Five easy ways you can get cash quickly before Christmas revealed
CHRISTMAS is one of the costliest times of year, but there are five easy ways you can top up your bank account ahead of the big day.
Households are expected to spend an average of £923 on gifts, food, travel and socialising this festive season, according to Finder.
With millions already struggling with higher mortgage rates and energy bills, it's never been a better time to get money savvy.
Luckily, there are some quick and simple ways you can bag yourself some extra cash before Christmas Day.
From checking if you're due a tax rebate to selling unwanted items online and exchanging old currency, here are five tricks you can use, according to Sarah Coles, personal finance expert at Hargreaves Lansdown, and Louise Bastock, editor at finance comparison site Finder.
Check if you're owed a tax rebate
There are a host of reasons you might be due a tax rebate, including if you've been on the wrong tax code.
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The average rebate for those who have overpaid tax is worth around £3,000, so it's well worth checking.
The deadline to submit an online tax return is midnight on January 31, 2025, but you could always get ahead and submit one before then.
The best way to check is via www.gov.uk/claim-tax-refund. Just answer the questions on the online form.
Any tax rebate submissions made via the online tool on the government's website are paid within five working days, meaning if you act quickly enough, you could get a decent cash boost ahead of December 25.
Make sure you don't fall foul of any tax rebate scams though, Ms Coles warned, and only apply for one through the government's website.
She said: "There are a huge number of tax rebate scams doing the rounds at this time of year, so it’s essential to ignore all of them.
";Don’t reply to any messages or click on any links.
"Assume they are scams, and make checks through the official channels.
"Don’t Google ‘tax rebates’ either. You’ll end up with services you have to pay for or out-and-out scams."
Exchange leftover currency
You might not have a lot of spare foreign cash lying around, but every spare bit of money helps around Christmas.
Ms Bastock, from Finder, said you will most likely get the best exchange rates through online bureau de changes.
You could also pop down to your local Post Office, which will generally offer better rates than high street banks.
You can find your nearest Post Office branch by visiting: www.postoffice.co.uk/branch-finder.
Flying abroad before Christmas and thinking about exchanging your sterling for foreign currency at the airport? Think again, Ms Bastock said.
"If you’re flying somewhere this Christmas, then the convenience of airport exchange bureaus, will be tempting but they typically offer the worst rates of all."
Sell unwanted items online
Not only is selling unwanted items online a decent way to clear up space, but it can also be a boon to your bank account.
In most cases, there will be a platform best suited to what you're selling, too.
Ms Coles said: "eBay is a useful all-rounder. Alternatively, you can use specialist alternatives including Vinted for clothes – with a massive user base and no selling fees.
"Music Magpie is useful for shifting large collections of CDs or DVDs that you could struggle to sell elsewhere.
"Meanwhile, if you have large items that need to be collected, there’s Gumtree and Facebook Marketplace."
If you are going to sell any items on, make sure to do your research so you know what they are worth.
You can check out what other sellers are listing similar items for to get an idea on how much you should sell yours for.
Ms Coles added: "If you use Amazon for second-hand books, they’ll sell fast if you price them just a few pennies cheaper than those already on offer."
Hire out your belongings
If you don't want to part ways with any old items, you could always just hire them out.
There are a handful of websites that let you rent out your gear, from drills to sewing machines and ice cream makers.
Some of the better-known sites are Fat Llama or RentMy.
But, Ms Coles said these types of websites tend to work better in major cities - and also warned you won't make a fortune.
"Renting out each item may only make £10 a day, and you’re unlikely to be able to rent it every day.
"You also need to think about wear and tear, and whether you’re happy that it may not come back in the same condition you lent it in."
One other option is renting out your driveway if you live somewhere where parking is limited and spaces are in high demand.
Stashbee, JustPark and YourParkingSpace are all worth checking out.
"What you’re paid will depend on demand in your area, so might range from £2-£20 a day," Ms Coles said.
Carry out odd jobs
The run up to Christmas can be too much for some families, so much so they need odd jobs doing for them.
Apps like Airtasker, which you can download for free on to your smartphone, are ideal if you're looking for odd job work.
You can find all kinds of work on there, from cleaning to gardening and handyman work or even babysitting.
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Ms Bastock said: "People advertise one-off tasks which could bag you around £20 an hour (or even more) depending on the level of skill involved.
"Our research showed 43% of Brits did a side hustle in 2024, so if you’ve been thinking about making some cash from a side hustle, now could be your chance."
Do I need to pay tax on my side hustle income?
MANY people feeling strapped for cash are boosting their bank balance with a side hustle.
The good news is, there are plenty of simple ways to earn some additional income - but you need to know the rules.
When you're employed the company you work for takes the tax from your earnings and pays HMRC so you don't have to.
But anyone earning extra cash, for example from selling things online or dog walking, may have to do it themselves.
Stephen Moor, head of employment at law firm Ashfords, said: "Caution should be taken if you're earning an additional income, as this is likely to be taxable.
"The side hustle could be treated as taxable trading income, which can include providing services or selling products."
You can make a gross income of up to £1,000 a year tax-free via the trading allowance, but over this and you’ll usually need to pay tax.
Stephen added: "You need to register for a self-assessment at HMRC to ensure you are paying the correct amount of tax.
"The applicable tax bands and the amount of tax you need to pay will depend on your income."
If you fail to file a tax return you could end up with a surprise bill from HMRC later on asking you to pay the tax you owe - plus extra fees on top.
Do you have a money problem that needs sorting? Get in touch by emailing money-sm@news.co.uk.
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