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Guest article by Heads&Heads
I think it’s safe to say that 2020 has been a bit of a disaster. We appear to have lurched from one global catastrophe to the next. The current one, Covid-19, shows no sign of disappearing any time soon and it’s fair to say we’ve yet to really see the long-term negative effects. That is not say that the appalling loss of life thus far is something to be overlooked – only a reflection on the long-term financial hardship that is likely to be an ongoing reality for many years to come.
All a bit doom and gloom, but a realistic approach to the coming months and years will be needed to ride, what will likely be, a huge spike in unemployment and interest rates that make saving virtually worthless. Hard work will be required, as well as some “out of the box” thinking when it comes to making money.
Saving might not pay
A year or so ago, I wrote a piece for MoneyMagpie on why savings accounts are not always the best choice for your money. You can read that piece by clicking here. Given the current climate, this article has never been more relevant. Making your money go further is more important than ever, and let’s be honest, the current Bank of England interest rate of 0.1% is less than useless!
This is the lowest interest rate ever…..in the history of the UK. To put that 0.1% into perspective, in order for you to make £100 per year from your savings, you’d need to deposit £100,000 into a savings account. Now, you might be thinking that savings accounts have better rates than 0.1%, so surely it is worth saving still? Well, not really. Currently the best easy access savings account (that allows you to withdraw at any time) is NS&I – at a pitiful 1.16%. So, this would mean that you’d need to deposit £8,600 into NS&I (and keep it in there) to earn £100 per annum.
If you think that is utter rubbish, you’d be correct. Especially when there are alternatives to helping you financially survive 2020 and beyond.
What are the alternatives?
What are those alternatives? Well, a second job is an obvious choice, but with the likes of Uber and Deliveroo paying poorly for the time you invest, that is not a clear-cut option. What is slightly more obvious in its upside is matched betting. Matched betting has been around for a long time and is becoming more and more popular as a sensible way to earn extra income online. Even more appealing is the fact it can be done from home – which in a Covid-19 infected world is a huge plus.
To be clear, matched betting is not a button you can press that prints money. Like all things, it requires a degree of time investment and learning – even with companies like Heads&Heads making the process professional and very efficient to learn, you still need to commit to it. But if you are willing to try and invest between 5-10 hours a week, the rewards can be impressive.
Let’s use our previously mentioned interest rates and combine that with Heads&Heads average member data to show an example of how, for a fraction of the monetary investment, Heads&Heads can do much much more with your money.
On average Heads&Heads members start by investing £100 (important to note this money is not at risk, there is no gambling here). Now let’s compare the results from that to a £8,600 savings investment with NS&I against Heads&Heads average member earnings.
Easy Access Saver (NS&I – £8,600 deposit) = £8,600 x 1.16%* p.a = £99.76 per year
Matched Betting with Heads&Heads with only a £100 initial commitment = £512 profit per month / 30 hrs per month = £17 per hour / £6,144 per year.
That is less financial commitment for an infinitely better return and, once again, your money is not at risk if you follow the instructions explained in detail by Heads&Heads. So, if you need to boost your household income this year there really is only one option. Try matched betting today by signing up for a Free Trial or using MoneyMagpies discount code for a huge discount on your first month’s Premium membership with Heads&Heads.
Use special code: MAGPIE5 to get your first months premium membership for just £5!
*NS&I rate accurate at time of wiring 20/06/2020