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Money for Life work in partnership with the Money Advice Service, an independent organisation set up by government. Money AdviceService provides free, unbiased money guidance across the UK to help people make the most of their money.  If you have a question or need help, you can chat to them here.

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How can I make money quick?

I’m wary of anything to do with making money online, but cashback websites have been a pleasant surprise. They’re easy to use and, when used well, can make you some extra cash.

Here’s my experience of using cashback websites to make some extra money.

When you purchase through a cashback website, you get paid for it. The rewards start at a few pennies, but can be particularly good for things like phone contracts and insurance – some people make hundreds! Once the transaction has been processed (which can take a few weeks), the reward is added to your cashback account. You can withdraw this into your bank account, although you may have to meet a minimum amount to do this. MoneySavingExpert.com (https://www.moneysavingexpert.com/) give an in-depth explanation of cashback websites here (https://www.moneysavingexpert.com/shopping/cashback-websites/).

I tried one called TopCashback (https://www.topcashback.co.uk/), but another is Quidco (https://www.quidco.com/?#utm_source=google&utm_medium=cpc&utm_campaign=cashback).

Here are the tricks I learned to use them safely and successfully:

Choose the free membership

Unless you’re planning on becoming a professional cashback-er, stick to the free memberships. Some sites offer premium memberships at a cost, but their free ones are perfectly good.

Be warned – TopCashback (https://www.topcashback.co.uk/) automatically give you a free month trial of their ‘plus’ membership when you sign up. You will need to downgrade to ‘classic’ to avoid being automatically charged for a paid membership.

Download the widget!

When I signed up to TopCashback (https://www.topcashback.co.uk/) they offered a free ‘cashback notifier’ that you could download onto your browser. It pops up whenever I’m shopping online, letting me know what reward I could earn and reminding me to shop via the cashback website – clever!

Withdraw your cash ASAP

The money isn’t yours until it hits your bank account, so if the cashback company went bust you’d likely lose all the winnings in your account. I opened an ISA to withdraw mine into – not only is it safe, but it’s earning interest too.

Don’t fall into the trap

The cashback homepage is full of potential rewards; it’s tempting to buy things you don’t need. Remember, buying things just to get the reward is not making you extra cash – you are spending money that you wouldn’t have spent otherwise and probably buying things that you don’t need.

Is the cashback reward giving you the best deal?

Remember what your goal was when you started – to optimise your savings and earnings. Make sure, therefore, that the cashback deal is the best option out there. For example, you may get offered a £10 cashback reward on an item but if you’d bought it from another retailer that isn’t available on the cashback site, you could’ve had it for £50 cheaper – saving an extra £40.

Maximise your rewards

Often if you withdraw the money from your cashback account in the form of a giftcard for a specific store, you’ll be given more money than if you’d taken it as cash. This is only a good deal if you’d be likely to spend your money in the stores on offer, but it’s something worth checking before withdrawing.

 

With all this extra cash, make sure you’re thinking about budgeting and saving! For tips and tricks for getting the most out of your money, check out the Saving and Budgeting section on our website.

If you’ve got something in mind you want to save for, download our Pennies to Pounds app for free from the app and play stores. We’ll tell you how much to put away to reach your goal faster!

 

This article was written by Francesca, on of our Money Champions. For more tips and advice follow her on Twitter and Linkedin.

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Money for Life work in partnership with the Money Advice Service, an independent organisation set up by government. Money AdviceService provides free, unbiased money guidance across the UK to help people make the most of their money.  If you have a question or need help, you can chat to them here.

Launch Chat

Chat to the Money Advice Service
Monday to Friday, 8am to 6pm
Saturday, 9am to 1pm.