Many of us will agree that we would love to be able to stretch our monthly income even more than we do now. Things can be tight when it comes to the household budget. However, there are some things we can do to help improve our current status, maybe even saving more money or increasing our disposable income in some way. I thought I would share with you some of the ways you can make more of your income today. I hope it helps to enhance your household budget.
Be smarter with your current savings pot
Many of us are smart enough to have some money saved, but could it be doing more for you? In this current climate, interest rates can dwindle, and that means that money sat in savings isn’t working as hard as it could be for you. A little research into the best savings rates 2017 could help you see that switching savings accounts might provide you with better rates, and therefore enable you to earn some interest. That being said, you may also want to look into other ways to utilise your savings, perhaps investing rental properties or even stocks and shares.
Look at your household bills and make some changes
Often people will let those direct debits for household bills leave their account each month without another thought, but this is where you could be spending more than you need to be each month. Being loyal to companies these days for things like insurance products and energy could mean you pay more. Many companies save their best rates for new customers, so switching energy providers, for example, could help you save a fair bit on your direct debit each month. Do this for other providers, and you may free up some disposable income.
Analyse your bank statements for rogue payments
In the day to day routine of life, we can often fail to notice the finer details, such as a payment we didn’t realise was leaving our bank account. Especially when it is for small minute amounts. This is why it is always worth taking some time to look at your bank statements and analyse the transactions. You would be surprised how many people are still paying for a gym membership they thought they had canceled, or a magazine subscription they no longer receive, for example. Canceling some of these transactions may free up quite a bit of disposable income you never thought you had. Getting in touch with the companies could mean a refund is on its way.
Look at ways to add to your income in your spare time
Finally, there are always opportunities you could be taking to add to your income. You may want to sell unwanted things online on websites like eBay. Perhaps start a blog in your spare time and use affiliate links to earn some commission on products you love. Even starting your own business in your spare time, filling out surveys online, or performing mystery shops. These are all viable ways to add to your steady income, without infringing on your current job.