11 ways to give yourself a Christmas bonus in 2022

A combination of soaring inflation, rising energy prices and the spectre of a recession has many of us tightening ourpurse strings and thinking about how we can make savings this festive season.

In fact, more than a third (35%) of shoppers have said they'll spend less on gifts this year, according to research from Oxfam.

Here, we've come up with 11 simple ways to make some extra cash in a bid to boost your finances by the end of 2022.

1. Get 'free' cash by switching bank account

It’s been an exciting year for switching bonuses, with many banks offering significant cash rewards if you move your current account. 

HSBC: £200 for new customers

Customers who switch to HSBC's Advance or Premier accounts can get £200 when switching with the Current Account Switch Service (CASS), with at least two direct debits or standing orders. You must deposit at least £1,500 into the account within 60 days of opening it. Note that these accounts have their own eligibility criteria to open them.

You won't qualify for the bonus if you've held an account with HSBC or First Direct since 1 January 2019.

Nationwide: £200 for new customers

Customers can get £200 when they switch to Nationwide FlexPlus, FlexDirect or FlexAccount, with at least two direct debits. To qualify for the bonus, this has to be the first account you have held with Nationwide since 18 August 2021.

First Direct: £175 for new customers

First Direct is offering £175 to new customers who switch to its 1st Account.

You must use the CASS to switch, and deposit £1,000 within three months of opening the account. You must be a new customer to First Direct, and cannot have been an HSBC current-account holder on or after 1 January 2019. 

Halifax: £175 for new and existing customers

If you switch to the Halifax Reward Current Account, or Ultimate Reward Current Account, between 29 November and 19 December, you can receive £175, which will be paid within three days of completion. 

This applies to new and existing customers who switch to these accounts, as long as you haven't received a switching bonus from Halifax before. You'll need to switch using the CASS, bringing all of your direct debits with you.

• Find out more: best and worst banks

2. Earn cashback where you can

Cashback is a great way to earn ‘free’ money while you shop, by paying you a percentage of what you spend. There are a few ways you can get it:

Online cashback sites

If you are shopping online, it's worth checking cashback sites such as TopCashback and Quidco to see if they are partnered with the retailers you're looking to buy from. If they are, you can click through via the cashback site's affiliated link, so when the purchase is complete, the retailer will send commission to the cashback site and you'll receive a chunk of it. 

• Find out more: cashback sites explained

Cashback credit cards

A cashback credit card pays a percentage of what you spend, and this is paid either as a credit on your bill (cancelling out some of what you need to repay), or straight into your bank account – this could be monthly, quarterly or annually.

There aren't as many options as there used to be, but there are still some good products on the market – check our guide to the best cashback credit cards. In addition, the American Express Shop Small scheme, which runs from 3-12 December, rewards shoppers with up to £25 cashback when you shop with independent retailers that are signed up to the scheme

To make the most of the cashback, it's best to use your card for everyday spending, but make sure you pay off the balance in full each month, as the interest could outweigh the rewards.

Bank accounts offering cashback

Similar to credit cards, there are a few current accounts that offer cashback on transactions.

With Santander’s new Edge cashback current account, you can earn up to £20 cashback a month on essential spending – it could be grocery shopping, transport costs, even household bills. However, as with many cashback accounts, there are limits and caveats to bear in mind.

Also, the Chase current account has no fee and offers 1% cashback on most purchases for the first 12 months after you've opened an account.

• Find out more: best bank accounts for cashback

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3. Trade-in unwanted items

New year is a great time for a spring-clean and a clearout, but before you throw anything in the bin, consider whether you could turn that trash into cash.

Trade-in old tech

If you’ve got an old smartphone, laptop, or even TV remote and cables, you could make money by selling used electronic items online. Websites such as eBay, Facebook Marketplace and Gumtree are good places to find buyers. 

How much you are likely to get in return depends on the items' condition, of course. Some sites also charge a fee to sellers, so you’ll need to factor that in, too.

Sell toys, books and clothes

If you have children, you’ll no doubt have a lot of toys cluttering your house that the kids have either outgrown or forgotten about. So, when they’re not looking, you can flog them online through websites such as WeBuyGames and Preloved. Sites such as MusicMagpie will even buy old Lego bricks by the kilo.

The same goes for books: trade-in websites like WeBuyBooks.co.uk and Ziffit.com offer a speedy alternative to selling yourself. Just enter your details, they offer a price and you post books for free.

With clothes, it's worth seeing if you can sell them on sites such as Vinted and Depop.

4. Rent your space...

If you have a spare room, you could make up to £7,500 a year tax-free by renting it out to a lodger through the Rent-a-room scheme. 

If you prefer something more ad hoc, you could earn extra cash by taking in an exchange student. Get in touch with local secondary and language schools to enquire about how often they take students, the vetting process, and how much they pay households for hosting.

Do you have space on your driveway? Or an unused garage? You could make some extra cash by renting it out. JustPark and ParkLet are among the sites that offer this service – earning you up to £200 a month.

Another way to make cash from space in your home is to rent it out as storage. Storemates, for example, puts you in touch with folk who need space.

5. ...Or rent your car

If you only use your car occasionally, you could earn extra cash by renting it out rather than letting it sit on the driveway. 

Apps such as Turo, Hiyacar and Karshare can help match you with nearby drivers, but make sure you factor in the effects of wear and tear, and any insurance implications this might have. 

• Find out more: should you rent out your car?

6. Provide a filming location

If you don’t have the acting chops to be in the movies, maybe your home or garden could be the star instead?

Production companies are always on the hunt for interesting locations to shoot films and TV programmes, so if you don’t mind letting a film crew take over your space for a while, there are a number of online agencies that pay a fee for the privilege.

However, bear in mind these companies will take a cut of the total payment as commission, and there may be other fees involved. Check the full terms before you agree to anything.

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7. Make money from competitions

To make extra cash without leaving the house, you could win big by entering competitions – some serial entrants do multiple entries every month.

Take a look at sites such as Magic Freebies or Latest Free Stuff, which aggregate all the latest competitions you can enter. 

You can also find the latest competitions listed on Competition Finder. 

• Find out more: how much could you win from entering competitions?

8. Try house and pet sitting

You may be able to earn some extra cash by looking after someone's home and/or pet while they are away. 

Sites like TrustedHousesitters can match up home and pet owners with willing sitters – your housesitting credentials will need to be verified, and you'll receive reviews each time you do it.

9. Mystery shopping and dining

Love shopping? Ever fancy yourself as a bit of a spy? Then this is a fun way to earn some cash, and even grab a free meal. 

Mystery shopping involves trying out businesses or services as a 'normal' customer to make sure standards are being met. It could be as simple as visiting a shop or restaurant to see how the staff treat you, or calling a helpline and testing the customer service, then reporting what you find.

In return, you're paid for your time. Sites like Mystery Shoppers and Market Force allow you to register and pick from various assignments.

10. Test new products

From chocolate to video games, you can bag some brilliant freebies in exchange for some honest feedback. 

Product testing is hugely important for companies that want to find out whether an item works, or is likely to be popular with its target group, before placing it on the market.

You can find out more by visiting sites such as Clicks Research, Toluna and the Boots Volunteer Panel.

11. Reclaim lost cash

You don't have to go rummaging down the back of the sofa to find lost cash. There are currently billions of pounds sitting in dormant accounts including current accounts, savings accounts and premium bond winnings.

Often, this happens when people move house without letting the provider know their new address. If communications are not replied to, and no activity occurs on the account, it's eventually classed as dormant.

If you think you might have a dormant account somewhere, services such as Gretel and My Lost Account can help you track it down. 

• Find out more: how to find lost bank and savings accounts