We could all use a little extra money from time to time. The cost of living gets higher each year, and salaries struggle to keep up with this change. Hard working families and young people can be strapped for cash when times get tough, particularly around the holidays.
Even if you work a full time job, it can be difficult to make ends meet. Not only do you need to cover your bills and put food on the table, you want to have enough left to enjoy a few comforts and luxuries too.
There are ways to increase your income just a little bit. These techniques will not make you a millionaire, but they may help you boost your bank balance just enough to improve your quality of life and protect your financial wellbeing. Here are some of the easiest and most effective ways to have more money in your life.
Be better at saving
Like the old saying goes, a penny saved is a penny earned. Putting money aside is a great way to boost your bank balance and make you more aware of your financial situation. If you just let your income sit in your main bank account, not only will you be more likely to spend it, but you are failing to make the most of it. But by consciously making an effort to save a portion of your earnings, you can earn interest on your savings and work towards significant purchases like a new car or a house.
Work out how much of your monthly income you can afford to put aside, and open a separate savings account to keep it in. Make sure this is automated, so you don’t have to actively remember to save each month. Pick an account with a good interest rate and you can make more money without even trying.
Reduce your spending
If you took a good hard look at every financial transaction you made over the last month, you would probably notice a lot of wasted money. That late night trip to a poor-quality fast food restaurant or the subscription to that obscure streaming service you never use. This money could have been put to much better use instead. Be more conscious of what you are spending your money on, and think before every transaction. Ask yourself if you really need this purchase or if you are just being impulsive.
Go through your subscriptions and work out what you are willing to lose. Perhaps you only need one streaming service rather than four. Or maybe you can join the cheaper gym that is closer to home rather than the fancy one in the city. Get into the habit of preparing meals at home rather than relying too much on eating out and ordering takeaways. There are loads more ways to reduce your spending, so look at your monthly expenditure and be a bit stricter on yourself.
Recover money owed to you
Many people are owed money without even realizing it. Perhaps you are overdue some earnings in the form of PPI or HP refunds. If so, you can check your eligibility online to find out what you are owed. Or maybe you just lent your friend some cash last week and haven’t claimed it back yet. Recovering debts owed to you will boost your bank balance, often for very little effort.
If you are struggling to recover debts owed to you, you may need to go to court or enlist a mediation service to help you get your money back. This process can be potentially costly and time-consuming, so you need to be sure it is worth it before you proceed.
Ask for a pay rise
If you feel you are not earning enough in your current job, it may be time to ask for a payrise. Schedule a meeting with your boss to plead your case for a higher income. You will need to come armed with evidence of your successes and achievements, so you can demonstrate the value you bring to the organisation. You could even ask to take on more responsibility in return for a pay rise.
If you make your argument well, there is a good chance your employer will agree. And the worst thing that can happen is they say no. You may even wish to seek a higher-paying job that values your skills and experience more highly.
These four methods are just a few of the ways you to boost your bank balance and enjoy a little extra money each month. What other techniques can you think of?
