Wouldn’t you like a little extra left over at the end of the month? Money that could be saved for house moves or holidays. Money that could be spent on those little extra luxuries we all love. Or just generally to take away the stress that finances can have on you. Yes we would all like a little extra cash, but often we think that we are stuck. The bills are set, they leave your account, and if you only have a fixed income then that’s the end of the story, right? Wrong! There are always going to be ways that you can increase your disposable income.
It can be a little bit soul destroying at times when you get paid from a job that you have slugged your guts out for for the last four weeks, only to find that the day after your regular bills and payments have taken a huge chunk away. Leaving you to budget for the next few weeks only for it to continue happening. Times right now are especially hard work, so you may be looking at how you can make a difference to your current financial situation. With that in mind, here are some of the things to think about.
Tackle some of your regular payments
Often just looking at your current financial situation can help you reduce your outgoings and boost your income. Sometimes we don’t realise it, but we could be paying more for things we need to be. There are a lot of regular bills that could be changed. You could reduce some payments for things like TV packages and subscription services you have. Even changing providers for things like energy and insurance policies can save you a fair biot each month. Doing this alone could give you more breathing space with your finances. Sometimes there are things we need to think about and need funds for an emergency.
Tackle the debts
Another thing you could consider doing would be to tackle the debts that you do have in place. This may be a simple task or one that you want to spend some time focusing on as there are different avenues that you could explore. Debts are often high because eof interest rates and not paying enough off, so tackle the one that costs the most in interest and try to contribute more to it. The quicker you get them paid off the better. Alternatively, you could look at consolidating debts into one loan so you have a payment plan and a reduced payment to get things back on track.
Try out meal planning and diminish the huge weekly bill
One of the biggest outgoings people have each week is food shopping. We all gotta eat, right? But perhaps making changes to some of the ways you buy food could make a big difference. Meal planning is a great way to reduce your spend as you only buy what you need. Having a list can also help you avoid making extra purchases and even changing where you shop could bring the bill down. Another tip would be to switch from branded products to supermarket own brands. This can also significantly reduce your bill. Combining all of these tips could see you slash your weekly spend massively, so it is definitely worth exploring.
Make changes to your daily habits
Maybe there are some things you can do daily that could help you bring your costs down over the course of the year. Energy usage is key, and simply making conscious efforts to switch lights off, not putting things on stand by and switching off at the mains, and even considering other energy sources like solar could help to bring these costs down.
Try out discount codes or cashback sites for regular purchases
We all have purchases we need to make. Clothes, food, electrical items when things break, so why not try and make your money go a little further? Using discount codes can help bring the overall price down whereas cashback sites can give you a percentage of your total spend back. This can also really work well for you as you can save the money each time and use it at times of the year like christmas.
Improve what you have
Sometimes the big costs involve big changes such as moving home, but maybe you could improve what you have right now. Looking at using a loan for home renovations could help you to get the home you want or the extra space that you need. Investing in your property is always going to be a good thing, as it can often be money you see a return on when you do eventually sell. But improvements to your home and staying for longer could help you to save in the long term instead of increasing your outgoings in all avenues.
Think about your spending
Of course, there will be bills and outlays that youa have that you are in full control over. How much you spend on clothes and food each month, for example. So a great way to try and reduced these costs is to take some action. With clothes or frivolous spending, why not challenge yourself to no spend weeks or months? With food, a simple meal plan could help you reduce the unnecessary purchases and only allow you to buy the food that you need. Small changes can make a big difference in this area.
Make a little extra money
There is nothing stopping you from making a little extra money on the side to boost your income, and even if you only have a little time in the evenings or at weekends there are things that you can do. Decluttering your home and selling unwanted items on platforms like eBay is a good place to start. You could also consider things like online surveys, where you can make a little extra as and when you have the time or the opportunities are there to do it.
Let’s hope these tips help you to boost your disposable income and reduce your monthly outgoings.