How to Deal with a Rainy Day: A Few Simple Steps to Save Money & Earn Extra Cash

The recession with its price hikes and pay cut is closing in and you’re feeling the pinch, or at least, a sense that it’s in the post. How can you ensure you’re not going to be hit by the maximum pain on offer in this period of financial malady?

Keep an Emergency Fund There has never been a more necessary time for an emergency surplus of cash. The ideal would be at least 6-months worth of living expenses, but to many, who are hampered by debt and pay freeze/cut, that kind of saving is tough. Save what you can when you can.

Make Your Own Coffee or Lunch
It’s a no-brainer. Not slipping into Pret or Starbucks everyday for a cheeky sandwich and coffee will save you yes, several hundred pounds a year. If you do that because you think you’re sandwiches aren’t as nice, there are plenty of great sandwich recipes on the internet.

It’s also wise when travelling, or visiting an attraction, to pack some pre-made food and avoid those profit-margin fattening prices for coffee, water, chocolate and sandwiches. Sporting events are especially bad, packing large numbers of people into a confined space and charging a fortune for water.

Skill Swap
Sometimes money is the obstacle to getting something done. If you have a skill that can be useful to someone else and they have one that can be useful to you – you build a website, while they fix your car – you can avoid the headaches of not being able to afford something that’s necessary. You also might strike it lucky and find you’re being recommended for future business. That second job you’ve found it hard to get might just fine you.

Participate in a Medical Trial
Drug companies are always in search of healthy participants for the mandatory drug trials each drug must go through before being taken to market. Medical testing for money can be profitable with some trials paying up to £2000 each. Participants may agree to up to 4 trials a year. All trials have to adhere to protocols set down in EU Law, so you’re in safe hands.

De-clutter You Home
This could earn you a surprising amount. Mobile phones and other old electrical equipment can fetch £100+ per piece. Some recycling companies will also accept old fridges, cookers and vacuum cleaners. Old comic collections and other entertainment items can do well on both Ebay and Amazon. If you have a loft or a garage full of “stuff”, that seems like too much trouble to sort and value, make for a local car boot sale and get what you can.

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