Money making tips: ‘No-brainer’ way people could make £842 in January | Personal Finance | Finance
Research from musicMagpie reveals the average household in the UK has an estimated £842.12 total worth of unused tech gathering dust at home. Taking half an hour to list these items and sell them online could help people earn extra money to put towards rising energy bills and the cost of living.
Ms Burke continued: “So much so that a recent survey I came across estimated that 84 percent of people worldwide couldn’t go a day without their phone ‘in hand’.
“People are quite literally ‘attached’ to their mobiles so to then give away these items can feel quite discombobulating even if they have a newer, better, shinier replacement.
“It’s also important to take into consideration the ‘just in case’ factor – many of us aren’t fully confident in being able to transfer all of our notes, contacts, pictures and more to our new device so we use our old devices as a safety net to keep hold of this information.
“According to Stephen Covey, author of the best-selling book ‘The 7 Habits of Highly Effective People’, we are most likely to procrastinate over tasks that are deemed ‘non-urgent’ and ‘non-important’ and sorting through our old devices would fall into this category for most.”
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The quicker someone sells their old handset, the more money they are likely to make, as phones depreciate around 10 percent the month after a new model is released.
Jon Miller, Group Chief Commercial Officer at musicMagpie said: “It’s often thought that you need to have a new phone before you think about selling your old iPhone, but the reality is that you should start the trade process long before that by locking in a price – that way, you don’t need your new phone to hand before you get a price for your old one.
“Once a new iPhone model launches, other models will begin to depreciate in value, so holding onto your old phone for too long will impact how much cash you can bank. In our 2021 Annual Depreciation Report, we revealed the value of older iPhone models will drop by around 10 percent in the first month after the new model is released and by an average of 23 percent after three months.”
“If you’re due an upgrade, selling your old iPhone model will help make a considerable dent in the price of your new model – it’s a no-brainer, so don’t wait around while your phone decreases in value.”
With so many UK households admitting to holding on to unused tech, musicMagpie dug deep to reveal the top five reasons why people can’t let go:
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Keeping as a backup in case tech breaks (16 percent)
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Not wanting to put old tech items in the bin (13 percent)
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Keeping in case a friend or family member ever needs it (13 percent)
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Not knowing what to do with unused tech once it has been sorted through (12 percent)
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Not being bothered to sort through old tech (12 percent)
