Fixed incomes are leaving pensioners struggling against rising inflation. With limited means of making extra cash and soaring food and utility bills, the over 65s are suffering more than most. To try and help claw back some of the money lost to inflation, we’ve put together 12 money making tips for the over 65s. If you know of any more we’d love to hear them. Just leave your comment at the end of this article.

• Get paid to housesit
• Become a mystery shopper
• Earn £80 an hour tutoring
• Make money from your hobby
• Become a doula
• Invest in savings bonds and gilts
• Sell your body….the legal way
• Pension benefits- make sure you’re claiming what you’re owed
• Competitions
• Rent, Rent, Rent!
  

1. Get paid to housesit

Housesitting is a fantastic way of earning yourself some extra money while enjoying a break from your usual routine. You won’t make a fortune from it, but sign up to a good agency like Homesitters and you’ll have your food and travel paid for whilst earning yourself around £9.50 per day (slightly more if you agree to care for the homeowners pets).

Sittings can be as short as a weekend or as long as a fortnight – a good agency will take on board your preferences and match you to a homeowner whose needs suit your own.

Older people are extremely sought after as they tend to have more home caring experience, and if you’re happy to look after dogs or cats you’ll be even more in demand. If you don’t like the idea of leaving your partner behind then Homesitters is definitely the agency for you, as they allow you to take your better half along with you (but bear in mind that the person you’re sitting for is only expected to cover the expenses of one of you).

With Homesitters the emphasis is as much on enjoyment as it is on work – they say daily chores should last no more than two hours (at most) and that the rest of the time should be spent exploring your new home and surroundings.

Eileen Higgins, a pensioner from Bristol, signed up to Homesitters twelve years ago and has never looked back.

Eileen says: “I first heard about housesitting through a woman’s weekly magazine and thought to myself, ‘this is something I can do.’ I love animals, especially dogs, and whilst I don’t have any of my own housesitting gives me the opportunity to enjoy pets but give them back at the end of my stay!

You do need to be a practical sort and it definitely helps having a car, but saying that I know sitters who don’t and still get by. I spend around 10-12 weeks a year sitting and have even be sent abroad to care for someone’s home- it doesn’t happen often but it was a nice perk. Homesitters sort out everything for you and I highly recommend them to anyone interested in sitting.”

For the ins and outs of housesitting with Homesitters view their “frequently asked questions” section where you’ll find all you need to know. Also, see our article on house-sitting and house-minding for more ideas.

2. Become a mystery shopper

Mystery shopping is a good money maker for over 65s as it’s flexible, undemanding and fun. Take it seriously and it could earn you a bit on the side as well.

One of our readers claims he makes up to £400 per month working for a small handful of mystery shopping agencies (but as the average  pay-out is between £5-25 per assignment, we’re guessing he dedicates a fair bit of time to it!)

But still, just 5 assignments a month – at say £15 a go – would leave you £75 better off. (Plus you often get freebies, such as meals out, as part and parcel of the deal).

There are lots of different types of mystery shopping which means you get to be fussy and go with the one that most appeals. Become a “report-only” mystery shopper and you’ll find yourself out “in the field” making mental notes on whatever it was you were assigned to look out for.

You might for example be set the task of eating at a well known restaurant and reporting back on its cleanliness of service, or going into a well known department store and noting how the staff react when you complain.

Or if you’re quite reserved and don’t like the idea of going out and about, you could become a postal monitoring, telephone or email mystery shopper- these pay slightly less but you can do them from the comfort of your own home.

The golden rule with mystery shopping is to NEVER pay to join an agency- there’s no reason why you should and plenty of agencies out there won’t charge you a penny for being on their books. Here are some of the more reputable ones: TNS Global (Jasmine herself is signed-up to these and really rates them), Storecheckers, Mystery Shoppers Ltd and Performance in People.

For everything you need to know about mystery shopping, and a longer list of decent agencies, take a look at our article on mystery shopping here.

3. Earn £80 an hour tutoring

Tutoring can be a really lucrative way of making money, and if you enjoy teaching others you could be on to a real winner. In London alone an estimated 43% of 11-16 year olds have used a personal tutor, with worried parents paying up to £80 an hour for their services.

There are lots of subjects that you could teach, from the big ones like maths, English and science to the more creative ones such as music, art and drama. Music in particular is a very popular hobby amongst youngsters, and would be a great subject for you to teach all year round.

You do need to know your stuff, so unless you’re educated to degree level, have a teaching qualification or a very obvious knowledge of the subject you want to teach, you might be hard pushed to find work.

If you think you’ve got what it takes there are lots of ways that you can go about advertising your services. Start by putting a notice in places like your local post office, newsagents, supermarkets and library, or go online and post an ad on a site like Gumtree.

Schoolstrader is a particularly good website for tutors as it allows you to post a free ad on the website and covers over 30,000 independent primary and secondary schools across the UK and Ireland.

To help ensure you get a decent wage you should also think about joining with an agency. Be warned, though, that a good agency will usually expect you to have a first class degree or teaching qualification. Have a read of the ‘Good Schools Guide’ in your local library to find out which agencies are worth signing up to.

Tutors are most heavily in demand during the lead up to exams (which are generally held between May and June), and you’ll either be expected to travel to your students home or teach them online- have a look at Home Tutoring Online to find out how this works. Another thing to bear in mind is that you’ll be working with teenagers, so short fuses or a lack of patience won’t get you very far.

Find out more about tutoring here.

4. Make money from your hobby

Make money through your favourite hobby or hidden talent. If you’ve got time on your hands now is the perfect time to indulge in what you really enjoy doing.

Gardening Why not offer your services to neighbours and people in your local community. We’re not talking about completely landscaping someone’s garden (although if you’re good, why not!), but if you’re a dab-hand at pruning, planting and generally maintaining then your services will be in demand. For tips on how to get going take a look at the Royal Horticultural Society and Garden Advice websites. You could also grow your own fruit, vegetables and flowers to then sell on for a profit- take a look at this article to find out more on how to make money from your garden.

Surfing the net It’s scary how much time some of us spend on the internet, but if you enjoy browsing online then make sure you put a little time aside to make yourself some money. Online survey sites are a great way of making money without putting in too much effort. Check out Lightspeed Panel where you’ll make money or earn points for each survey you complete. Once you’ve reached a certain amount of points you’ll be able to convert them into cash or vouchers.

If you’ve got anything lying around the house that you’d like to sell then websites such as eBay and eBid are a must. You can also make cash from your old or broken gadgets by going onto websites such as Mobile Phone Xchange who will take your gadget and exchange it for cash. If you’ve got an old or broken mobile phone then check out the Moneymagpie  comparison tool which will work out who will give you the best price for it.

Baking Rustle up some of your best cakes and sell them at local fairs and car boot sales. If you’re really good you could even sell them to local coffee shops. From prettily decorated cupcakes to a creamy Victoria sponge, as long as they’re tasty you won’t have any problems selling them. If you’re really good you could even think about specialising in wedding cakes for a much bigger profit. The Cake Baker website will give you some good advice on how to go about it, as well as how to make other types of cake. See our article on how to make and sell cakes, jams and sweets – then get baking!

Don’t worry if none of these examples appeal- instead check out our ‘use your hobbies’ section where you should find what you’re looking for.

5. Become a doula

Sorry gents, but this one’s strictly for the ladies. In Ancient Greece the word doula meant “handmaiden” or “servant,” and today refers to a woman who cares for other women either whilst they’re giving birth or in the weeks and months following the birth. A doula’s role is to offer comfort and support to the new mum. They are not nannies or housekeepers, but will help out with gentle housework and ease any concerns or anxieties the mum may be feeling.

The only prerequisite of becoming a doula is that you must have had a child yourself (and be fit, kind and sympathetic). You do not need to have any academic qualifications or medical experience, but if you do intend on supporting women giving birth, bear in mind that its not for the faint hearted! A UK based doula will generally charge around £10-12 per hour for a minimum of 4 hours, whilst a birth doula can charge as much as £400 per birth depending on their experience.

To become a doula yon need to be trained by a good agency, and the best of the best are British Doulas who also run Top Notch Nannies. Their training courses last for 3 consecutive days and will equip you with everything you need to start your career as a doula. Find out more about the training courses here.

Here’s what Jean Birtles, founder of British Doulas and Top Notch Nannies has to say about becoming a doula: “Being a doula is such a wonderful opportunity to share one’s life skills and experience with new mothers who have had little newborn experience and no extended family to help them.  Doulas find their work so enriching and satisfying, it really is a wonderful profession.”

Contact Jean today on 0207 824 8209.

6. Invest in savings bonds and gilts

If you’ve got a little nest egg tucked away somewhere make sure that you’re using it to its full potential. Investing in savings bonds (otherwise known as fixed-rate savings accounts) and/or gilts is a good way of boosting your savings, and the more you put in the bigger the rewards will be.

£5,000 is really the minimum amount you should consider investing – anything lower than that won’t give you much of a return. If you don’t have that kind of money then take a look at our article how to save when you don’t have any money.

Savings Bonds

Savings bonds are not much different from other savings accounts, except with savings bonds you’re tying your money up for a set period of time in exchange for a decent fixed interest rate. This set period of time can be as short as six months or as long as five years, so you need to consider how long you’re prepared to wave goodbye to your money.

Remember that if you really needed to dip into your investment the bank would probably let you but you’d be charged a penalty for the luxury, or you’d lose your interest. You can generally choose to receive your interest either monthly or annually – whichever best suits your needs.

For advice on some on some of the best savings bonds around as well as tips on what to look out for when choosing one, check out our article on fixed-rate accounts.

Gilts

Gilts are government bonds- think of the money you invest in them as being like a loan to the government, who then use your cash to buy really important stuff (you’d hope). The interest rates on gilts don’t tend to be fantastic, but if it’s a steady, reliable and long-term investment that you’re after, they might be the way to go.

Short-dated gilts run for up to five years, whilst long-dated ones can run for more than fifteen. You can even buy ‘undated gilts’ which are designed to carry on paying interest forever.

Read our article on how to invest in gilts here.

7. Sell your body… (the legal way!)

You don’t have to be a spring chicken to make it as a successful model. Granted your catwalk days are probably over, but then who wants to live on a lettuce leaf diet anyway? There are agencies out there crying out for more mature guys and gals.

Here are three types of modelling older people can definitely break into:

Lookalike modelling is big business, so if you resemble a famous celeb you could be on to a really lucrative money-spinner. You’ll need to be signed-up to an agency, and the good ones will only take you on if you really look like a certain famous person.

Your best bet would be to call the agency directly to find out if they want a lookalike of the person you resemble, and if they do you can take it from there. For a list of good agencies and more tips on how to get started, read our article- “Be a lookalike for £100 a day.”

Character modelling has changed the face of conventional modelling- the emphasis isn’t on physical beauty but on unique features that make you stand out from the crowd. So if you’re extremely tall, short, fat, skinny, hairy, tattooed, pierced etc, character modelling could earn you a mint. One of the best agencies to sign-up with is Ugly Models (don’t be offended by their name, they’ve actually got some really attractive people on their books!), who are always on the hunt for new and unusual faces.

Life modelling is definitely one for the unselfconscious, but if you’ve got heaps of confidence and fancy feeling liberated, then give it a go and earn yourself up to £12 an hour. It’s certainly not sleazy sitting in front of an art class, but it can be surprisingly hard work holding the same pose for minutes or hours on end (though you do get breaks!)

And don’t think that you need to be the epitome of physical perfection to get work, as artists actually prefer a body with flaws and character. To find out more on life modelling read our article on ‘How to make money as a life model’.

8. Pension benefits – make sure you’re claiming what you’re owed

You don’t get a lot in life for free, but when you reach a certain age you really should be claiming what’s rightfully yours – others do, so why aren’t you?

Following an enquiry from one of our readers regarding benefits for the over 60′s, we decided to dedicate a whole article to this important topic. The frustrating thing is,  there are thousands of people out there who aren’t claiming what they are entitled to, either because they don’t want the hassle, or are unaware of what they’re actually owed.

Here are a handful of perks the over 60′s should be enjoying, but for the full list please take a look at our main article here.

• Free prescriptions and free eye tests
• Half price discount on most National Express coach services if you live in England or Wales. If you live in Scotland contact Scottish Citylink who offer Senior Specials on 08705 505 050
• Save one-third on all standard and first-class rail tickets by buying a Senior Railcard for just £26 here
• Grants and discounts if you’re wanting to take an adult education class. Contact your local council direct or have a word with the people running your course
• Londoners can purchase a Freedom Pass which entitles them to travel for free on buses, trams, tubes and trains in London
• If you’re over 60 you should be getting help with the cost of heating your home during the winter months. Depending on your exact age this could be anywhere between £100-£300
• Free TV license for the over 75s. Find out how to claim your free TV license here

9. Competitions

Competitions

Most of us never bother with competitions because we think our chances of winning are so minute. In some cases this is true, but if you know which ones to go for you could start winning a consistent stream of goodies.

Remember, the more people who don’t bother with competitions, the greater your chances are of swooping in and bagging some great prizes. They rarely take much effort to enter, and the rewards can be fantastic. Find a type which tickles your fancy and go for it.

Online competitions are easy to enter and generally only require you to enter a few simple details, mainly your email address. The golden rule with online competitions is to make sure that you set up a separate email account, or your regular inbox will become swamped down with competition related spam.

Newspaper and magazine competitions are not much different from online competitions, as you’ll usually be asked to go onto the newspaper or magazine’s website and answer a simple question online.

If you ever come across a competition that asks you to write your answer on a postcard and send it in, make sure you do it. People rarely bother with this way of entering because it takes a bit of effort, meaning your chances of winning are given a considerable boost.

Slogan competitions are a great idea if you’ve got a way with words. Companies often set competitions for members of the public to come up with catchy slogans to help promote their products. If this appeals to you then check out the website Winning-Slogans which will not only provide you with examples of past winning slogans, but also a beginners guide on how to get started.

Writing competitions are not about the luck of the draw, but about the quality of the writing you produce. If you think you’ve got the talent you should definitely take the time and effort to enter, as the prizes are often impressive (think large cash sums and exotic holidays abroad). For a list of writing competitions and their closing dates visit the Writer’s Forum Competition, First Writer Website and Prize Magic.

If you’d like to find out more about the various competitions you could enter, as well as the scams you should always avoid, check out our article ‘Making money from competitions’.

10. Make over £200 a month with ads on your car

If you’re not bothered about having a few adverts on your car, your vehicle can be a nice little earner – over £2,000 a year, in fact.

Don’t worry though – you won’t be stuck with logos on your car permanently. They’re made from a special vinyl coating that are fully removable and won’t have any effect on the paintwork. Read our article on car advertising here for the full lowdown and how to get started.

11. Make £60 an hour dog walking

Dog walking is an excellent way to make money in your spare time. You can make good money doing it (expect around £10-£15 per dog, per hour) so if you walk multiple dogs it soon adds up. Some people even set up their own dog walking businesses. What’s more, it’s a great way to get yourself out and about doing a bit of exercise as well! Read our guide on how to make money walking dogs – we tell you how to get started, what to expect and the laws you need to be aware of.

12. Rent, Rent, Rent!

Renting out your property is a brilliant way of making some serious money. Here’s how to go about it:

Rent your parking space The demand for parking spaces is huge, so if you’ve got a driveway or garage that’s not being used, rent it. Check out  Parklet or  Parkatmyhouse who will both let you advertise your parking space on their websites for free, and then charge a 10% commission from the rent you make. Is it worth doing? Well if you live near a popular attraction such as a football stadium or an airport, you could make yourself a staggering £500 a month. Not bad eh?

For more information on this see our article Renting out your driveway or garage.

Rent out your storage space Garages also make great storage spaces, as do cellars and attics. Advertise your space on the website Spareground for free.

Rent a room Did you know that if you rent a room in your house you’re allowed to make £4,250 a year completely tax free? Well you can, so take a look at  Easyroommate where you’ll be able to post an ad for a roommate completely free of charge. Or if you don’t fancy having a lodger around at the weekends, go onto MondaytoFriday where you’ll people who only want to stay at your home during the week.

Find out more about renting a room here.

To find out what else you can rent and how to go about it, check out our article Rent it if you’ve got it!

P.S Warning! Don’t let inflated energy bills drag your income down!

Energy prices are rising faster than inflation, and pensioners spend a higher proportion of their income  on heating than those of working age.

If you haven’t already done so, we strongly recommend you do the following:

1. Check whether you are on the lowest tariff.

This is the very first thing you should do. According to Energyhelpline, 46% of households are on standard tariffs, despite online ones being potentially hundreds of pounds a year cheaper – so switching to an online deal could save you much more.  

Why should you switch your energy provider now?

• Because it will save you money! You could save over £450 a year by switching.
• Because it’s simple. Your new supplier organises all the switching. All you need to do is take the final meter reading on the day arranged by the new supplier. Once they have this reading, the new supplier organises the final bill and the closure of your old account.
• Because it’s free. You don’t pay a penny to switch and there’s absolutely no obligation to do it immediately – you can simply compare and make a decision at a later date.

2. Make sure you’re paying by the cheapest method

Some methods of paying your energy bills are more expensive than others. Many companies charge you more if you pay by cheque for example, while most offer you a significant discount if you pay by Direct Debit.

3. See whether you’d be eligible for an energy saving grant

There are all sorts of grants available to improve the energy efficiency of your home. Have a look at our guide to the energy grants you can apply for.

Useful links

• Perks for the over 60s
• Help for the over-50s: how to save if you’re broke