Boosting your income might seem like a constant challenge but Martin Lewis has provided some tips that you might not have thought of before.
During the cost of living crisis, Brits have been getting creative with how to earn some extra cash but many have struggled to find a way that will work for them alongside a full-time job.
MoneySavingExpert Martin Lewis has provided some ideas on how to maximise your income.
One of the first things you should do if you plan to start gaining some extra money is to completely overhaul your finances.
To do this, you should analyse your monthly budget, income, and outgoings. It’s likely you’ll find some outgoings that you could cut back on. For example, an easy one is subscription services that you might no longer need.
While this isn’t anything drastic, it can really help contribute to having some extra money each month.
MoneySavingExpert said: “By shifting to the best deal on every product, you can give yourself a pay rise of £1,000s, without cutting back. Before anything else, this is the most important starting point.”
But the next tip can be even more useful in helping you boost your income.
Having a cashback credit card is crucial as it can help pay you back some of what you spend each month when you use it.
If you set up a direct debit to pay the card off each month, there will be no interest to pay, according to MoneySavingExpert, and this can save you £100s each month.
Another important factor you should consider is the savings accounts you are storing your money in.
All too often people think that if you don’t have a lot of money in your account, the rates don’t matter too much – but this is a huge mistake.
Your interest rate can help boost your income massively and it’s an easy change to make to save some more cash.
If you’re looking to change your bank account, some banks offer cash incentives of between £150-£200 if you switch to be with them.
It’s worth making sure the account is better than what you have already and making the most of the cash incentive to change.
With these small tips, you could find yourself saving thousands of pounds.
