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Monday, December 26, 2022

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Friday, December 9, 2022

Want to Be A Millionaire? Do These 5 Things.

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How to Rent out your car parking space for money

Make Money

Rent out your car parking space for money

Jem Collins

by Jem Collins in Make Money

Updated by Nele van Hout
19 November 2021 ShareTweet

Got an empty parking space that you don’t use? By renting it out, you could start making a decent amount of money…

car park sign, cars and money bag

Do you live in the city centre, near a lot of businesses, commuter links or even the local football ground? Chances are, someone is willing to pay you cash to park in your drive.

It might sound crazy, but depending on where you live, you could get as much as £200 a month for renting out your parking space, or even more if you live in central London.

Yep, you heard right – £200 a month for doing absolutely nothing. And because it’s passive income, you can still earn money while you’re away for Christmas or on holiday.

Here’s our guide to everything you need to know when renting out your parking space for money.

What’s in this guide?

For a few more ways to rake it in by doing nothing, check out our guide to making cash in your sleep.

Can you rent out your parking space?

Ross from Friends parking car

Credit: Warner Bros

If you have an empty car parking space, you’ll likely be able to rent it out and earn money from it. But, there are a few things to consider first:

  1. Can the space legally be used without a permit (such as a space on a driveway or in a garage)?
  2. Do you legally own the property, or have permission from your landlord to rent out the space?
  3. Can the space be accessed without the use of a key, code or fob?

If the answer to all of the above is ‘yes’, then the chances are you can rent out your parking space without an issue.

However, even if you’ve answered ‘no’ to a couple of the questions, don’t lose hope just yet.

Spaces that require a council parking permit are an absolute no-no for renting, but non-council permit spaces can be rented. You might find these spaces at places like churches and schools, and although it’s unlikely that a student house would come with one, we wouldn’t like to say for sure that they won’t!

Of course, even if your permit space isn’t controlled by the council, you will need to check with whoever owns the space before renting it out. So, if you’re renting a property as a tenant, make sure you get permission from your landlord first.

Similarly, having some kind of barrier to access the space (like a key or a fob) isn’t the end of the world.

All it means is that you’ll need to be there when the driver arrives or have a key safe nearby to hand over the key (and to collect it when they leave), or in the case of a code lock, contact them beforehand to let them know the combination.

How much to charge for a parking space

Depending on where you live, the amount you can charge for your parking space will widely vary – you could get anywhere between £50 – £500 per month.

But of course, when you’re a student, even the lower end of the scale represents a welcome injection of cash.

To get a rough idea of just how much you could earn, decide which company to rent your parking space through, and see how much other people on the site are charging.

Don’t take it as gospel though – waving around an expected fee like an excited chicken doesn’t mean people will actually pay it. Think of the value as a guide to see if it’s worth your time.

Is it worth buying a parking permit if you have a driveway?

If you live on a road where parking permits are required, but you also have a car and a driveway, see if it’s worth buying a permit for yourself and renting out the driveway.

Permit parking is typically found in areas where spaces are in high demand, such as high streets and commuter links. This means that you’ll likely be able to charge more for your driveway space than it’ll cost you (as a local resident) to buy a permit for the road. Profits!Received a parking ticket that you felt was unjustified? Find out how to appeal your fine.

How to rent out a parking space

row of parked cars

Credit: Piranhi – Shutterstock

Here are the key things to know about renting out your car parking space:

  1. You need a proper contractYes we know, it’s just a driveway – but, legally, you’ll be seen as a landlord with tenants (and responsibilities). If nothing else, it’s something extra to add to your LinkedIn.The main thing is to make sure you clearly state that you’re not responsible for the vehicle or its contents. No one wants to fork out for a new Jag that they don’t even own.Some sites will help you out with this, but you can also find templates online.
  2. You must consult your landlordIf you’re renting the property itself, you need to make sure you’re actually allowed to rent out the parking space.This is technically subletting (which could be a breach of your tenancy agreement), so get some written consent from your landlord or agent.
  3. You can’t rent out a space in the roadThere’s a massive difference between renting out a garage or private driveway, and letting someone park on the road outside your house – even if you’ve got a spot on it.As we mentioned earlier: the first one’s legal, the second one isn’t.
  4. You may have to pay tax on the incomeJust like any other cash that comes your way, the income from renting out a parking space will be taxable if it takes you over your yearly tax-free limit (a.k.a. your personal allowance).But don’t worry – it isn’t hard to work out if this applies to you, and paying it is pretty easy too. You can find all the info you need in our tax facts guide.

Best sites to use to rent out your parking space

To find drivers to rent out your parking space, here are the best websites to try:

  1. JustParkJustPark is one of the best options for anyone looking to earn some money by renting out a car parking space with minimum hassle.They’ll sort out all the contracts for you, and their payment scheme means you don’t even need to bill the ‘tenant’ who’s parking in your drive.They collect payments, and you can either manually withdraw your earnings or set it to pay you automatically, either weekly, monthly or quarterly.There are no fees for signing up or listing a space, but JustPark will take 3% from your booking. For any booking over two months, they’ll take 20% of the first month’s payment, and 3% for each month thereafter.Check out JustPark » 
  2. ParkLetAnother solid contender, ParkLet, is perfect for people who are looking to rent out their car parking space for a longer period of time. That said, they offer a short-term letting service too.They’re super keen to make the process as smooth as possible and will draw up necessary contracts and collect monthly rent on your behalf.The only downside is they have some pretty hefty fees. Listing your space is free, but for fixed-term bookings shorter than a week, you’ll pay a 30% commission (+ VAT). Parklet charges a 25% commission (+ VAT) for fixed-term bookings between one and 12 weeks.On monthly contracts, you’ll pay a 20% commission (+ VAT), as well as a £25 (+ VAT) admin fee when they find you a tenant. For that reason, the longer you rent it out for, the better.Check out ParkLet » 
  3. Park On My DriveThe name says it all with this one, and although they offer a pretty basic service, it does the job amply.The big pro here is that you get charged a yearly fee of £20 instead of commission, so depending on the number of rentals you do per year and the price you charge for them, this could turn out to be an excellent deal.They also won’t charge you anything until the first booking enquiry is made, so there’s less risk of being out of pocket.On the legal side of things, it has a parking space rental agreement that you simply need to print out and fill in. Easy as pie.Check out Park On My Drive » 
  4. YourParkingSpaceYourParkingSpace is one of the newer players in this market, but it still does everything you’d want it to.The company offers a full management service, meaning they handle all questions and negotiations with the tenant, as well as organising and collecting the payments.There’s no fee for joining YourParkingSpace, but they charge the buyer an additional percentage of the cost as commission. They’ll automatically add 20% on top of whatever your set rental price is, which will be the final cost that appears in the listings.Again, though, this means you’ll have to be careful about how much you’re charging for your space. If they’re whacking another 20% on top, it could quickly become too expensive for anyone to take an interest.Check out YourParkingSpace » 
  5. Stashbee
    As well as car parking spaces, Stashbee also allows people to rent out empty rooms and garages for others to use as storage.To rent your garage or parking space, you can add an hourly and monthly price. It’s also possible to enable automatic pricing to make sure your pricing is competitive depending on what type of space you have, your location and the demand.It’s free to list your parking space on Stashbee but a service fee is added to the total price (and is paid by the renter). You’ll see the total earnings-after-fees when putting up your listing, which is a neat little feature.Unlike YourParkingSpace, Stashbee doesn’t deal with guest enquiries. Potential renters can send you questions and it’s up to you to reply within 24 hours before the request expires – however, you can restart the conversation if you don’t respond in time.Check out Stashbee » 
  6. GumtreeChances are you’ve probably already heard of Gumtree: the magical, mystical place where you can find everything from jobs to plant pots. Perhaps unsurprisingly, you can also list parking spaces too.The massive bonus with Gumtree is that it’s 100% free. There’s no commission to pay, and no pesky listing fees (unless you pay to feature your ad, of course).The obvious downside to this, however, is that you’ll have to sort out contracts and payments by yourself, which can be a bit of a hassle.Check out Gumtree » 
  7. Advertise offlineYou can have just as much success by placing an advert in the local paper or supermarket for a week, or even flyering neighbours with cars (target ones parked slightly awkwardly and without a driveway, of course).If you live in a block of flats with a lot of neighbours, you could even put a notice on the front door or in the communal area (if there is one).Once again, however, you will have to sort out all your own contracts and payments.

We’ve only mentioned sites that are free to list on – but look out for their other charges, such as commission once the space is rented.

Check out our top tips for saving money on driving for more ways to cut the cost of owning a car.

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Learn How to become a private tutor

Make Money

How to become a private tutor

Jake Butler

by Jake Butler in Jobs & CareersMake Money

Updated by Nele van Hout
23 July 2021 ShareTweet

High flyer in your uni subject? It could be worth becoming a private tutor. Not only is it a great little money earner, but it will also do wonders for your job prospects…lesson over video call and stationary

Credit: insta_photos, Africa Studio – Shutterstock

Private tutoring is a pretty common way for students to make money at university, and it’s no surprise why.

Tutoring is flexible work that you can fit around your studies. And, better yet, it also looks great on your CV as it will show that you’re so amazingly capable in your subject area that you’re even trusted to teach it to others.

Wondering how to become a tutor? This guide has all the info you need to get started.

What’s in this guide?

We’ve got plenty more business ideas for you to try out while at uni. Weigh up your options before you commit.

The benefits of becoming a private tutor

tutor with pupil

Credit: Dan Race  Shutterstock

First thing’s first – in case you need a bit of convincing, here are four reasons to start private tutoring while you’re at university:

  1. It pays well – You can earn some pretty decent money as a private tutor. The exact amounts will vary depending on where you’re based, what your subject specialism is and how much of an expert you can really claim to be, but we’re talking at least £20 an hour.
  2. It’s great experience  Tutoring privately will also look amazing on your CV, especially if you’re able to get enough work to essentially run a mini-business with your own website and everything. By taking the initiative to start tutoring, you’re also demonstrating that you’re entrepreneurial and business-minded.
  3. It’s flexible work  It can be tough balancing work with studies. But, with private tutoring, you can pretty much pick and choose the hours you work, although evenings and weekends are the most popular with clients. If a deadline pops up, you can usually reschedule with your student without too much hassle.
  4. It’s actually good for your studies – How amazing would it be to get paid to revise? By offering tuition in your specialist subject, this is essentially what you’re doing! There’s no better way to solidify something entirely in your memory than teaching it to others.

Private tutoring isn’t the only way to make good money as a student – check out the best-paid part-time jobs for students for your other options.

What skills do you need to be a private tutor?

dog using computer

Credit: Kalamurzing – Shutterstock

In order to be a great student tutor (and therefore make more money), you’ll need to have the following skills:

  1. Great subject-specific knowledge  When offering your services as a tutor in your subject, it’s important for you to really know your stuff. Unfortunately, just thinking you’re good at it doesn’t count – you need to have hard proof (good grades, great references, etc.) to prove yourself in this area.
  2. Great communication – You need to engage with students to help them learn. This is especially true if you’re doing private tutoring lessons over a video call, as it can be harder to teach and learn over virtual chats. When working with younger people, you’ll also need to communicate effectively with parents and regularly update them about their child’s progress.
  3. Good knowledge of revision and exam techniques  Doing some research into the latest revision techniques is so, so important. Bear in mind that, regardless of whether or not a particular revision technique works for you, your pupil could respond to it differently as they might not be the same type of learner (another thing you should research).
  4. Time management – You’ll have to learn to balance all of your clients’ tutoring classes with your uni studies, and remember to plan in advance before each session. If you turn up unprepared (or, even worse, late), you’ll get a bad reputation and won’t have much success. 
  5. Patience  This is actually one of the most important qualities needed in a tutor. If someone has hired a private teacher for themselves or their child, it’s likely because they’re struggling with a particular subject. With that in mind, don’t expect them to become an expert straight away – stay calm, let them learn in their own time and stay positive.

Good at video games? You can now get paid to tutor kids while playing FIFA and Fortnite.

What qualifications do you need to become a tutor?

graduates

You might need a PGCE qualification to become a teacher in UK schools, but you don’t need any specific qualifications to become a tutor. Having a degree is useful as this shows authority in the subject and could help you secure work, but it’s not essential.

If you have a postgraduate qualification, this will really help you stand out to potential clients.

Or, if you don’t have a degree, previous experience in teaching or coaching will stand you in good stead, as will high grades at GCSE and A Level. Even babysitting experience will be useful as it will show that you’re good with kids.

But, ultimately, if you can sell yourself and your expertise, and provide a good service on a freelance basis, you should be able to generate more customers through recommendations and word of mouth.

Although it’s not legally required, it’s a good idea to get a DBS (Disclosure and Barring Service) check if you’ll be working with anyone under the age of 18.

Parents will often ask to see this before they’ll consider taking you on and, even if they don’t, you’ll score some serious professionalism brownie points if you present them with your DBS check.

A check costs £23 and you simply apply via the government website.Tutoring is just one way you can make money from your language skills – we know of plenty more.

Job responsibilities of a private tutor

friends studying together

Credit: Dean Drobot – Shutterstock

Here’s a quick rundown of a private tutor’s key responsibilities:

  • Assess your pupil’s skill level and needs – Each client will be different and you’ll have to tailor your tutoring accordingly.
  • Schedule and plan sessions – They need to cover the relevant content, and you’ll have to use different teaching methods to keep each class engaging.
  • Research the curriculum – Things will have likely changed from when you were at school, so you need to get to grips with exactly what you need to cover so your pupil is successful in their exams.
  • Produce progress reports  To prove to your student and/or their parents that your service is having an impact, you’ll need to do progress reports to show their development.
  • Organise payment – Whether it’s through a third-party service, cash in hand or another financial arrangement, you need to make sure the cash is coming in. We explain about paying tax as a private tutor below.
  • Promote yourself – Advertising your services as a private tutor is an ongoing requirement as your pupils won’t stick around forever. Make sure you’re constantly promoting your work so you have a steady stream of new clients.

How much money can you make as a private tutor?

money in a purse

Credit: Yevgen Kravchenko, kamui29, Bell Photography 423 – Shutterstock

Private tutors usually charge between £20 – £30 per hour. Tuition slots tend to last an hour (let’s be honest, not even your own attention span can stretch much further than that) so even if you only manage two sessions per week, you’re still making a decent amount of money on the side.

You should probably charge slightly less if you’re offering an online private tutoring service, such as over Zoom or Skype. Plus, you could try offering a discount for customers who book sessions in bulk for guaranteed income.

You could also increase your earnings by teaching more than one person at a time. However, some sites advise that you should offer group discounts.

Whatever you do, make sure your rate covers your overhead costs. It’s important to factor in the cost of teaching materials, as well as the cost and time of travelling to wherever you need to be.

Do you have to pay tax as a tutor?

As you’ll be self-employed, it’s your responsibility to complete your self-assessment tax return at the end of each financial year.

The upside is that, if this is your sole income during uni and you only work a couple of hours per week, it’s unlikely you’ll exceed the £12,570 personal allowance bracket (the amount you’re allowed to earn before you have to start paying income tax).

Don’t worry – we’ve explained it all in detail for you here.

Tips on how to become a tutor

If you’re hoping to become a tutor, here are the best things to do to get started:

  1. Write a strong CVDwight from The OfficeCredit: NBCYour CV is the best way of giving potential new customers an accurate picture of you and your abilities.So, make sure you don’t skimp on this step – use our guide to writing the perfect CV to make sure you ace it.It’s also a good idea to source a couple of great character references (from an old boss, one of your uni lecturers, or a family friend with an important job title) as this will really help to sell your services.
  2. Decide what skill level you’re aiming forYou’re much more likely to recruit new clients if you target your services at a specific skill level.For instance, teaching primary school kids is a whole different ball game to coaching 17-year-olds through their A Levels. So although there’s nothing stopping you from doing both, it’s sometimes better to concentrate your efforts on one area.The main tutoring areas are:
    • Primary school core subjects and SATs tuition (Key Stage 1 and 2)
    • Secondary school core subjects (Key Stage 3, GCSE and A Level)
    • International qualifications (e.g. International Baccalaureate)
    • Language tuition (all levels).
    If, for example, you decide to focus on offering tuition to GCSE students, you can really get to know the curriculum and what students are required to do to succeed in their exams.You can then offer a better, more specialised private tutoring service as a result, rather than spreading yourself thin by covering a lot of areas.
  3. Put a pitch togetherMan using a laptopCredit: KaptureHouse – ShutterstockTo pitch your tutoring service, you’ll need to write something similar to a cover letter, where you confidently state what makes you an ideal tutor for someone looking to brush up on your specialist subject.Include good grades, relevant major achievements and even throw in a quote or two from uni staff or testimonials from previous students (if you have any).You can then use this pitch as material to convert into an advert for your services – which brings us on to our next point.
  4. Start advertisingUsing the pitch you’ve already created (see above), you can now edit or cut it down to suit your audience or advertising space, and start getting the word out there.The best places to start promoting your tutoring services would be:
    • Online forums (university forums, Mumsnet, etc.)
    • Notice boards (at uni, in shop windows, at your local library or community centre)
    • In Facebook groups (try resident groups in your local area, and you could make your own business page)
    • Putting flyers through people’s letterboxes in your local area
    • On classified ad sites like Gumtree.
  5. Set up your tutoring sessionstutor session materialsCredit: Indypendenz – ShutterstockWhether you’re tutoring online or in person, communication with your tutee is key. Arrange a time and place in advance and make sure you turn up on time.Ask lots of questions to find out exactly what help your tutee needs, and research the curriculum and marking criteria in depth. It’s a good idea to have an introductory session to establish what your tutee wants from the sessions, and set some realistic goals.Whatever you do, make sure you’re prepared. Turning up with nothing each week and expecting to just help your student with their homework won’t impress anyone.

Best tutoring websites

working on a laptop

These are the private tutoring agency websites:

  1. Superprofsuperprof logoThis is one of the biggest private tutoring sites in the UK, with almost 16 million tutors across the globe.You simply sign up, publish your tutor ad and interested students contact you. You can accept or reject their requests, and then swap contact details to either arrange to meet or start online tutoring.You set your own rates, so make sure to check out the competition first to get an idea of what to charge.If you don’t have a student review, you need to offer your first session for free (although this doesn’t have to be a lesson, it can be an introductory ‘get to know each other’ session). There are also no charges for tutors, so you won’t be at a disadvantage for going through the site.Visit Superprof »Superprof is really easy to use, set up and it doesn’t ask for references either. I teach cello and double bass so I don’t really get anything from it to be honest, but it’s probably because it’s quite a specific thing.I think a good picture and description of lesson structure would probably help a lot in appealing to people.Zoe Seekings, studied at Royal Welsh College of Music & Drama
  2. First Tutorsfirst tutors logoWith First Tutors, you can offer tutoring sessions either face-to-face or online, and again, you set your own fees and don’t pay any charges.To set up, you’ll have to submit two references, plus some information for an ID check. You’ll receive an email when a tutee requests your services and you have to log in to the member’s area to respond – make sure you do because if you ignore requests, your profile will be suspended.Anyone can sign up, so you don’t need any specific experience or qualifications.Visit First Tutors »
  3. MyTutorMyTutor logoMyTutor claims it offers “the best uni job in town”, with pay of up to £20 per hour, no need to travel and the ability to choose your own hours. They pay directly into your student bank account every two weeks.To sign up, you need to fill in an application form and book a video interview with one of the MyTutor team members. Once you get started, you set your own prices by choosing from seven bands ranging from £20 to £43 per hour.You’ll end up with up to £20 per hour after MyTutor charges and VAT.Plus, you’ll receive £10 for every new person you introduce to the site.Visit MyTutor »My main advice for MyTutor is that, initially, you don’t earn that much (although still not bad compared to a bar job, for example) but if you stick at it and get some regular customers, good reviews and a bit of experience, you can start to make quite a bit.It’s really easy to use and the tech support staff are brilliant – they’re so helpful over the phone and reply to emails really quickly.Emily Roberts, University of Glasgow student

Remember that these tutor agency websites may charge a one-off fee or take an ongoing cut of your wages.

Make sure you don’t neglect your own exams while tutoring. We’ll show how you can revise in one day and still nail it.

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