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7 min read

10 Ways to Boost Your Earnings

Do you ever find yourself struggling to make your salary stretch to the end of the month? Well, here are some great ways to boost your earnings so that you’ve always got some extra cash to spend on what matters to you.

Woman has a tree of money growing from her briefcase.

01: Find the best contracts

Don’t settle for high-cost bills! There are many different contracts that you may be able to find a better deal for, including:

  • Credit cards
  • Insurances
  • Breakdown cover
  • Mobile contract
  • TV, landline, and internet
  • Savings account
  • Bank account
  • Energy

Call up your provider, ask to speak to the retentions team, and get your bargaining skills ready. If the company think that you may be switching, they are much more likely to offer you a better plan.

02: Claim your benefits

It’s important to make sure that you are receiving all the benefits you are entitled to. You can use this benefits calculator to check.

03: Pay off debts with your savings

If you have any outstanding debts, it’s a good idea to use your savings to pay them off. Although spending money may seem like a step backwards it will benefit you in the long run. This is because the interest rate on your debts will be much higher than what you’re earning on your savings, causing your total income to decrease. Remember, the quicker you get your debts paid off, the less you will pay in total and the sooner you can start spending money on things you really want.

If you’re struggling to pay off catalogue, credit card, and payday loan debt then we may be able to help. Get in touch today and we can advise you on the best debt solution for your financial situation.

04: Sell your unused stuff online

We all have things that we thought were a great idea at the time of purchase but turned out not to be as essential as we initially thought. As the year draws to a close, it’s the perfect time to have a clear-out and leave all your unused belongings in 2021. Selling them quickly and easily on second hand websites will allow you to make some extra cash and declutter your home.

05: Cancel unused subscriptions

Having lots of subscriptions you don’t use will run up your expenses without you realising. So, make a rule to cancel all those you haven’t used in the last month.

06: Rent a room/parking space out

Make money from your spare space! If you have an unused room, you can earn £7,500 tax-free per year through the government’s Rent a Room Scheme. You can also use websites and apps to hire out a free parking space for an extra source of income. These are great ways to increase your pay without much additional work.

07: Get paid for your opinion

If you’ve got spare time but no spare money, then paid online surveys could be a great way to earn some extra cash or gift cards.

08: Start a side business

Use your hobbies to your advantage by starting a side business doing something you love. Whether it be teaching a language, personal training, or selling baked goods, they’re all great ways to make money without feeling like you’re working overtime. Also, you’re more likely to stick at it and give it your all because you enjoy doing it.

09: Up your hours

If you don’t mind working some more hours, ask your boss for extra shifts to increase your salary. Alternatively, if your hours are contracted, then think about picking up an extra part-time job on the side. There are lots of jobs available in the gig economy with flexible hours so that you can work it around your life.

10: Ask for a pay rise

If you’ve been working somewhere for a while and feel you may be due a pay rise, don’t be afraid to ask for one rather than just waiting to see if it happens. With many industries currently understaffed now is your perfect opportunity. However, be sure to go about it in the right way and plan the conversation with your boss. Prepare your reasons by listing your accomplishments and how you have added value to the company but don’t be disheartened if your boss says no. Instead, use it as an opportunity to ask what you need to do to get there.

Further reading