More money in your pocket

So, you’ve made a budget. You know everything you have coming in and going out. Great! The next step is to go through that budget, line by line, and find ways to boost your income and cut your spending.

This might seem like a mammoth task! So if you’re new to budgeting, take it easy – you might just want to try one or two of the tips from this blog at first. But if you’re ready to totally overhaul your finances by working through the whole thing, go for it! Don’t forget you can always find us on Instagram and Facebook to get more tips and some support from the community.

Can you get support from the government?

Billions of pounds in benefits go unclaimed every year. If you’re eligible for support and you need it, you should claim it – that’s what it’s there for! Try a free, easy-to-use benefits calculator at gov.uk/benefits-calculators. Don’t forget, you may be entitled to help even if you’re working, whether you’re employed or self-employed.

Are you eligible for any grants?

The Turn2Us website has a directory of grants you might be able to apply for – enter your details to find out if there’s anything available to help you.

Are you being paid enough?

Check your payslip to make sure your employer is paying you the right amount. You can also use the National Minimum Wage calculator on the government’s website to make sure you are being paid at least the minimum wage. 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 what you can do.

Are you paying too much tax?

Here’s our guide to understanding your tax code.

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 should help.

Could you earn more at work?

Negotiating a salary increase isn’t an option for everyone. But if you’re in a salaried job and you think you’re due a raise, here’s Glassdoor’s guide to asking for one.

Do you have a spare room?

Again, this doesn’t apply to everyone. But if you do have a spare room in your home, you might be able to boost your income by taking in a lodger 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 has a useful checklist to help you decide if this is a good option for you.

Do you have a side hustle?

Ever thought about making a little money from your hobby? Check out this guide on the Money Dashboard website.

Love a clear-out?

They say it’s good for the soul – and it can be good for your bank balance too. Here’s the lowdown on the best apps and online marketplaces for selling stuff you no longer want or need.

Do you pay your council tax over 10 months?

Would you find it easier to budget if it was split evenly over 12 months? Contact your local authority to see if you can pay your bills in a way that suits you. While you’re at it, check if you’re eligible for Council Tax Support – each local authority has their own way of allocating this. And if you live on your own (or just have children living with you) don’t forget you can get a 25% discount on your council tax.

Could you cut your bills?

Energy bills are especially high right now, but there are still ways to save on a whole range of household spending. Visit our blog for a round-up of how to spend less on everything from running water to streaming services.

Are debt repayments eating up a large amount of your income?

If keeping up with loan, credit card, Buy Now Pay Later and other debt repayments is eating up quite a bit of your income, have a look at our guide to dealing with debt.

Is it time to switch how you shop?

Visit our blog for tips on how to save in the supermarket and beyond.

Can you save money via your employee benefits or a cashback site?

If there are things that you really need to buy, it is worthing looking at ways you can get them for less. Some employers offer access to apps such as Hapi which give discounts on everything from supermarket shops to electricals and even treats and nights out. Check if your employer has a scheme.

It’s also worth checking cashback sites to see if you can earn money back for buying something that you need. Try Top Cashback or Quidco, for example. You may even be able to get cashback on essential bills such as car insurance.

Still smoking?

If you smoke, cutting back or quitting altogether is probably one of the best things you could do to save money, not to mention the benefits for your health. We know it isn’t easy, but there is help out there – have a look at the NHS website.

Could you make your clothes last longer?

Sick of having to replace holey socks, bobbly jumpers and worn-out jeans? The Spruce website has an extensive guide to getting more wear out of your clothes – which could mean big savings, especially if you have a big family.

Do you understand why you spend?

If you’re overspending, it might help to think about why. Visit our blog to read a little about the psychology of spending.

 

We hope you’ve found these tips and links helpful. Can you think of something we’ve missed? Head over to Facebook or Instagram to share your own advice with the community.