Money worries are among the most common causes of stress in the UK. Most of us would like to have more money in our savings accounts. Please note that this is a collaborative post. For more information about what this means, please click here. If you’re looking to increase your income and save money, here are some ideas to consider.
Part-time jobs and side-hustles
More and more people are choosing to boost their salaries by setting up a side-hustle or doing part-time work. If you already have a full-time job, you might not want to commit a huge amount of your free time doing another job or overtime. Part-time, casual work, and side-hustles provide an alternative, which offers greater flexibility. With a side-hustle, you can devote as much or as little time to your new venture as you like, and you can manage your schedule. If you have part-time work, you can add to your income as and when you have time.
If you’re thinking about embarking on a new business venture, or you’re keen to take on a bit of extra work, use your skills and experience and take inspiration from your interests, hobbies and passions. There are several avenues you could pursue, from offering freelance services or selling products you make to learning how to become a tutor online or setting up a new web-based store. Research the market to identify competitors and gauge the level of demand, investigate training opportunities and online courses and think about how you’re going to find customers and clients.
Training to improve your career prospects
Investing in yourself is an effective means of enhancing your career prospects and maximising the chances of increasing your earnings in the future. If you’re keen to progress to the next level at work, or you have ambitions to get a new job, look into the possibility of studying, doing an apprenticeship, or undertaking training to develop your skills. If you love your job, and you want to stay at the same company, talk to your boss and ask about training options.
Budgeting and cutting costs
It’s no secret that running a household is expensive, especially at the moment when prices are rising. If you are eager to save money, it’s wise to try to make a concerted effort to reduce spending. Budgeting is one of the best ways to achieve this goal. If you don’t already draw up a household budget, now is the time to start. You can use apps to produce monthly budgets, you can create spreadsheets, or you can use a notepad if you prefer traditional techniques. Write down your income, your regular outgoings, for example, rent or your mortgage and utility bills, and add a third column for additional costs you’ll need to cover in the month ahead. Once you have all the figures in front of you, you can calculate your disposable income.
Use your budget to set spending limits, establish how much you could save each month, and identify areas where you can make cuts. Go through your statements and analyse your outgoings. Are you paying for a gym membership you don’t use, or are you shocked at how much you’re spending on groceries or takeaways, for example? Cancel subscriptions you don’t want and set a budget for food, socialising, and luxuries once you have accounted for your bills and set aside money to transfer to your savings account. If you usually spend £100 per week on food and an extra £50-£100 on takeaways or eating out, lower the total budget to £100, for example.
Making your money stretch further
You can boost your savings balance by earning more, but it’s also beneficial to try to make your money stretch further. Look out for offers and deals on items you need, avoid buying anything that isn’t on your shopping list, compare prices and shop around for the best offers. From buying food, pet food, and clothing for children to purchasing insurance policies and broadband and TV packages, you can save a fortune by using the Internet to compare deals. It’s particularly important to shop around if you have an insurance policy or a contract with a broadband or utility provider that is due for renewal. Companies will often save their best offers for new customers, which means that switching makes financial sense. It’s also an excellent idea to register with discount sites so that you can use codes and gain access to flash sales if you’re buying household items or gifts for birthdays or Christmas.
In conclusion, most of us would like to have more money, but it’s not always easy to boost balances and increase earnings. If you’re on a mission to save more and make your money stretch further, consider the ideas discussed. They were to explore options for part-time work and side-hustles, invest in yourself to enhance your career prospects, start drawing up monthly budgets, set spending limits and shop around and compare prices to get more for your money.
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