Make Money

Need Cash? Make Money Selling Your Stuff

If you want to make some extra money then a great way to do so could be to sell things. Many people make money by either selling things that they own already or buy buying things and selling them on. There are different ways that you can do this, which are worth thinking about.

Sell your old items

When you sell items that you previously owned then you do not need to declare your sales to the taxman. This means that you do not need to worry about keeping accounts or adding up how much you make, although you might want to do this out of interest.

There are all sorts of things that you could sell. You might have clothing that no longer fits you or that you just no longer wear as well as accessories and jewellery. You may have household items that you no longer want or need or kitchen and dining room items. You may even have pieces of furniture that you would like to get rid of. There is probably a market for everything that you might have.

There are different places to sell things and it is good to make sure that you sell in the right one. You will want to auction valuable items, for example or sell them directly to a dealer so that you can get a fair price for it. However, if you have small cheap things then it might be better to go to a car boot sale or table top sale to sell them. You might want to sell items online, using an auction website or similar. If you do sell online you will have to post the items out and this could take time and effort and you will need packaging, so you may rather just sell locally.

Buy items to sell on

Another option is to buy stock and then sell it on. This has to be declared to the tax office. You will also have the expense and risk of buying stock and you will need to find somewhere to store it. Many people who do this on a small scale will pick items which are small so that they can easily store them in their homes. Do consider whether you might need to change your insurance though and if you do not own the home you may need to check with your mortgage company or landlord as to whether you can run a business from the home.

Choosing what to sell can be tricky. You want to pick something which you can afford to buy, which you can sell at a profit and that you know will sell. Staying ahead of the current trends can be difficult and you will need to track this to make sure that you buy the right amount of stock so that it sells and you have nothing left.

You also need to think about where you will sell the items that you buy. Obviously, you will want to sell them where you will be able to make the most money from them but also where there will be a lot of customers. This can be tricky to find. The best thing to do is to start by doing research. Look at online auction, boot sale and other sales sites. Then look at offline sales places such as car boot sales, markets, shops and compare them to see what sorts of things are being sold in them and whether they might be the right places for you to sell the items that you are buying. Some places will be more expensive than others, for example renting a shop will be much more expensive than selling at a car boot sale. However, it depends on the type of things that you are selling as to whether this will be the right way for you to sell. Even if you sell online there will still be costs as you will have to pay the site you sell on a cut of what you make. It is therefore important to make sure that you are confident that your items will sell using the method that you choose and that you will still be able to make a profit when you take the costs into account.

Choosing how much stock to buy can be tricky as well. You will often find that if you buy more items then you will pay less per item. However, if you cannot sell them you will be left with lots of stock and you may not make back the money that you invested in it. You may also be limited by how much money you have to spend on stock. It can be quite a tricky balancing act and so well worth thinking hard about before you get started.

Continue Reading
Budgeting

Want a New Car? Here’s How to Budget for It!

f you need to replace your car or have not got one and need one, then paying for it can be tricky. Cars tend to always be rather expensive, whether you are buying new and second hand and you therefore will need to think about how you are going to pay for it. Whether you want to pay for it with cash outright or borrow money, you will need to find the money each month either to save up towards it or to pay off the loan. Therefore, it is worth thinking about how you will budget for it.

Look at current status

To start with you need to take a look at your current financial status. This can be hard as you may not want to face up to how well you are managing your household finances. However, it is important and you might even be pleasantly surprised. In order to figure out how you can budget you need to be aware of how money is moving in your accounts right now. Therefore, get together statements for all of your bank accounts and you can take a look. See how much money you have coming in regularly and note that down. Then see what bills you have to pay and what other things you buy and make a note of that as well. This should help you to see whether you tend to have enough money normally to pay for everything or whether you struggle.

See where savings can be made

This step is the most important. You need to have a look at everything that you buy and see whether you really need it. This might sound harsh but it does not mean you have to stop buying everything that you like, but you need categorise your spending. You will have regular payments, like rent or mortgage, utilities, insurance that you have to pay. These need to be separated from the things that you do not have to buy such as holidays, evenings out, eating out, apps, music and other hobbies. It is worth remembering at this stage that you will not have to give them up forever but if you stop buying them for a little while then you will be more easily able to afford the car that you want.

You should be able to see how much you can potentially reduce your spending and this will help you to see how much you can put aside for a car. You can then work out what type of car you can afford or if you have a specific car in mind, how long you will have to save before you can afford it.

It is worth also looking at the items that you will still have to pay for and see whether you can spend less on them. By comparing prices you will be able to see how much you might be able to save if you switched to a different supplier. This could be quite a significant amount and if you do it with a number of things then these savings could add up. This can be a really good way to cut your spending too as it takes very little time to research and organise and you will not notice any difference once you have switched.

Keep motivated

It is not always easy to stay motivated. You can feel like you are being deprived of things and it could be difficult to cut down what you are spending. You may feel that you ate going without all of your favourite things. It is at this stage when you need to remind yourself of why you are putting yourself through this. Think about your goal, which is paying for the car and this should help to spur you on. It may feel unfair that you are struggling so much to buy a car, but many other people do the same thing. Even people with loads of money may cut back their spending so that they can afford a car. They may still give up holidays, evenings out and things like this so that they can buy one, but they will just be buying a dearer one and therefore giving up more expensive things. The sense of accomplishment, once you have succeeded is really great and you will feel that it is worth it once you have paid for the car. It will hopefully also mean that you get into better spending habits and so once the car is paid for you can use your new-found saving skills to save up for other things or put some money into a savings account for when you need it. You may want to go back to buying some things, but some areas where you are saving money you may want to continue with and you will then have more available for other things.

Continue Reading