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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…
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.
For a few more ways to rake it in by doing nothing, check out our guide to making cash in your sleep.
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:
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.
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.
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.
Here are the key things to know about renting out your car parking space:
To find drivers to rent out your parking space, here are the best websites to try:
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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by Jake Butler in Jobs & Careers, Make 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…
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.
We’ve got plenty more business ideas for you to try out while at uni. Weigh up your options before you commit.
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:
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.
In order to be a great student tutor (and therefore make more money), you’ll need to have the following skills:
Good at video games? You can now get paid to tutor kids while playing FIFA and Fortnite.
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.
Here’s a quick rundown of a private tutor’s key responsibilities:
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.
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.
If you’re hoping to become a tutor, here are the best things to do to get started:
These are the private tutoring agency websites:
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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