While the iron is hot: 3 ways to preserve your finances
For once, the UK economy has been the subject of spiriting news. Thanks to the potent combination of rising wage growth during disinflation, many British households could expect to receive a financial boost.
This current period of deflation is said to be linked to the effects of the recent slump in oil prices. Meanwhile, the joint-highest employment rate is a key factor behind employers increasing wages. Although this sounds like good news, it might not be for very long: with wages outstripping inflation and a tighter labour market than we’ve seen in a long time, the demand for goods could easily increase and prompt prices to soar.
So while we’re hearing good news now, we might not be reaping the same rewards for the long-term future. But while there’s a window for positive financial change there’s no reason why we shouldn’t take advantage of it. There are many ways to do so, and even though time-consuming cashback sites tend to steal the limelight, there are other unorthodox methods for fiscal rewards that should also be considered.
Cash in the Attic
There is a plethora of reality TV shows that document the tragedies and victories of people who attempt to make financial gains on antiques. Perhaps they are to blame for the common assumption that an item must be old and/or beautiful to be valuable.
Home clearances that range from simple moves to complete hoarder clear outs performed by companies like Clearance Solutions unearth all kinds of treasure, but, to adapt the saying, not all that doesn’t glitter isn’t necessarily not gold: “people moving house tend to discard their possessions in large quantities, clearly under the impression that they must be worthless. Old computer games or console accessories get sent to landfill when they could be adding to the owner’s bank account. When we perform clearances, we sell unwanted items through reliable and charitable networks to offset the clearance cost and we’ve become quite accustomed to people being surprised that we were able to.”
There may be antique homeware, a rare first edition book, or historic correspondence gathering dust in your home, and if there is, you should research their potential value. But you should also consider the worth of other less-obvious items, from tools, toys to sporting goods.
The Lives of Others
Or rather, the homes of others.
As you may have seen on Channel 4’s recent “Shorts” series called “Home Truths”, it’s becoming more common for people to pay minimal rent while living in bustling metropolises like Central London as property guardians.
With vacant property security specialists Oaksure Property Protection, property guardians can expect to find themselves living in a variety of environments with other guardians at a fraction of the equivalent rental cost: from office spaces undergoing temporary closure, to palatial gymnasiums closed for refurbishment.
The benefit for businesses using property guardians is that they avoid the massive costs for renting temporary (and consequently not particularly effective) site security and circumnavigate the problem of squatters or thieves. The benefit for the property guardians is that they get to live in expensive areas but without the costs.
However, Oaksure, in response to the Channel 4 short on property guardians which seemed to be overwhelmingly positive, warn that entering into a property guardian contract is not to be done without serious consideration: you have a duty to look after the building, this involves making regular inspections and cleaning up after yourself. It is not a pursuit for somebody wanting to make friends or have parties.
Your Parking Space
It has never been more true that most people are loath to use private parking. They’re expensive, difficult to navigate and recently the RAC foundation released new research that shows how most private parking penalties are charged illegally.
If you have a parking space, you might be surprised to find that there are people who will pay good money to rent it. This is the general idea behind online parking marketplaces like the Money Saving Expert approved Your Parking Space: users can sign up for free to either list their parking space or find parking spaces to rent – the site takes 20% of the commission.
Spaces are in demand all over the country, especially if you can offer a space near a landmark such as a football stadium or airport. So if you have a space that’s going to waste, you could rent it out and let the auction commence.