Maximising Income | Budgeting Advice

There are many ways to earn extra money to boost your income. Part time work or extra hours at work is the most obvious answer to earn extra money. It isn’t uncommon for people to have some kind of second job to add to there income each month, or if there is overtime available in jour job as much as a few hours extra per week could make a difference to your income.
If there are no extra hours available in your work, you could get a part-time job. Like extra hours a part time job can bring you in plenty of extra cash each month. Also if it is a job like working in a bar or restaurant it can actually help save you money as Instead of being out spending money, you are out earning it whilst not spending.
If you are thinking about taking on extra work or simply want some debt advice before you do anything contact debt advice London today and we can advise you.

If your family income is under £66,350 you may be entitled to Benefits and tax-credits. Many people are unaware that they are eligible for benefits, including over a million low income pensioners who fail to collect their pension credit.
There are many different types of benefits available to people in different types of situations. Most people don't even realise that they are entitled to benefits and go all through their life with out looking into it. It is worth checking out if you are entitled to anything as after all every little bit of extra income helps.
The social security system is very complex, so it's impossible to easily summarise exactly who is eligible for payments, however If you fall under any of the criteria below, you may be entitled to benefits that you weren't even aware of:

• People with dependent children and a family income less than £58,000, or £66,350 if ou have a baby under the age of 1, a disabled child or a large family and you spend a lot on childcare.
• Those without children, in work earning less than £16,000.
• Those who are out of work.
• Anyone with an illness or disability.
• Carers, guardians, recent parents and the over sixties

Debts are a nightmare for everyone and most people suffer whether it is a little of a lot. When you are struggling with debt it is a horrible situation to be in and it’s difficult to see a way out of it. By creating more income in other areas you may be able to reduce your debts and help yourself into a better financial situation. Some ways of creating extra income are like working extra hours or getting a part time job as discussed at the top of this page. Another way of creating some extra money is selling unwanted goods. You could read out your house and see what stuff you still actually use and what you don’t. If you don’t use it then SELL IT! There is always someone out there who wants to buy stuff whether its books, clothes, furniture, games, toys, cd’s, dvd’s collectibles etc. All of this stuff could earn you a lot of money. You can sell your unwanted goods on e-bay, at an auction or have a car boot sale. There are many ways to sell your stuff so get selling and start getting your debts cleared up.

If you have savings and you have lots of debt, it may be heartbreaking, but it is a lot more beneficial to use the savings to pay off some/all of your debt. This again will save you money long term. It may not seem so, but you are wasting money saving when you have debts that charge interest. i.e. credit card debt, loans etc... You will be much more comfortable financially with lower monthly debt repayments.

An overdraft can be one of those debts that you can never seem to get rid of. Once you start depending on an overdraft, no matter how much it is for, it is quite difficult not to take advantage of it every month. You pay it off when your wages come into the bank and before you know it you are using it again in a matter of week. In this situation you can end up living in your overdraft.
A good tip for paying off your overdraft is to lower it little by little every month. Simply  phone up your bank and tell them to lower the overdraft by X amount and not to up it again without your permission. This is a slow process and requires effort every month with the bank, but slowly weans you off the dependency of the money. Even by lowering your overdraft by as little as £20 per month (only £5 per week) you could have £240 of your overdraft paid off in a year.