There are lots of reasons we could do with a New Year income booster – make life easier, afford a great family holiday, make renovations to the home to mention just a few. There are lots of ways to do this, even when you are working full time and here are a few tips to boost your income in a variety of ways.
1. Check benefits
If you are married or have kids, then you are entitled to certain benefits or tax deductions and if the government doesn’t know you qualify for them, then you aren’t going to get them. You can increase your income simply by ensuring you receive all the help you are entitled to.
2. Look at your credit cards
Most of us have credit cards and there’s nothing wrong with that. But they can require a big monthly minimum payment if you aren’t in a position to clear them entirely. A simple way to boost your income is to look to manage your credit cards better – could you do a balance transfer to a new provider who are offering 0% interest or a lower monthly minimum payment? Once you take a card, swap the balance then simply shut down the old one to avoid temptation and keep your credit record in good order.
3. Consider second jobs
When you work full time, the idea of a second job might sound like hell but there are lots of modern ways to earn extra income that don’t require adding another four hour shift onto your day. One example is being a tutor online – if you have something you can teach there are lots of sites where you can get paid to help people. It can be as simple as answering questions and can be done when it suits you, say after the kids have gone to bed.
4. Doing freelance work
Similarly, doing freelance work can fit around your schedule and is a great way to earn extra cash. Say you are an accountant assistant as your full-time work – you could do some bookkeeping as a freelancer. As long as you declare your earnings to HMRC and pay applicable tax, you are able to work as much as you want.
5. Check out PPI
The PPI scandal has been a boost for some people – a few of my friends have received an unexpected windfall for policies they didn’t know they had. While some banks automatically give you back any PPI paid, others require you to apply for it. So go through your papers and see if you have any accounts or loans you may have had it on – query it with the bank and they will tell you if you did and if you can claim it back.
Having extra income isn’t about being greedy – it’s about doing the things you want to do. Increasing your income can help if you’re applying for a mortgage, for example, or if you want to start your own business and need to put aside some capital in order to do it. It can make life a little easier and allow you to do the things you struggled to do before. And that’s what life is all about.