How to raise some extra cash during the cost of living crisis

It’s fair to say that the UK, amongst many other countries has been through quite a bit over the last few years. Nobody could have ever predicted a global pandemic such as Covid. The devastating impact much worse than anyone could have imagined. Fingers crossed, we appear to be coming out of the other side of it and long may that continue.

That being said, unfortunately, as we head out of one crisis we appear to be spiralling straight into another. The cost of living crisis. From reusing your old teabags to putting on another jumper, taking shorter showers to just ‘working more hours’ – as one politician suggested, the news is full of ways to survive the worst cost of living crisis in the UK since the 1950s (source).

The UK cost of living crisis is ongoing and at present there doesn’t seem to be an end in sight. It started in 2021 when prices for many essential goods began increasing faster than household incomes, resulting in a fall of real incomes. Many businesses are having to deal with strikes as employees demand fair wages and pay increases too. With Christmas fast approaching, many households are wondering how they can raise some extra cash in time for Christmas. Here are some ways to help raise some cash.

Logbook Loans Against Your Car

The majority of people own a car, so why not utilise this by getting a log book loan. Logbook loans are the perfect solution for car owners to withdraw the equity from their car via a same-day cash loan. This means you will still retain full personal use of your vehicle.  

Lenders like www.loanonyourcar.co.uk are  FCA-authorised logbook loan direct lenders and provide proven and preferable Logbook Loan solutions for people looking to raise cash the same day, from their vehicles.  You can obtain a loan from between £500 – £150K with flexible repayment terms. What’s more, there are no early settlement and overpayments so you can borrow in complete confidence.  Loans are subject to a credit check and a full affordability assessment.

Pawn Your Car

If you don’t need to use your car for a while, you could consider pawning it. Pawing your car is the perfect way to raise cash against your car without the need for a credit check or affordability assessment.  There are lots of alternative ways to travel such as walking, cycling, car sharing, train and buses which are also a more environmentally friendly way to travel.

The car is secured against the loan as collateral. You can rest in the knowledge that your car will be put into a safe, secure, professional indoor and fully insured storage facility.  Loan terms are a maximum of 6 months, with the ability to settle early penalty-free, make overpayments, and pay less interest.  The main benefit of this is to borrow now and make no payments until you collect your car back when you settle the loan.

Lenders like www.pawnyourcar.co.uk and www.releasemycapital.co.uk are  FCA-authorised pawn brokers and provide proven and preferable pawn solutions for people looking to raise cash the same day, from their vehicles.  With loans from £500 – £200K +  and flexible repayment terms, with no early settlement and overpayments, you can borrow in complete confidence.

Use Your Luxury Assets To Get A Loan

If you happen to have any jewellery or alcohol laying around that you don’t wear or won’t drink, you actually utilise this to help you gain some extra cash. Borrowing against your luxury assets to release equity with a specialist pawnbroker is becoming a more popular way of releasing some extra cash. You can release the equity from assets such as Prestige watches, Fine Jewellery and Gems, Fine Wines and Spirits, Art, Gold,  Diamonds and Object D’art.  No credit check is required and there is no affordability assessment either. 

The assets are used as collateral and your items are professionally stored and cared for.  Loan terms are a maximum of 6 months, with the ability to settle early penalty-free, make overpayments, and pay less interest.  The main benefit is to borrow now and make no payments until the customer collects the car back when they settle the loan.

www.releasemycapiytial.co.uk are FCA-authorised pawn brokers and provide proven and preferable pawn solutions for people looking to raise cash the same day, from their vehicles.  With loans from £5000 – £200K +  and flexible repayment terms, with no early settlement and overpayments, you can borrow in complete confidence.

Have A Homemade Christmas

While this doesn’t release extra cash, it will save you some cash. Swap expensive shop-bought gifts for homemade ones. More often than not, you’ll find everything you need in your cupboards at home, even more so if you have children and a craft cupboard!

Who doesn’t like homemade cookies and cakes. Baked with love and more importantly, a thoughtful gift. Alternatively, get the children involved in making homemade Christmas cards. Unleash the glitter and glue. Dig out of the felt pens, sequins and stickers and let the kids get their craft on and make some fabulous homemade cards!

Buying a Christmas cake can be expensive and more often than not if you buy the ingredients to make one, you will have a surplus of leftover ingredients. So, if you happen to know someone who is making s Christmas cake, why not ask them if you can have their surplus ingredients. This way, you can make a free Christmas cake and save the ingredients from going to waste.

Looking ahead to next year, it’s also worthwhile setting up a standing order that transfers a small amount of money into a savings account every month. Planning ahead for the following year is a great way to reduce the burden of the cost of Christmas or towards those unexpected bills. Just £10 a month from January through to December will give you £120 by the end of the year.

Do you need to release some extra cash this year? Do you have any tricks or trips to share? Let us know in the comments below.