We could all do with a little extra money in our back pockets each month, couldn’t we? Money that could be saved or out to other uses. Perhaps a family vacation or a nice day out somewhere. However, we can all be a little restricted when it comes to our finances, especially if we happen to be on a fixed income each month with no chance of an increase or bonus.
But there are things you can do with your current situation that can help boost your income and save you some money along the way. The important thing is to take control and know exactly what your family’s monthly income is after tax and other stoppages like pension contributions. If you don’t know your figures or take-home pay then you are never going to be in full control of your income and the amount of money you have.
I thought it was the ideal time to share with you some of the best-kept secrets that can help you boost your family income and support your financial goals.
Look at your current outgoings
One of the first things you should do is use this opportunity to look through your current outgoings in your bank account and see if there are any ways you can increase your disposable income. This means looking at every direct debit and outgoing so it might be worth printing off your last few month’s bank statements to give you an overview. Don’t forget to also audit paypal as sometimes people forget that they have set up subscriptions for apps or digital products that they no longer need.
The best way I have found to do this is to print them off and go through each transaction with a highlighter. Use one colour for non-negotiable – your bills and then another colour for the extras. Then you can decide whether the extras are really needed or if would you prefer the extra cash in your pockets.
Check what you are entitled to
In today’s fast-paced world, it’s all too easy to overlook the benefits and support that might be available to us. Whether it’s due to a lack of awareness or the sheer complexity of government programs and entitlements, many people unknowingly miss out on valuable assistance that could significantly improve their financial stability and overall well-being. That’s why it’s essential to make a habit of periodically checking whether you are claiming all the benefits you are entitled to.
This could include everything from tax credits, and government assistance programs, to employer benefits. It’s not just about saving money; it’s about securing the safety net that these programs were designed to provide. By taking the time to review your situation and staying informed about available benefits, you can ensure that you’re making the most of the resources at your disposal, ultimately enhancing your financial security and peace of mind.
Using a benefit calculator from the Government will be the best place to check out that you are receiving what you are entitled to.
Switch it up
It might be a good idea to switch providers for things like insurance products or energy bills, as more often than not, companies save their best deals and rates for new business. Unfortunately, loyalty rarely pays these days. You may also come across debits from your bank that you may have thought was cancelled. You would be surprised how many people still pay for a gym membership or other subscriptions that they don’t use.
Ask for a pay rise
Requesting a pay raise is often a significant step individuals take to improve their family’s income and financial stability. This is a common aspiration, particularly in a world where the cost of living continually rises. When seeking a salary increase, it’s crucial to approach the conversation thoughtfully and professionally. Highlight your accomplishments, contributions, and the value you bring to the organisation. Explain how an increase in your income can help meet the needs of your family, whether it’s to cover rising expenses, save for the future, or provide a better quality of life.
When presented in a clear and well-reasoned manner, asking for a pay raise is not only a financial decision but also an investment in your family’s well-being. It reflects your commitment to their security and happiness, making it a justifiable and essential step in your career journey.
Your earning potential increases with new skills and experience, the best time to raise this is during a performance review where you can reflect on your past performance and demonstrate your skills to line managers.
New job
Seeking a new job and better-paying job when your current employer doesn’t offer a pay raise or fails to recognize your value is a natural response to a challenging situation. Your career and financial well-being should align with your skills, dedication, and aspirations. When your current job doesn’t meet those expectations, it may be time to explore new opportunities.
The job market is constantly evolving, and there are companies that value and appreciate the contributions of their employees. Pursuing a new job isn’t just about financial gain; it’s about finding an environment where your skills and efforts are acknowledged and rewarded, allowing you to reach your full potential. Making this change can be a pivotal step towards personal and professional growth, offering you a chance to thrive in a place where your skills and dedication are genuinely valued.
Invest and grow
If you are fortunate enough to have some savings or money left over each month then investing is a key strategy for boosting your income and growing your wealth long term. By putting your money to work in various investment vehicles, such as stocks, real estate, rental properties or retirement accounts, you have the potential to generate significant returns. While investments come with risks, they also offer the opportunity for your money to grow exponentially, thanks to compound interest and capital appreciation.
A diversified investment portfolio can provide you with passive income through dividends, interest, or rental income, making your money work for you, rather than the other way around. This long-term approach to wealth-building can significantly contribute to increasing your income and securing your financial future. This works well for those who have a higher income, however do take advice from a financial advisor.
Use discount codes and vouchers to bring the costs down
There are always going to be times when you need to spend money. Especially when children grow out of clothes or need things for school. But that doesn’t mean you can’t be more frugal about it. A great tip is to use discount codes and vouchers to help bring the cost down. These can offer money off at the checkout, or for things like days out free tickets.
You may also want to combine discount codes with a bulk shop. If you can, use sales to buy clothes a season ahead or a size up from what your children are currently wearing. This helps you prepare in advance and also reduces the cost overall.
Using codes always gives me the best deal and is one of the easiest way to save money on spending. My favourite voucher site is TopCashBack who give you money back when you buy things.
Make money from your assets
One effective way to boost your income is by capitalizing on the assets you already have. If you find yourself with a spare room, unused parking spaces, or equipment that’s not in constant use, consider renting them out to generate extra income. This approach not only helps you make the most of your existing resources but can also turn your idle assets into profit-generating opportunities, it especially works well with a big purchase and garden equipment that people don’t need to use all the time.
Whether you choose to become an Airbnb host, offer parking spaces in high-demand areas, or lend out equipment or tools, renting out your assets can provide a steady stream of additional income, contributing to your financial well-being while simultaneously helping others meet their needs. It’s a win-win situation that can significantly enhance your financial stability and flexibility.
Control your food spend
The food bill is one of the biggest outgoings a family can have after their initial rent or mortgage payment. Often it can be difficult to work out exactly how much you spend each week due to heading to the supermarket more than once, eating food out, or even take out / takeaway evenings. If you can, try and reduce the amount you spend by changing some of your habits.
Reduce takeouts to one every fortnight or even once a month if you can. Often this can create huge savings. Other things to try would be things like meal planning, changing your regular store or even switching products from brands to store equivalents. Making some of these changes can even halve your food shopping bill if you are savvy enough.
Meal planning and batch cooking are two of the most popular ways families save money on their food bills. This also helps with a busy family lifestyle as you can always be assured that you have a healthy and nutritious meal either waiting for you or ready to prepare when needed.
Consider using your spare time to earn extra income
There are other ways to boost your income that don’t involve your current situation. You could utilize your free time to earn extra money in the evenings or at weekends with a side hustle if you can spare the time. Lots of parents take on online side hustles such as mystery shopping, filling out online surveys or even putting their skills to good use. There are lots of freelancer websites online that could help you secure one-off jobs for writing and even inspire you to start your own blog.
If you have a talent and creative ways, why not take advantage of platforms like etsy.com to sell things you can make. Making digital planners, printables or creating online courses can be different ways to earn from a passive income stream. These side hustles are most effective when you are doing something you love, so think about your hobbies and whether this can bring you new work without too much effort.
Declutter your home and sell unwanted things
Finally, decluttering your home is a great way to build up a stockpile of items you can sell from home or online on websites like eBay and Facebook marketplace. Clothes that no longer fit your children. Kitchen gadgets that just gather dust in your cupboards. The options are endless and something that may not be usable for you could be something someone else would benefit from. Selling can boost your personal finances and is one of the most effective ways to make money quickly.
I have previously written a great post on How to Sell on Vinted: The Ultimate Guide for Success
Conclusion
In conclusion, boosting your income is a multifaceted journey that involves a combination of strategies, each tailored to your unique circumstances and financial goals. Whether it’s through negotiating a raise, exploring new career opportunities, engaging in side hustles, smart investments, or innovative ways of leveraging your existing assets, taking proactive steps to enhance your income can lead to a more secure financial future. It’s about not only meeting your immediate needs but also building a strong foundation for your long-term financial well-being. By implementing a well-balanced and diversified approach, you can unlock new opportunities, gain more financial freedom, and ultimately enjoy a higher quality of life for yourself and your loved ones.
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