Make money buying and selling Lego

While you may think Lego is only a kids’ toy, it can be much more than that.

A growing number of people buy Lego with the hope that its value increases over time. In other words, these people see buying Lego an investment, similar to buying stocks & shares.

In this article, we’re going to explain how it’s possible to make money from Lego. Keep on reading for all the details, or click on a link to jump straight to a specific section…

• Why invest in Lego?
• Which sets should I buy?
• Storing Lego
• How much can I make?
• Top tips

 

Why invest in Lego?

If you have a child, you’ll probably know that Lego regularly launches special sets alongside big movies or TV shows. You may have seen the plastic bricks themed with Star Wars, Harry Potter, Lord of the Rings or the Teenage Mutant Ninja Turtles. And that’s in addition to the regular ones, like police stations, castles or haunted houses. There are also limited edition ‘Creator’ and ‘Insect’ sets which are also popular right now.

It’s also worth knowing that the Lego brand now also extends to video games and cartoons – it’s a huge business.

Buying and selling Lego could turn into a good money-making opportunity and it’s all about the life cycle of Lego sets. The company produces and sells sets for a couple of years, after which they retire and won’t be sold in traditional outlets anymore. Those who miss the boat and are desperate for a discontinued set will then need to look for the special editions on eBay or Amazon. So, if you choose to invest in Lego, this is your chance to command high prices for those unique sets that can no longer be bought directly from Lego.

Which sets should I buy?

Do your research first. Like with any other investment, to buy and sell Lego for a profit, you’ll need to know your market. Certain genres and sets do better than others. The trick is that nobody really knows if – or when – the brand might discontinue a special edition. This means there’s no way of telling whether a certain set could be sold later at a higher price.

To choose wisely, check out some of the specialist sites dedicated to buying and selling Lego. For example, the online price and investing guide Brickpicker offers plenty of analysis on price trends. This could help you make more informed Lego purchases.

Bear in mind, though, that because Lego is under no obligation to discontinue their sets, there’s never any guarantee that what you buy will be a good investment.

Brick for brick, the sets linked to films or cartoons tend to be more expensive. Make sure you calculate the price per brick of the sets on offer, then wait to buy it when it’s on sale or a special offer. For instance, the resale value of the Star Wars sets has done well in the past, but previous success is not necessarily an indicator that these’ll be good buys for the future.

Storing Lego

It’s crucial that you keep your Lego in pristine condition. This means the box must be unopened and stored correctly – away from anyone who might be tempted to open it and play with its contents.

Keeping your box out of direct sunlight is also a must, as a faded set will be less desirable than a set in pristine nick.

Some of the more serious investors in the US lease climate-controlled facilities to keep their Lego in optimum conditions. That’s not to say you should too. Those tend to be the people investing on a bigger scale, for instance, buying 3,000 boxed sets!

How much can I make?

It depends. As previously explained, it can be tricky to predict which Lego sets will make a good investment. There’re US-based investors who claim to make a 10-15% return on their buys. But bear in mind, some think that this is a ‘bubble’ and the prices will soon crash. Again, just like with any investment, you should understand the risks before you spend your cash.

You could also make money selling old Lego in bulk. MusicMagpie and Zapper, for instance, will buy the bricks off you. Alternatively, you could try your luck on eBay. Some serious collectors often need a spare piece for their set which might just be hiding in your pile of Lego.

Some inspiration

If you’re on the fence about whether to invest in Lego, then you might be swayed after reading about Josh Mangleson, a Lego collector from Brisbane, Australia.

Mangleson says he first started buying Lego as a child, before noticing how the value of his sets had skyrocketed over time.

“In high school before I had my first job I’d try and find ways of making money to buy new LEGO sets. I’d look at buying them online, and I started to see the values on some of my older sets and could hardly believe my eyes. So I started to see my own LEGO collection as a bit of an investment”

Mangleson explained how he sold a total of 250 sets, netting him a $20,000 (£10,600) profit, which he has since used to put down a deposit on a house.

Meanwhile, US-based collector, Lucas Lettrick, says he makes a typical 150-250% return when buying a selling Lego sets. Lettrick says he’s spent a cool $65,000 (£53,000) buying Lego in a recent video interview with the Wall Street Journal.

Yet despite his steep investment, Lettrick recently explained on his YouTube channel, that you don’t need to lots of capital to start out.

“The better strategy I would say, especially if you’re starting out and is the way I started out, is putting smaller amount of money into purchases and then building your way up.

“Start small with a small amount of cash, buy really good purchases that are on really great discounts that you can really maximise what you’re selling them at and how much money your’e getting back out of them and then slowly, as you build up that pot of Lego money, you can start buying bigger sets.”

Top tips

• Be patient. It’s unlikely that you’ll instantly make big bucks buying and selling Lego. The profit arises from making a smart purchase, sitting on it for a while and waiting for the price to rise. Like any commodity, the price may fall before it rises. Or it may never rise.
• If you intend to sell your Lego on eBay, read our How to Make Money on eBay article.
• Learn as much as you can about the market. Use Brickpicker to gather information and study the price research.
• When you decide to buy, look out for deals and check out various retailers. If you buy your set at a low price, there’s more potential for profit later on when (or if) the set has been retired by Lego.
• There’s also a market for mini figures. It’s definitely worth the investment as they may become collectible later on.
• If you do decide to invest in Lego, then make sure you do so as part of a diversified portfolio. And if you can, you may wish to buy more than one type of set.  For example, stick solely to Star Wars sets and you could be in trouble if the public’s interest in the franchise fades in future.

Useful links

• Brickpicker
  
• eBay
• Amazon

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Make money by switching your bank account

Switching bank account to another provider is something everyone should consider. The benefits can be enormous and it’s actually simple to do. As with any service provider, it pays to always be on the lookout for a better deal. Switching bank accounts is no different.

Many of us are happy with our bank account and have no desire to switch, but that’s often because we’ve have never considered it and aren’t aware of the benefits it could bring. Financial regulation in the UK allows consumers to switch whenever they like and banks know this. As a result, they offer various perks to encourage customers to switch.

Some people switch periodically to make sure they are always taking advantage of the latest offers. Once you switch you’re be able to move your current account, along with all your direct debits and standing orders, to another bank within just seven days. It’s also completely free and the banks do all the hard work for you.

Did you know people in the UK are more likely to get divorced than switch their bank accounts during the course of their lives? This is an incredible statistic – and it’s due to us getting comfortable with our familiar bank.

Here are the latest current account switches you can make to save money and earn great rewards:

• Meeting income requirements
• Current accounts that pay you interest and cashback
• Current accounts that pay you to switch
• Ready to change yet?

Can’t meet minimum monthly deposits?

Most bank accounts offer rewards if you pay in a certain amount each month. For many people, their salary will easily cover this minimum requirement. However, if your salary isn’t high enough, you’re not earning anything, or you’re retired – don’t panic!

You’ll need two accounts to make this work, but that’s simple enough to set up. Your second current account should be with a different bank.

Put the monthly minimum amount – say £1,000 – into the second bank account.

Set up a standing order so that this amount transfers into your main current account.

Set up a second standing order for the following day on your main current account to shift the money back again.

This ‘cheats’ the minimum income requirement, as you’re simply shifting the same £1,000 in and out of the account every month!

Current accounts that pay you interest and cashback

Santander Edge

Let’s examine what Santander is offering first, while more information can be found on their website; here are the basics:

• Linked 7.00% AER easy-access savings account (max £4,000 per month).
• 1% cashback on some household bills, capped at £20 each month.
• Pay in at least £500 into your account each month and have at least 2 active Direct Debits
• Earn cashback on your household bills for a £3 monthly fee to maintain the account
• Arranged Overdraft facility (if you’re eligible)

 

To qualify, you’ll need to:

• Pay at least £500 into your account a month
• 2 active Direct Debits – Think phone, mortgage, rent, utilities
• Be over 18 and live in the UK permanently

Good if: you know there will always be at least £500 going in every month and you’re happy to use this as your main account.

Bad if: you’re not prepared to pay a small fee of £3 every month to enjoy the benefits.

Chase current account

Chase Bank is a relatively new offering in the UK. Its current account could suit you if:

• You prefer card payments over cash payments – You can earn 1% cashback on almost all your debit spending for 1 year. (Max £15 cashback per moth).
• You’re comfortable using a mobile app as this account is app-only.

Good if: you travel overseas, as Chase’s debit card doesn’t charge you for overseas spending or cash withdrawals (max £1,500 overseas withdrawals a month) 

Bad if: you want an 0% overdraft – Chase doesn’t offer one.

Nationwide FlexDirect Account

FlexDirect could suit you if:

• Your balance is often in credit – If you pay in at least £1,000 each month you’ll get 5% AER (4.89% gross p.a. fixed) interest on balances up to £1,500 for the first 12 months.
• You’d like an arranged overdraft – pay no interest on your arranged overdraft for 12 months from the date you open the account.
• You’re happy to do most of your banking online and using their app.

Good if: you usually have a balance of £1,500 or over.

Bad if: you’re always dipping into your overdraft.

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Current accounts that pay you for switching your bank account

There are other perks to switching your bank account. Some banks actually offer a cash incentive if you do. Here are the ones doing it in 2023:

Nationwide – free £200 for switching

Nationwide offers the most generous switching incentive right now.  Switch to its ‘FlexDirect’ account and you can earn a cool £200 as long as you’re moving from another bank, and you move over at least 2 direct debits as part of the switch.

To be eligible, you can’t have had a Nationwide switch bonus since 18 August 2021.

First Direct – free £175 for switching

First Direct are offering £175 if you switch to their standard account as long as you haven’t had an account with First Direct before (or had an account with HSBC since January 2020).

To get the offer you must pay in at least £1,000 within three months.

Lloyds Bank – free £175 for switching

Another bank offering something similar is First Direct who are giving away £175 to anyone who switches by 14 November 2023 (as long as you haven’t received a switch bonus from Lloyds or its sister bank, Halifax, since April 2020.

Do note there’s a £3 monthly fee unless you pay in at least £2,000 every month.

TSB – free £150 for switching

TSB offers switchers to its ‘Spend & Save’ account a cool £175.  To get it you must switch & move over at least 2 direct debits, spend on your debit card at least once, & use mobile banking – all by 31 October 2021.

On top of this, you can earn £10 cashback for 6 months if you spend 20+ times on its debit card every month. To be eligible for these offers you can’t have had a TSB switch bonus since October 2022.

Ready to change yet?

Many of us can’t be bothered to change our account every six to twelve months to ensure we’re getting the best deal on the market. Some of us have just never thought of it. That’s okay, but it’s worth investigating.

Banks rely on you not looking for alternative accounts, they offer perks to new customers while you just get the same service you always did, good or bad. But now it’s never been easier to switch so it’s a great time to take advantage of the incentives available.

You’re under no obligation to stick with your current bank, and the rewards are out there for those who are open to change.

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Make £100 a month with ads on your car

You can have ads on your car, just like taxis and buses do.

Unbelievable? Not really.

If you’re someone who drives around a lot, then loads of people see your car. It makes sense for an advertiser to splash their logo across your bonnet. They’re going to get a lot of eyeballs on that space!

The concept has been widely used in both the US and Europe, where advertisers such as Gillette and the Transformers movie have worked with Moscow based StickerRide.

So, if you don’t mind driving around with ‘Vimto’ or something similar spread across your car, you could make around £100 a month for very little effort.

 

• What’s involved in getting ads on your car?
• How much can you make from ads on your car?
• Can anyone do it?

 

What’s involved in getting ads on your car?

First things first, you’ve got to get the ads on your car.

The company that you sign up to will do this by professionally applying an adhesive vinyl wrap to all or part of your vehicle. Special transparent vinyl is used on the windows, so it won’t interfere with your driving visibility – phew!

Such ‘vehicle wraps’ can be added and removed easily without spoiling the paintwork, providing it is of original factory standard. Every decal is applied using specialist technology, which prevents bubbles from forming underneath the newly-placed vinyl. The adhesive is also very strong and is rain and UV ray resistant.  These wraps typically come in three forms: panel, partial and full wraps. Full insurance is provided against any damage to the paintwork of your vehicle caused by the advert’s placement, so you don’t even need to worry if something does happen.

You may even get freebies from the advertisers such as samples and discounts. Most car wrapping companies will also pay you if you refer other people to them.

So, it’s a win-win situation!

Some car wrapping companies will then require you to drive a certain amount each month before paying you.

Others won’t ask you to change your driving habits, but will match your driving routine to their advertisers’ needs.

Most companies accept vehicles of all sizes, from large vans to small hatchbacks or even flashy convertibles. All the adverts are custom made to fit your car and the specifications of their clients.

Saying this, many advertisers prefer cars that are newer or in good condition. You will also be required to keep the outside of your car clean while the advert is on it – you should report any damage to the ads or your car immediately.

Also, you’re free to turn down any branding allocated to your vehicle that you would not feel comfortable advertising.

Find out more about making and saving money with your car by reading our car guides.

the ideal ‘vehicle wrap’ driver

In order to be considered for a wrap, most companies have the following requirements:

• Be over the age of 18 at least (some companies request 20 years and over)
• Hold a clean driver’s licence
• Have a current MOT and road tax for the vehicle
• Have valid insurance for the duration of the contract
• Hold no convictions for drink driving, manslaughter or dangerous driving causing death.

Remember, you will be expected to always drive responsibly. An erratic, speeding driver is probably not going to create the best impression for the advertiser!

You can still become part of the scheme if you happen to drive a company car, providing your company gives you permission of course.

Car wrap companies can also offer corporate packages if you have a fleet of cars, vans or trucks that you are interested in registering.

Still interested? If you meet the above requirements and think you can handle a little artwork on your car, then read on to find out just how much money you can make from a vehicle wrap.

 

How much can you make from ads on your car?

The rate of pay varies according to the company you go with and how much of your car you’re willing to get wrapped.

Over in the US, Carvertise, the award-winning marketing firm, matches brands with high-mileage car owners – typically those owners who drive at least 30 miles a day. Drivers are normally paid $100 a month, although this can increase to $200 for the more specialist of campaigns.

Then there’s adverttu which claims to pay up to £150 a month for ads on cars (though there are limited reviews for this company).

StickerRide is another company that connects drivers to advertisers and even calculates potential driver earnings before the registration process is complete. Like other companies, their operator will check the campaign request and approve your application (dependent on criteria). You can increase your earnings by taking part in flashmobs and quests too; however, you need to launch the app before you begin driving.

Drive a lot in the US? Then, Wrapify may be the perfect pick for you. They approximate driving earnings on their site as anything from $196 to $452, depending on the type of wrap coverage that is applied.*

Drivers are paid monthly, so it’s a nice way to supplement your income; however, varying payment models exist across companies, so remember to check payment terms before you register. Plus, there’s a chance to get freebies or samples from the advertisers you are working with to boot!

 

Can anyone do it?

Well now, there’s the rub.

In a word – no.

Obviously a lot of people want to do this – and there’s nothing to stop you signing up – but the advertising companies are often looking for a specific type of car and driver. They could be looking out for someone who:

• Drives a LOT (such as a travelling salesperson)
• Has a really cool or expensive car
• Drives in a certain area (maybe the South East only or the North West only)
• Or lives within a commuter postcode.

They also look into other factors such as where the car spends most of its time and its total mileage.

So don’t be surprised if you sign up and then never hear anything, as a lot of factors are at play. Don’t let it put you off as it’s worth a try but just be realistic. If, like me, you have a tired-looking Citroen C1 and you only pootle about town every now and then, you’re not going to be top of the list, but there may well be a campaign out there just for you.

And, while you’re waiting to hear back, read our 10 real-world tips for cheaper driving.

 *There are numerous car wrapping companies out there, be wary of scam artists, and always check company practices.

Have you had ads on your car?

Do you think it’s a good idea or have you had a bad experience with it?

Let us know about your vehicle wrapping experience in the comments below.

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Claim your free National Trust ticket now!

Fancy getting your hands of a free National Trust ticket?

Autumn is upon us. Glorious shades of orange, brown and yellow grace our gorgeous country and the leaves are falling. Although it is beautiful, it can feel gloomy at times, especially when it feels like the news is one bad story after another. 

But fear not. As always, at MoneyMagpie, we are constantly on the search for fun, free things to do. This time, we have found a real gem for you. 

You can currently get free entry to National Trust sites across England, Wales and Northern Ireland. For a limited time, you can nab a free ticket, which allows entry to a huge number of historical and interesting sites for you and the family. 

The best part? The ticket allows for up to two adults and four children to enter a National Trust site for free. Yes, you read that correctly. You can get free entry for six people. Adults, of course, are those aged 18 years and over, and children count as those aged between five and 17 years old. Those under the age of five get free entry to National Trust properties anyway. 

Make sure you double check the website of the property you are going to in advance, as some of them require you to book prior to the date of your visit. If you do not book for certain properties, you may not be guaranteed entry. 

There are also some exclusions, and some National Trust venues are not included in the promotion. You can see all the exclusions here. Make sure to double-check the list prior to arriving to avoid having to pay for a ticket! 

You can get your free ticket now and use it anytime up to 30th November 2022. So, you can get your freebie now and use it over the October half term with the kids, or spend an autumnal day out with your loved ones to add some fun to the gloom of November. 

Tickets are limited, however. The offer will continue on until the number of allocated tickets have been claimed, or until 30th November whichever is sooner. Get your ticket here. 

The tickets are valid Monday to Sunday, so you can enjoy your visit any day of the week. The pass can also be used within any of the advertised opening hours for the property you want to visit. However, some sites may have parking charges, which you will still need to pay. The ticket covers entry to the site only. 

The tickets are not valid at external National Trust events where an additional entry fee is required, and the tickets are not valid in conjunction with any other offer. You can read the full T&Cs here. 

So, whether you fancy Castle Ward, a unique 18th-century mansion in Downpatrick, County Down or want to roam freely in an ancient royal hunting forest such as Hatfield Forest in Essex, there is bound to be something for everyone to enjoy. 

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The Energy Grants Edition

Energy Grants. With the long hot summer over and the nights drawing in, many people’s main concern will be how to get help with heating their homes and any financial assistance they can get with the cost of living. 

Here are some key ways you can get this kind of help across the UK this September. 

• £400 Energy Discount
• Household Support Fund
• Council Tax Rebate
• Warm Home Discount
• Fuel Vouchers
• Winter Fuel Payment
• Cold Weather Payment 
• Energy Debt Grants
• Local Energy Grants
• And Don’t Forget 

 

 

£400 ENERGY DISCOUNT 

The government will give every household £400 off their electricity bill. This is called the Energy Bills Support Scheme. 

You don’t need to do anything to get the money and you won’t have to pay it back.  

You’ll get the £400 in 6 instalments starting from October 2023. You’ll get: 

• £66 in October and November 
• £67 in December, January, February and March 

You’ll get the discount monthly, even if you pay for your energy quarterly or use a payment card. 

How you get the discount will depend on how you pay for energy. 

 

HOUSEHOLD SUPPORT FUND 

 

£421 million has been made available to County Councils and Unitary Authorities in England to support those most in need to help with significantly rising living costs. This funding covers the period 01 April 2022 to 30 September 2022 inclusive.   

Local Authorities have discretion on exactly how this funding is used: primarily be to support households with children, and pensioners who have energy bills, food and water bills. In exceptional cases of genuine emergency, this fund can be used to support housing costs where existing housing support schemes do not meet this exceptional need. 

 

COUNCIL TAX REBATE 

You can get £150 back from the council to help pay your energy bills – this is called a ‘rebate’.  

You’ll get the rebate if you pay council tax and your home is in council tax bands A to D. You can find your band on your council tax bill or check your council tax band on GOV.UK 

You’ll only get the rebate if you’re the person who has to pay council tax for your household. Only one person per household will get the rebate. 

You’ll get the rebate even if you: 

• get a Council Tax Reduction, including a full reduction, and your home is in bands A to D  
• get the Disabled Band Reduction discount and your home is in bands A to E 

• are subject to immigration control and your biometric residence permit says “no recourse to public funds” 

If you get benefits, the rebate won’t affect them. 

If you can’t get the rebate, the council might still offer you financial help. For example, they might help you if you’re in council tax bands E to H and you get certain benefits. Contact your local council to see if they can help you – find your local council on GOV.UK. 

How to get it…

If you set up a direct debit to pay your council tax before the end of March 2022, your council should pay you automatically. Local councils will start to make the payments directly into bank accounts in April 2022. 

If you don’t pay by direct debit or didn’t set up a direct debit before the end of March 2022, you should still get a rebate. 

Your local council will contact you – they’ll probably ask you to complete an online form. 

After you’ve given the council your details, they’ll make the payment as soon as possible.  

If you don’t hear from your council, contact them to check how you can claim the rebate. You should contact them before 30 September 2022 when the scheme closes.  

 

WARM HOME DISCOUNT SCHEME 

 

If you get benefits, you might be able to get £150 off your electricity bill or £150 added to your prepayment meter. You don’t need to apply for the scheme – payments are automatic. 

Check which energy supplier you were with on 21 August 2022. You can only get the discount if your supplier is in the scheme. The following suppliers are part of the scheme: 

• Affect Energy  
• Boost 
• British Gas 
• Bulb Energy 
• Co-op Energy  
• E (Gas and Electricity) 
• E.ON 
• E.ON Next 
• Ebico 
• Ecotricity  
• EDF Energy 
• Good Energy 
• Green Energy UK (GEUK) 
• London Power 
• M&S Energy 
• Octopus Energy 
• Outfox the Market  
• OVO 
• Rebel Energy  
• Sainsbury’s Energy  
• ScottishPower 
• Shell Energy Retail 
• So Energy 
• SSE 
• Utilita 
• Utility Warehouse 

If you or your partner get the Guarantee Credit element of Pension Credit, you should get the Warm Home Discount. 

You might also be able to get the Warm Home Discount if you get a different benefit and the government decides you have ‘high energy costs’. They’ll work this out automatically – you don’t need to contact them. 

If you have high energy costs, you’ll get the Warm Home Discount if you get any of the following benefits: 

• Universal Credit 
• Pension Credit Savings Credit 
• Housing Benefit 
• income based Jobseeker’s Allowance 
• income related Employment and Support Allowance 
• Child Tax Credits and Working Tax Credits 
• Income Support 

FUEL VOUCHERS  

You might be able to get a voucher to help pay for your energy. You might be able to get a voucher to help pay for your energy if either: 

• you use a prepayment meter 
• you don’t use gas or electricity for your heating 

If you can’t afford to top up your prepayment meter 

You might be able to get a fuel voucher. This is a code given to you in a letter or in a text message or email. You can use it to add credit to your gas card or electricity key. If you don’t have one of these, contact your supplier to get one.  

Your local council might be able to help you get a fuel voucher – find your local council on GOV.UK. If you’re still not sure if you can get a voucher, get help from an adviser. 

You can use a fuel voucher at: 

• a shop signed up to PayPoint – find a shop near you on the PayPoint website 
• a Post Office or shop signed up to Payzone – find a Post Office or shop near you on the Payzone website 

To use your voucher you’ll need to take: 

• the code and instructions 
• some form of ID – for example, your passport or a bill with your name and address 

You must use your fuel voucher within 3 months after you get it. 

If you have problems using your voucher, contact the organisation that gave it to you – you should be able to find their contact information on the instructions. 

If you don’t use gas or electricity for your heating 

You might be able to get a fuel voucher if you: 

• rely on oil, liquefied petroleum gas (LPG), coal or wood as your main source of heating 
• aren’t on the gas grid  

You’ll need to show that you can’t heat your home because you can’t afford to buy fuel – or you might not be able to afford it soon.  

Talk to an adviser if you need a voucher. Your local Citizens Advice will need to apply for you. 

 

WINTER FUEL PAYMENT 

As opposed to an energy grant per se, The Winter Fuel Payment is an annual one-off payment to help you pay for heating during the winter. 

You can usually get a Winter Fuel Payment if you were born on or before 25 September 1956. 

You’ll automatically get an extra ‘pensioner cost of living payment’ with your usual Winter Fuel Payment in either November or December. 

You should start getting the Winter Fuel Payment automatically once you reach State Pension age, but sometimes you might need to apply. You can find out how to apply for the Winter Fuel Payment on GOV.UK. 

Check how much pensioner cost of living payment you’ll get 

You’ll get £300 if you live either: 

• on your own  
• with people who don’t qualify for a Winter Fuel Payment 

If you live with someone else who qualifies for the Winter Fuel Payment, the amount you’ll get depends on whether either of you get any of the following: 

• Pension Credit 
• income-related ESA 
• income-based JSA 

If either you or the person you live with gets one of these benefits, you’ll both get £300 – as long as you’re not partners. If you’re partners, you’ll only get one £300 payment. 

If neither of you get one of these benefits, you’ll both get £150. 

If you live in residential care and qualify for the Winter Fuel Payment, you’ll get £150 unless you get any of these benefits. If you get any of the benefits, you won’t get a pensioner cost of living payment. 

 

COLD WEATHER PAYMENTS 

Cold Weather Payments are one-off payments to help you pay for extra heating costs when it’s very cold. 

You’ll get a payment each time the temperature drops below a specific temperature for a set period of time. 

You’ll only be eligible for a Cold Weather Payment if you already get: 

• Pension Credit 
• Income Support 
• income-based Jobseeker’s Allowance 
• income-related Employment and Support Allowance 
• Universal Credit 
• support for mortgage interest 

If you’re eligible, you’ll get paid automatically. Find out more about Cold Weather Payments on GOV.UK. 

 

ENERGY DEBT GRANTS 

If you’re in debt to your energy supplier, you might be able to get a grant to help pay it off. 

• The following energy suppliers offer grants to their customers: 
• British Gas Energy Support Fund – apply for a grant on the British Gas Energy Trust website 
• Scottish Power Hardship Fund – apply for a grant on the Scottish Power Hardship Fund website 
• Ovo Energy Fund – apply for a grant on the Ovo Energy Fund website 
• E.ON Energy Fund – apply for a grant on the E.ON Energy Fund website 
• E.ON Next Energy Fund – apply for a grant on the E.ON Next Energy Fund website 
• EDF Energy Customer Support Fund – sign up to the priority services register to apply for a grant on the EDF Energy website 
• Bulb Energy Fund – apply for a grant on the Bulb Energy Fund website 
• Octopus ‘Octo Assist Fund’ – apply for a grant on the Octopus website 

If you can’t get a grant from your supplier, you might be able to get a grant from the British Gas Energy Trust. These grants are available to anyone – you don’t have to be a British Gas customer. You’ll need to get debt advice before applying – get help from a debt adviser. 

If you’ve already spoken to a debt adviser – check if you can get a grant from the British Gas Energy Trust. 

When you apply for a grant, you’ll have to provide detailed information about your financial situation in your application. It could take a while to complete, and it might be worth getting help from a friend or family member. You can also talk to an adviser for help filling in forms. 

 

LOCAL ENERGY GRANTS 

You might be able to find grants or schemes run by your local council. Find your local council on GOV.UK. 

You might be able to get extra help and support from your energy supplier by signing up to the Priority Services Register. You can sign up if you’ve reached state pension age, you’re disabled or sick, or if your energy network considers you ‘vulnerable’. 

Your energy supplier can help you with things like: 

• reading your energy meter 
• moving your energy meter free of charge 
• getting your bills sent or copied to someone else – for example, a carer 

And don’t forget

If you’re struggling with money, there are things you can do to save on your regular living costs. Check what to do if you need help with living costs. 

If you’re finding it hard to pay your bills, you can get help. Find out more about getting help with your bills. 

You can also get help with debts. 

If you’re struggling to pay for food, find out how to get help from a food bank.

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Profitable Freelancing: 9 Tips And Tricks For Success

Freelancing has emerged as a lucrative career option for many. In an era where the internet dominates almost every facet of life, many opportunities have been presented to professionals worldwide. However, while the world of freelancing is rich in potential, it’s not without its challenges. Thriving in this field requires technical expertise, business acumen, and soft skills.  

This article explores key strategies to navigate these challenges and achieve a successful freelancing career. Read on to learn more. 

• Get Familiar With The Market Dynamics
• Understand And Implement Proper Financial Management
• Invest In Continuous Learning And Skill Upgradation
• Build A Strong Portfolio
• Ensure Effective Communication
• Engage In Networking
• Ensure Effective Time Management
• Seek Feedback
• Diversify Income Streams

Get Familiar With The Market Dynamics

First and foremost, before diving deep into the world of freelancing, it’s vital to understand the market dynamics. This means recognizing the demand for specific skills, the pricing strategies of competitors, and the platforms that potential clients use. For example, suppose you’re a graphic designer who notices an increased demand for animated infographics.

In that case, you can track design forums and certain job postings to adapt your offerings to meet this growing demand. Understanding these elements can help ensure you remain relevant and competitive in the freelancing world.

Understand And Implement Proper Financial Management

Surprisingly, many freelancers overlook the importance of financial management. As a freelancer, you’re essentially running a business. From setting the right prices to managing expenses and understanding tax obligations, having a grip on the financial side is crucial. Essentially, financial management involves planning, organizing, directing, and controlling the financial resources of an individual, business, or organization to achieve specific goals.

However, you might not be well-versed with accounting intricacies. This is where using an online accountant becomes beneficial. This professional can handle the nuances of financial management to ensure you can focus on what you do best while staying compliant and profitable. For example, if you initially struggle with invoicing and tracking expenses, you can employ a dedicated accounting professional to streamline your financial processes. This way, you can ensure timely payments and appropriate tax deductions.

Invest In Continuous Learning And Skill Upgradation

Just as markets evolve, so too must your skills. The freelance market is dynamic, and to remain competitive, continuous learning and skill upgradation are essential. For instance, if you’re in the field of digital marketing, it’s vital to keep up with the latest SEO techniques, social media algorithms, and content creation strategies. 

You can check out e-courses, webinars, workshops, and certifications to ensure you’re up to date with current best practices and can offer modern solutions to your clients. Consequently, you can stay motivated to make your freelancing career more profitable and successful.

Build A Strong Portfolio

First impressions matter. For freelancers, their portfolio is often the first impression prospective clients receive. A well-structured portfolio can showcase the quality of work and reflect professionalism. With a great one, you can also attract more clients and, in turn, make your freelance services more lucrative in the long run.

To build a good portfolio, ensure it showcases a diverse range of projects, contains detailed case studies, illustrates the challenges faced and solutions implemented, and is continuously updated with the latest work. For example, if you’re a freelance photographer, you should curate a portfolio highlighting your work across different genres – from weddings to corporate events, ensuring potential clients see the breadth and depth of your expertise.

Ensure Effective Communication

Another pillar of successful freelancing is clear communication. In an industry where you might never meet your client face-to-face, ensuring clarity in your interactions becomes pivotal. Misunderstandings with clients can lead to disputes, missed deadlines, and unsatisfactory outcomes. To avoid this, it’s always important to clarify project requirements before starting.  

Also, it’s best to keep the clients updated about the progress and be open to feedback and revisions within reason. For example, you can schedule an in-depth call with them to discuss goals, expectations, and deliverables. This way, you can build a good relationship with your clients, which can translate to more projects and profits. 

Engage In Networking

Beyond clear communication with individual clients, broader networking plays a pivotal role in your freelancing success. It can help you find new clients, stay up-to-date on industry trends, and build relationships with other professionals.

Additionally, building a robust network can lead to more referrals, collaborations, a broader client base, and more profit. To do this, it can be a good idea to engage in online forums, join relevant groups, attend conferences, and always be on the lookout for networking opportunities.

Ensure Effective Time Management

In the freelancing world, where you’re your own boss, effective time management is paramount. It can be the difference between a profitable month and a mediocre one. Some strategies you can consider include prioritizing tasks based on urgency and importance and allocating specific blocks of time for specific activities and sticking to them.

You can also use digital tools and apps to track and manage tasks. For example, you can utilize tools to allocate mornings for client projects, afternoons for administrative tasks, and evenings for skill development.

Seek Feedback

Growth often comes from reflection, and in the world of freelancing, this reflection often takes the form of client feedback. It can help identify areas of improvement, while positive feedback can boost your confidence. Therefore, after completing projects, seek feedback from clients. This can aid in self-improvement, help build trust, and foster long-term relationships, which all contribute to making your freelance career more profitable.

Diversify Income Streams

Relying solely on one source of income can be risky. Diversifying income streams can help ensure financial stability as a freelancer. You can do this by offering multiple services. For instance, if you’re a content writer, you can also offer editing services. 

Furthermore, engage in passive income activities like affiliate marketing or selling e-courses and collaborate with other freelancers on bigger projects. 

Final Thoughts

While freelancing offers immense potential, success isn’t handed to you. It requires hard work, continuous learning, effective networking, and sound financial management. By incorporating these strategies, you can build a successful and profitable career in the long run.

Disclaimer: MoneyMagpie is not a licensed financial advisor and therefore information found here including opinions, commentary, suggestions or strategies are for informational, entertainment or educational purposes only. This should not be considered as financial advice. Anyone thinking of investing should conduct their own due diligence.

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