Maximising your income

Do you always find yourself running out of money at the end of the month? It might be that you need to take a look at your budget and find ways to spend less. But you might also be wondering if there are ways you could be bringing in a little extra cash. Here’s our round-up of ways to boost your income.

Make sure you’re getting all the money you’re entitled to

• Are you being paid enough? Check your payslip and use the National Minimum Wage calculator on the government’s website to make sure your employer is paying you the right amount. If you’re not being paid at least the minimum wage, or if you think your employer is deducting money from your pay when they shouldn’t, Citizens Advice has information on how to enforce your rights.
• Could you get some tax back? There’s a guide on the government’s website to help you work out if you’re paying too much income tax. There are a number of ways you might be able to claim some tax back, for example if you’re married, or – particularly during the pandemic – if you work from home.
• Are you eligible for any support from the government? Billions of pounds in benefits go unclaimed every year. If you’re eligible for it and you need it, you should claim it – that’s what it’s there for! Try our free, easy-to-use benefits calculator.
• Are the other people in your life paying their share? If you live with other adults, make sure you’re splitting the bills in a way that’s fair. And if you’re struggling to get adequate financial support from the other parent of a child who lives with you, the Child Maintenance Service can help.

Get the most out of your money

• Do you have savings? If so, make sure they’re earning as much interest as possible. You can use comparison tools on sites like moneysupermarket.com to help you find the best savings account.
• Can you get free cash just for opening a bank account? It pays to switch – sometimes £100 or more! Find a list on moneysavingexpert.com.
• Do you have loans, credit cards or other consumer debts? If so, you shouldn’t be trying to put money into savings. It’s just simple maths – the interest you’re paying on your debts is almost certainly much more than you’re earning on your savings. You’re very likely to save money in the long run if you pay your debts off before you try to save.

Earn a little extra

• Do you deserve to be paid more at work? Here’s Glassdoor’s guide to asking for a pay rise.
• Do you have a spare room? You might be able to boost your income by taking in a lodger, and/or by renting out some space through a scheme like AirBnB. Having a lodger usually won’t affect your benefits, but you’ll have to report the income you receive, and you won’t be entitled to a single-person discount on your council tax. Citizens Advice have a useful checklist to help you decide if this is a good option for you.
• Time for a clearout? moneysavingexpert.com have a useful guide to selling on eBay. You can also sell items for free within your local community using Facebook Marketplace (also a great place to pick up some bargains!) And specialist sites like Music Magpie, WeBuyBooks and so on will buy old CDs, DVDs, books, mobile phones and even Lego!
• Up for anything? The MoneySavingExpert community have an exhaustive list of all the weird and wonderful ways you can make a little cash in your spare time. Have a look and see if there’s anything that interests you. But remember, your time has value too – don’t spend too much time trading mindless tasks for a trickle of cash unless you’re sure it’s worth it!