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Fun ways you can make money for your mortgage deposit

  1. 04 June 2018
  2. By Andi Michael

Saving is often about saying 'no' to things - but what if saving for your deposit could be fun?

We're pleased to welcome Money Magpie to our blog today, where they're sharing some of their quirky, fun ways to make some extra money to put towards your deposit.


 

Usually a mortgage deposit has to be at least 5% of the overall cost of your new home. The higher the deposit, the better the deal you'll get, with improved interest rates and so forth. So it's worth bearing that in mind when you start saving up.

Luckily with the right strategies in place, saving up the money for your mortgage deposit doesn't have to take an eternity, and guess what, it can even be fun!

If you're a bit confused by how this whole mortgage thing works and need advice on conveyancing, surveyors and removals, we've got you covered.

Every penny pays

To effectively start putting money away you need to change your mentality. Accept that every little sum you file away for your mortgage will add up. You won't find £10,000 lying around, but you will find it a lot easier to put aside £100 here and there.

Fun ideas

Making the money for your mortgage deposit doesn't have to be dull and there are lots of interesting ways you can start to increase your funds in small ways.

Boot sales

Yes, they still exist! And yes, there is probably one in your local area. Sometimes you can get a better deal here than selling your stuff online, especially if you like haggling or selling face-to-face. Plus, you can make it your goal to get rid of everything in one sitting! 

Make money from your rubbish bin

Start composting your waste, you can do this even if you don't have a garden by using bokashi. This Japanese method of composting is easy and un-gross. It makes use of bran containing effective microorganisms to rapidly break down a wide range of food waste. Anything from plant-based leftovers to meat and bones.The compost comes out in juice form.

Bottle a few batches (already diluted) and sell to neighbours and friends. You'll be making money from every bit of waste. 

Knitting

This one will only be fun if you enjoy knitting or feel like you would - give it a try, it may surprise you! If you hone your skills you can create products that you can then sell for a profit. There are a range of easy items you can produce through knitting. Start with a scarf and move on from there.

Dog walking

Why not use your spare moments after work or on weekends to spend time with some furry friends and get paid for it. It's a good way to destress and increase income.

Sell your hair

Yes, you can make money selling your hair. You’ll need at least 6 inches of hair and it must be clean, healthy and shiny – any damaged hair will not be accepted. Prices vary, but some wig sellers will pay up to £200 for your hair!

Yard sale

Why not sell your old things in your neighbourhood? According to Gumtree we have over £2,500 worth of unused items in our homes. Stick up a sign and sell from your lawn or garage. It's a great way to get rid of things without having to transport anything, plus you'll get to know your neighbours a bit better.



Play video games

Dreams do come true. How many times have you said to your friends how fantastic it would be to make money doing something you love? Well a lot of people love video games, but not a lot of people know that they can make money from them.

There are tons of ways you can do this. The most obvious way is to become a streamer and simply set up a YouTube channel where you post footage of yourself playing games. This is a huge market now. Less confident in front of the camera, but a good writer? Then start a video game blog. The money will come from ads as your blog grows.

However, our personal favourite is becoming a video game coach. That's right, people will pay you to mentor them on Call of Duty and FIFA!

Life modelling

If you're shy, this probably isn't for you... Although it's actually a great way to push yourself out of your comfort zone!

You can make up to £15 an hour for, well, sitting around naked. That sounds like easy money.

Just to clarify, yes you will have a room full of strangers staring at you intently in the nude and have to stay in position for hours on end. But there are certainly plenty of more difficult and less interesting ways to make money.

Sessions usually last around 3 hours, but you'll get some rest breaks.

The best part is, you don't actually have to be a model. In fact if you have an interesting or unusual body shape you're likely to be in high demand!

At the end of the session you'll get your money plus have a room full of portraits of yourself. It can be a truly fascinating experience if you feel up to it.

Be a friend

Friendship doesn't usually pay. Well, now it does.

This is a lot weirder than life modelling in our humble opinion, but hey, money is money. There are people out there who pay you to be their friend, which means basically doing things that friends do. They might want you to workout with them or head to the cinema, whatever they feel like, as long as things stay friendly.

To get involved you need to sign up to Rent a Friend, which is free to join and you keep everything you make. The general price range is from £5-£30 an hour.

 

 

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