“Look after the pennies and the pounds will look after themselves”
This well used proverb means if you concentrate on saving small amounts of money, you’ll soon amass a larger amount. Never is this so true when it comes to most of the income-boosting ideas I list on this site – the earnings may appear small and rather insignificant to some of you at first, but really, trust me on this if you keep this proverb in mind you’ll be reaping the benefits…
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Qmee Earnings Example
Let’s look at the Qmee Survey site as an example.
With Qmee you earn real cash for taking surveys, as well as simple Google searches and shopping. I mainly use them for Surveys and that’s the earnings we’ll be looking at.
Not only do they pay in real cash, there’s also no minimum payout threshold! When you’re ready to cashout there’s three choices = PayPal, gift card or charity. For the PayPal option simply link your account and the payment should arrive in minutes.
Register for your free Qmee account here.
You can see from the screenshot above that each survey clearly shows the monetary reward against it and the time they estimate it will take to complete. In my experience the money credits immediately. There’s usually at least one survey available at any given time, although I tend to find the weekends can be a little quieter.
SO, ABOUT THOSE PENNIES INTO POUNDS
On my first day using Qmee I was already at £1.50, which I didn’t think was bad for a few surveys & web searches!
BUT £1.50 by itself though really doesn’t seem like a lot, I get it (wouldn’t even buy you a cup of coffee in most places!) Thinking like this however is quite demotivating though – what we need to do is take a longer term view, change the mindset if you will…
Let’s look at how this humble little £1.50 can soon mount up to a nice little income-boosting side-line:
- £1.50 every day x 7 = £10.50 per week (okaaaaay)
- £1.50 every day x 30 = £45 per month (nice!)
- £45 per month x 12 = £540 per year (yikes, sign me up!)
Now THAT’s starting to look a bit more appealing wouldn’t you say?! 🙂
I’m on my third week with Qmee now and am aiming to cashout £10 per week, which is on target so far.
Related post: Qmee – Get Paid in Cash for Surveys, Searches & Cashback
Don’t Keep All Your Eggs in One Basket
These figures start to look even more appealing when you add in the potential income from other sources too, let’s look at these example average projections:
- eBay (sell your old stuff) – £10 per week
- TopCashback / Quido (shopping cashback) – £5 per week
- Swagbucks (simple online tasks) – £5 per week
- SerpClix (Google searches) – £2 per week
- Qmee (surveys) – £10 per week
- TOTAL OF THESE = £77 per week!
Now we’re talking 🙂 Let’s look to see how this can mount up over time:
- £77 every week x 4.33 = £333.41 per month
- £77 every week x 52 = £4,004 per year
TIP: It’s worth being organised with all these side-hustles, i.e. keeping all your earnings logged onto a spreadsheet, then you can keep your motivation up throughout the week/month. It’s always quite satisfying come payout time!
Related post: TOP 5 Ways to Earn Online in your Spare Time
Saving Your Spare Pennies
This pennies-to-pounds mindset applies really well to SAVING money too – for example rounding up your change from a cup of coffee and putting it aside. This could mount up as follows:
- Paying £3 for a £2.50 coffee = 50p change to save
- 50p x 5 in a week = £2.50 per week
- £2.50 every week x 4.33 = £10.83 per month
- £2.50 every week x 52 = £130 per year
By putting this money into a savings account/ISA you’d also be earning interest in top.
These days there’s a fair choice of trendy apps and also bank accounts which will do all this for you automatically – more on this to follow in a future post, stay tuned!
IDEA: You could create separate savings accounts for each of your financial goals, e.g. New TV Fund, then sit back and watch as it slowly mounts up. If you prefer to deal in cash, then simply keep the change in separate labelled jars so you can see it actually grow in front of you 🙂
A WORD ABOUT TAX:
A tax break, introduced in 2017, means the first £1,000 you earn each year ‘trading’ (i.e making money through your income boosting endeavours) is TAX-FREE, yey!
Some activities are tax free anyway (e.g. earning Cashback and selling your old stuff on eBay).
See Gov.uk for full details.
I hope you’ve enjoyed reading my Pennies into Pounds post – has it inspired you to have a go at some of the income-boosting ideas?
See: TOP 5 Ways to Earn Online in your Spare Time