Money can always be a hot topic of conversation at the beginning of the year. You can certainly feel the pinch during January but as we are now well into February the financial burden and struggle could be lifting slightly. I guess what January does highlight is some of the ways that you could better improve your financial situation, or perhaps motivate you to explore the options you have. More disposable income could mean a better lifestyle for you and your family. Spare money for a vacation, spare funds to use during the weekend for days out or treats.
However, it can also be a hard thing to analyze and it certainly isn’t always pleasant having conversations to do with money. Especially when things are under strain and you feel like you have no avenue to turn down. I wanted to share with you some of the best ways you can boost your income. Hopefully providing you with extra funds to really take the time to enjoy yourself. Life is for living, after all.
Really look at your current outgoings and bills
One of the first things to do would be to look at your current bills and outgoings. Could there be any way that you could make some improvement here? One of the first things to look at would be your current outgoings for bills such as energy and insurance products. Most companies do not reward loyalty and instead choose to give their best deals and rates to new customers, so a great tip would be to become the new customer yourself and switch providers. It is much easier than you think and many companies handle the change over for you. This means that you are always paying the lowest possible price for your regular bills.
Could you reduce your outgoings in any way?
Perhaps the best course of action is to try and reduce your outgoings. Are there things leaving your account that you no longer need or are you paying things that you don’t use? The main culprit can be things like a gym membership or subscription service. TV packages and streaming services. They can all add up. Go through your bank statement and see if there is anything you can get rid of for good, or perhaps even reduce to a lower package. A mobile phone contract is a prime example of where you can save.
Tackle one of the biggest spends each week
Did you know that one of your biggest outlays each week and month is a bill that you have complete control of? Your food bill can be a huge expense, and can often be reduced just with some careful planning and a change in habit. First of all, meal planning can be a great way to reduce your outgoings as you find that you only shop for the things that you need. Investing your time and writing a list can really save you quite a bit. Another option to think about would be changing where you shop. You can actually save a bit by doing this and also switching branded things to supermarket brands. Just doing these things can significantly reduce your food bill, and the spare money could be put towards other things.
Make some extra money through investments
Maybe you want to consider making some extra money by investing. If you are unsure how to go about this and what to do then it may be worth considering an automated trading platform for algo trading that can help steer you in the right direction. However, investments in capital and assets does have an element of risk, even if the rewards can be quite lucrative. So a bit of research ahead of time could be advisable.
Boost your income in your spare time
Boosting your income can often become a real priority, especially if you have something in mind that you are saving for. However, we can often be guilty of not being proactive enough or seeking out viable ways to earn some extra money. Maybe you have your full time wage, or a monthly salary, but you could also utilize your spare time. A great tip is to use online methods such as filling out surveys. These can be a great way to boost your income, and can often be done while you are relaxing watching TV in the evening. Mystery shopping assignments can also be found online, and they can be a great way to boost your income and even pay for things like meals out. Which end up saving you in other ways such as one less meal to plan.
Is there money to be made in your unwanted things?
There could potentially be money to be made in your unwanted things that are being stored in your home or that could do with being cluttered. Websites like eBay can be a great source of income. First fo all, go through each room in your home and decide if there is anything that you don’t need anymore, and then list it online to sell. It require a bit of effort, especially when it comes to packaging and sending the items off. But a tidy home and some extra money in your pocket is not to be turned down.
Are there opportunities to increase your income through your career?
Are you due a pay rise? Is there a step up the career ladder that you want to take? Being motivated to change your lifestyle by having more money could be enough to make you go for that next step or promotion or to even ask your boss for a payraise. Being proactive shows initiative, and it could give you the confidence boost you need to take that next step.
Starting your own business or self-employed adventure
Finally, if the career is no longer floating your boat why not try and set up on your own? You could strike the perfect home and life balance, and find that over time you make more with a better quality of life. You could then save in other ways such as a commute to work or extra money being spent during the day.
I hope that these tips help you to make the most of money-making opportunities and boost your income.