If you’ve read our previous article on making extra cash, you’re already familiar with ideas like selling unused items, freelancing, or renting out a space. But there’s always more you can do to improve your financial situation. Whether you’re saving for something big or just trying to stretch your budget, these additional strategies can help you unlock extra funds and make managing money a little easier.
Check for Mis-Sold Car Financing
If you’ve financed a car in the past, you might unknowingly have paid for a Payment Protection Insurance (PPI) policy you didn’t need. Many young drivers were sold these policies through their car finance agreements without fully understanding the costs or terms.
For those who financed vehicles through Mercedes Finance, there’s an opportunity to claim compensation through Mercedes PCP claims. This could give you a significant financial boost to use however you need, whether it’s paying off debt, saving for a big purchase, or simply building an emergency fund. It’s worth checking if you’re eligible—you could have money waiting for you.
Switch Energy Providers
Energy bills are a constant drain on finances, but switching providers can make a noticeable difference. Many US households stick with the same supplier for years, missing out on cheaper tariffs or special deals. By comparing providers, you could find lower rates that fit your budget better.
Some of the most cost-effective energy providers in the UK include Octopus Energy, Bulb, and EDF. Many offer discounts for switching, direct debit payments, or even referrals. You can use tools like MoneySuperMarket or Uswitch to compare taxes and find the best deal. Taking the time to switch could save you hundreds of dollars annually.
Look for a Better Car Insurance Deal
Car insurance can be particularly expensive for young drivers, but staying on a family policy isn’t always the most affordable option. Specialist insurers like Marmalade and Admiral cater specifically to young drivers and often provide tailored coverage at competitive rates. A quick google search can help you shop around.
It’s worth comparing policies to see if you can lower your premiums. Insurers sometimes offer discounts for black box policies, which monitor your driving and reward safe habits with lower costs. Even if your renewal isn’t due yet, shopping around can prepare you to make the switch at the right time.
Explore Cashback Opportunities
Cashback programms are an easy way to make extra money on purchases you’re already planning to make. Platforms like Upside, Quidco and TopCashback offer rewards when you shop through their links, giving you a percentage of your spending back. Mrs. Money has done quite well with Rakuten.
Banks also sometimes offer cashback incentives for using certain credit cards or making payments in specific categories. Over time, these rewards add up and can provide a little extra money without requiring much effort. Look for deals that align with your usual spending habits to maximise your benefits.
Rent Out Items You Aren’t Using
If you have things lying around that you don’t often use—like a camera, bike, or even clothes—you can rent them out for extra cash. Platforms like Fat Llama and By Rotation make it easy to connect with people looking to borrow items short-term.
Adding these strategies to your toolkit can help you unlock extra cash and take greater control of your financial future. Whether it’s claiming compensation, switching providers, or finding creative ways to earn, small actions can lead to significant results. Start with one or two tips that work for you and watch your savings grow. Every step you take makes a difference.
Disclosure: Some links will earn me a commission.
The post More Ways to Unlock Extra Cash for Young People first appeared on YoungMoneyFinance.
