A SAVVY saver has claimed she made £240 in just 10 minutes with an easy side hustle anyone can do.
Megan Kristie, a learning and development co-coordinator from Birmingham, shared how all she did was switch banks to make the cash.
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Money-savvy Megan shared how she made £240 with just 10 minutes of workCredit: tiktok.com/@thesavvyspenderofficial
On her @thesavvyspenderofficial account, she said: “I made £240 in less than 10 minutes of your time.
“It sounded like such a catch.
“Currently, First Direct is offering £175 to switch from your current bank to their bank.
“In addition to this, the cashback app Quidco is offering £45 cashback on the same bank switch.”
Megan shared that on the day she found the deal, Quidco were also offering an extra bonus of £20 for completing that bank switch.
She added: “So, that’s an extra £65 from using the Quidco app, on top of the £175 for making the switch, totaling £240.
“The process will literally take you about 5 to 10 minutes.
“While you will need to wait for the money to come through, the actual time it takes to make £240 is less than 10 minutes.”
Money-savvy Megan shared how she “absolutely loves” doing bank switches and she’s done them so much that she “can’t do them anymore.”
She added: “But it’s such an easy way to make money. It doesn’t take much time and doesn’t require much effort.
I quit my 27k job to focus on my side hustle and now my business has made £110 million
“The incentives are great—£240 just for switching your bank? Yes, please!
“Always do your own research and make sure to read the terms and conditions before signing up for any financial product. But go for it and get your £240.”
According to First Direct, the offer is available to those who do a “complete a full switch using the Current Account Switch Service, including at least 2 Direct Debits or standing orders.”
The website states: “Then deposit £1,000, make 5+ debit card payments, and log on to digital banking, within 30 days of your account opening.
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The mum has always been savvy with her money – but decided that she wanted to put a budget in place after going on maternity leaveCredit: mediadrumimages/Megan Kristie
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The mum suggested using cashback apps and writing down all of your financesCredit: mediadrumimages/Megan Kristie
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Megan with her one-year-old daughterCredit: mediadrumimages/Megan Kristie
“New customers only, who haven’t previously held a first direct product.
“UK residents only. “
Since September 2021, Megan has saved more than £5k, which has been of great help for her to reach her 10k goal for a house deposit.
Typically she gets anywhere between £500 and £2k each month from her side hustles, with her outgoing bills coming to about £1,150 including energy bills and groceries.
“I have always been a saver but have never budgeted,” said Megan.
“I started my budgeting journey when I started maternity leave – knowing money would be tight whilst on SMP (statutory maternity pay), I wanted to make the most of the money I did have by implementing a budget.
Top five easiest side hustles
- Dog walking
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- Selling clothes on Vinted or Depop
- Start a Youtube or TikTok channel
- Tutoring
“The first step was writing down all of my outgoings versus my income.
”From this I was able to distribute my spare money to other bills such as grocery shopping.
“I save money on grocery shopping mainly by using cashback apps and by taking advantage of new customer discount deals.
“For instance, I recently saved £20 off a £60 shop for being a new customer with Ocado.
“I have lots of different savings pots. One for a house, one for a flag to hopefully soon become a landlord, and a general emergency fund, should I ever need it.”
As well as finding clever ways to budget, Megan has several ‘side hustles’ which allow her to earn additional money from home.
“My side hustles are mystery shopping, website testing, market research and surveys,” said Megan.
“There are lots of apps and companies out there to start side hustles with.
“How much I do varies depending on how much spare time I have.
“I tend to do surveys in the evenings and website tests throughout the day.
Do I need to pay tax on my side hustle income?
MANY people feeling strapped for cash are boosting their bank balance with a side hustle.
The good news is, there are plenty of simple ways to earn some additional income – but you need to know the rules.
When you’re employed the company you work for takes the tax from your earnings and pays HMRC so you don’t have to.
But anyone earning extra cash, for example from selling things online or dog walking, may have to do it themselves.
Stephen Moor, head of employment at law firm Ashfords, said: “Caution should be taken if you’re earning an additional income, as this is likely to be taxable.
“The side hustle could be treated as taxable trading income, which can include providing services or selling products.”
You can make a gross income of up to £1,000 a year tax-free via the trading allowance, but over this and you’ll usually need to pay tax.
Stephen added: “You need to register for a self-assessment at HMRC to ensure you are paying the correct amount of tax.
“The applicable tax bands and the amount of tax you need to pay will depend on your income.”
If you fail to file a tax return you could end up with a surprise bill from HMRC later on asking you to pay the tax you owe – plus extra fees on top.
“I apply for lots of market research so depending on if I get chosen, I’ll do them on specified dates and times.”
However, since the mum began posting on social media, costs of living have increased significantly, so she did admit to doing her best to advise her followers on how to budget.
“My advice is to write down all of your finances – Outgoings, incoming money and see how much you’re left with,” she said.
“Then allocate your leftover money accordingly.
“Find a budgeting method that works for you. You can find these on Google or Instagram finance pages – having the correct budget can work wonders.
“Finally – Use cashback apps.
“The cost of living crisis has affected my own saving slightly, but not drastically as I have been side hustling more often which means my budgets haven’t changed too much.
“I tend to spend more time making extra money so I can still save and enjoy my life whilst affording the higher energy bills and other rising costs of living.
“Utilities for me is the hardest area to save in. It’s not so easy to just stop using as much hot water or cook less.”
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Her side hustles include mystery shopping, website testing, market research and surveysCredit: mediadrumimages/Megan Kristie
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