The global financial crisis has affected wages around the world and UK is not an exception. The inflation is going up but it looks like the wages remain the same or go up but very slowly. Since you cannot do much when it comes to your pay at work it is time to give yourself a pay rise at home. The best part is that you don’t have to invest anything except time and the main focus is on how you spend and where you spend your money.
Take a look at your monthly expenses
This quest starts with an analysis about how much you are spending each month. Make a calculation about the income and the spending. Feel free to go in details and write down everything. Those who earn less than they are spending will surely need to change some things.
Reduce your Spending
When it comes to home insurance, car insurance, gas, electricity and cell phones and internet we usually stick to the same providers. This habit can be wrong because there are many providers today and all of them are trying to get customers by offering discounts, promotions offers etc. These household bills can be lowered in a relatively short time. Just use some of the websites that are offering comparisons and see which option suits you the best. Even the low interest rates on your mortgage can be lower if you check the rates online.
Use your good credit rating and cover your debts. Try to reduce your spending on things that can be considered as luxury (at least in time of crisis) like driving your car all the time (take a bus or take a walk), buy cheaper clothes, don’t go to a restaurant or pub every day etc. All these things can affect your balance at the end of the month.
Sell some items that you don’t use
We all have things that we don’t use and things that just sit on the shelves collecting dust. Books, DVDs and CDs are some of the things that can be easily sold even online. You can use websites like Zapper, Music Magpie, eBay and Amazon Marketplace to offer different kind of items that you don’t use any more. There are also some specialized forums where you can contact people that buy old things. If you want to buy a new cell phone, sell the old one, instead of keeping it “just in case”.
Look for free money
A lot of people are using the benefits of the so-called cashback credit cards. These cards help people who use cash instead of credit/debit cards earn money while shopping. If you use the internet to purchase stuff, use some cashback websites like Quidco or Top Cashback. People earn several hundred pounds each year by using these websites.
Make money from the comfort of your home
If you live in a big house or apartment and you have free space/room you can rent it. The best part is that you don’t have to pay taxes if you rent only one room. There are even specialized websites like Airbnb that help people offer their rooms online for people that need short stay (instead of using a hotel room). If you have a home that’s close some local amenities and you have extra parking space you can allow people to park their cars there for a certain fee.
Don’t forget about your benefits
Check if you have the right to claim some benefits like Tax Credits, Child benefit and Child Tax Credits. Visit the GOV.UK website to find out more about these benefits.
