With life seeming to get more expensive almost by the minute – the majority of us would enjoy having a little more cash to line our pockets. There are lots of ways to improve your personal finances without having to spend every waking minute at work. Today we’re suggesting five ways to make some extra money in 2018…

1. Have a flutter

Are you constantly beating the boys on poker night? If so, that skill could see you win big, if you know where to play. Websites like the World Series of Poker are a great place to start out in the world of online poker. Always play for free until you feel confident enough to play for money. It’s good to set a budget, so you never over-spend, and treat it like a job – dedicate a certain number of hours to it a week and cash out every win.

2. Special delivery!

All you need is a bike and a smartphone and you can commence a lucrative side-career as a delivery rider or driver. Apps like Deliveroo are always on the hunt for new drivers, as are places like Dominos. You’ll be able to choose hours that work around the rest of your life and can make a decent wage – plus, if you’re cycling, just think how fit you’ll get!

3. Share your wisdom

Do you have a specific set of expertise that you could share online, via articles, an ebook, or perhaps even an online course? Although writing a book or course materials will take a while, once it’s up and out in the world, you’ll be able to earn a steady stream of additional passive income for years to come. On Amazon, you earn 70% of the sales of your ebooks – which is far better than the traditional publishing route!

4. Become an extra

Have you always fancied rubbing shoulders with the stars? If so, being a film or TV extra would be a dream come true. There are lots of agencies out there supplying extras to sets – jobs are flexible and all sorts of people are needed. While it involves a lot of waiting around, you often get to wear fun outfits and the day rate is a welcome addition to the piggy bank.

5. Sell, sell, sell!

They say, ‘clean house, clean mind’, and we tend to agree. If you have lots of music, CDs, DVDs, electronics and even clothes clogging up your drawers and shelves, you should sell them and make some cash. There are lots of great sites online that allow you to flog these items, or you could go the traditional route and hold a garden sale or take a stall at a local market. One person’s trash is another person’s treasure after all!

Sometimes, when you decide to access a loan, you might end up with more money than you initially planned. However, are you allowed to do anything you prefer with that money? Or must it be spent only for that particular purpose? Well, in order to find out, you must make sure to check your loan agreement and see for sure. However, there are some general rules when it comes to how you can spend the loan money.

Personal loans are very flexible

This type of borrowing is ideal for people who are looking for unsecured personal loans with bad credit, or to build up their credit score by paying off the loan on time. When you consider getting a personal loan, you must know that few are your limitations. When receiving this type of loan, you are not asked for a collateral, nor are you asked to use the money for a specific purpose. So, this money can be used for whatever purpose you prefer, as you prefer, you can even let that money be and not spend it at all. Many choose such loans due to their flexibility and the options offered in terms. Also, many choose this type of loan as a backup plan in case they need at some point in time a more consistent amount of money. 

Student loans may be the trickiest option – in theory

Well, of course, student loans won’t be just as flexible as personal loans. While the government subsidizes part of the total loan, so you are theoretically supposed to spend that money only for education. In fact, “educational expenses” is a very vast term. You are allowed to pay with that money tuition fees, but also rental and transportation expenses. However, although this type of loan is also quite flexible, keep in mind that you can’t invest that money in vacations, as they are not part of your educational journey.

Business loans

Business loans are not as flexible, as these may come with some serious restrictions. Quite obviously, you cannot use that money for personal purposes; you can only spend it for operational purposes for your small business. Also, you cannot use them in order to cover other debts or to purchase various items to increase the value of your business. These loans only serve the operational aspect of a business.

Home loans or mortgages

The name of this type of loans is quite self-explanatory. This type of loan can be used to purchase a new home or to refinance an existing one. Since it is nearly impossible o get this type of loan without putting your house as a collateral, you will only be able to use that money for what you get it: your home. Bottom line is you will lose your home if you use that money for other purposes and you are unable to pay the loan back.

These are several types of loans that you can get and the purposes which you can use those for. Keep in mind that generally, the loan agreement clearly states for what the money can be used. However, if you are unsure, check with your bank or loan provider. They will be able to offer you more information.

On the surface, a business in the manufacturing industry is relatively clear-cut with a simple purpose. To manufacture goods, and to make sure that they arrive in a timely fashion to the clients. It’s straightforward enough, and it’s a very rewarding and satisfying business for anyone with the passion, dedication and capital to make things happen. However, there are certain unforeseeable issues that come with a manufacturing business that some people just might not be prepared for.

One detail in particular involves sending out invoices with reasonable payment timeframes, with deadlines that reach upwards of three months in some cases. While this is completely reasonable, sometimes the business relies on people who pay a little earlier than right before the deadline. Unfortunately, as luck would have it, there are businesses that end up stagnating because of this particular issue. While there are certain solutions such as taking out a loan, some companies have opted for manufacturing financing at Fundbox, for example, and here’s why.

Taking care of the issue at its source

What is the biggest issue when it comes to manufacturing businesses that suffer from stagnation? The answer is simple – cash flow. While this tends to be the most common answer with most other businesses, cash flow in particular is what hits manufacturing companies the hardest. They can have plenty of clients and they can do their jobs as competently as you can possibly imagine, but they’re still working within inflexible timeframes. For all the clients they have, it can still take upwards of three months for the money to be received in their hands. That is a lot of time in the manufacturing industry, and when they receive the money they end up using it on necessities. There’s absolutely no room for creativity because they’re forced to work according to the restrictions imposed by their cash flow.

When it comes to manufacturing finance, factoring is the name of the game

Now that we understand the core of why these types of businesses stagnate in the first place, it becomes easier to understand what needs to be done to fix it. A quicker cash flow would be achieved by customers paying earlier than the deadline, unfortunately that would only really work in a perfect world. In order to solve this, companies can turn to invoice factoring. This means that companies will be able to get their money quicker with very little risk involved. Factoring is a solution that provides companies with a real fighting chance.

How does it speed up the cash flow of manufacturing businesses?

Because invoices lie at the heart of slow cash flow, many agencies have begun to take advantage by offering to buy these unpaid invoices from companies. After purchasing these invoices, they take the responsibility for collecting the money from the client’s customers. Of course, they will be receiving a percentage of the amount that the client would normally be able to receive, but this comes with a desired benefit. Because the agencies have already paid for the invoice, that means the client receives their money long before the intended deadline. This can have huge ramifications for the future of any business in the manufacturing industry – and all of them are positive.

Just about every business owner knows just where they can take their company given the right kind of funding. Unfortunately, they’re unable to take these opportunities because cash flow is a problem. Because of manufacturing financing and factoring, suddenly this is not a problem anymore. Business owners will now have enough money to actually give their company that much needed push so that it can truly succeed in the industry. Have you always wanted to start a big campaign so that you can expose your business to the manufacturing world? Thanks to invoice factoring, you have the means to do so without having to worry about paying back a loan.

What exactly are the risks that this can entail?

One of the ways that makes invoice factoring unique when compared to many other solutions, is that the lending agency puts itself in about as much risk if not more so than your own business. Whereas you might have had to risk the entire company in order to take a loan, an invoice factoring agency is actually likely to put itself at more risk in the long run. After all, just because a customer is being sent an invoice and being directed to pay within a certain timeframe, it doesn’t mean that they are absolutely guaranteed to pay. As a matter of fact, they might just not pay, which can culminate in two outcomes depending on your deal with the factoring agency.

If your deal includes a non-recourse factor (more likely if your debtors have a habit of paying), then in the event that your customer decides not to pay, the agency will have to shoulder the fees. This isn’t something that the agency takes lightly, which is why businesses tend to go through credit checks before they agree to a non-recourse deal. On the other hand, a recourse factor means that you will be the one to shoulder the fees of a non-paying customer – though you already received your money. This makes it a little easier to handle, so overall the risks involved aren’t great when all the advantages are considered.

In conclusion, a manufacturing business has much to gain when it comes to financing through the use of invoice factoring. While there is always the risk of customers not paying, this is often a rare occurrence in the manufacturing industry. It’s definitely a far-cry from loans where you will possibly have to put something very significant up for collateral. There’s no reason to put so much at risk when you still have invoice factoring as a solution. When you consider all of the opportunities that you will be able to take advantage of, invoice factoring just might be what your company needs to truly succeed.