobs through apps like Airtasker and Fiverr. These platforms allow people to outsource tasks such as furniture assembly, CV writing, graphic design, gardening, and decorating.

You can choose as many tasks as you like, but be aware that you'll be rated on the platform, so it's best to take on jobs you can do to a high standard. The pay varies depending on the advertised job rate, ranging from £5 to a few hundred pounds.

Keep in mind that these sites take a small cut of your earnings, with Airtasker charging a service fee of between 10% and 30% depending on the tasker's "tier" and the task's cost.

Lost savings Accounts

Additionally, you can also try to find lost savings accounts, which could hold a surprise windfall. Lost savings accounts, along with other financial assets, are a significant issue in the UK.

An estimated £82 billion is lost in bank and building society accounts, Premium Bonds, pensions, investments, and insurance policies. Accounts are declared dormant after banks fail to locate you at your last known address.

To track down lost money in bank accounts or savings, you can use My Lost Account. This free service combines three tracing schemes: UK Finance (UKF), the Building Societies Association (BSA), and National Savings and Investments (NSandI). However, it can take up to three months for them to complete their search. .

Referrals

Several business and financial firms offer incentives such as free cash and vouchers for referring others. For instance, both Monzo and Paypal will give you £5 if a friend signs up through a referral.

It's not just banks; other companies offer similar schemes. The broadband firm Hyporoptic offers a £25 Amazon voucher for successful referrals while the cashback site TopCashBack offers up to £30 if you refer a friend and they sign up and earn cashback.

However, bear in mind that bombarding your loved ones with links can potentially irritate them. It's advisable to utilise these if you're aware someone is considering a switch or planning to shop at a specific store.