Why You Might Have More Money Than You Think
Most of us fall into the habit of thinking that the only we can have is that which our employer pays us. This might be the starting point, but it shouldn’t account for all of your money. If you’re looking at your bank balance and you don’t like what you see, it might be time to unleash some of those hidden cash-cows. OK, “cash-cows” might be pushing it too far, but it is possible that you can give your bank balance a boost if you take some of our tips below. Give them a try!
In the Cupboards
The problem with the consumer culture is that it encourages us to buy stuff that we don’t really need. How rich we’d all be if, instead of buying stuff every time we got paid, we put that money in a savings account? Now, that’s not going to help you if you’ve already spent a bunch of money on items, but fear not, because those items might just boost your income. The average US home has goods worth over three thousand dollars just sitting in cupboards! So take a walk around your home, and dig around. How many possessions do you have that you could sell and bolster your savings? People can get pretty attached to their belongings, but it’s better to sell and take the money rather than just have them sitting there, unloved and unused.
How nice would it be to halve the amount of money you pay on your rent or your mortgage? Now, that’s a dumb question; you already know how good it would be. It’s possible! But you do have to get a housemate. Before you shake your head and move onto the next suggestions, just hear us out. For starters, having a stranger living in your house is nowhere near as bad as it sounds. You get to pick who that person is anyway! Plus, it’s your house, your rules. If you were housing them for free, it might be worth living alone, but when you get so much money just by having them in your home? It seems like a good option.
Not Your Fault
Things happen to us all the time, just as we go about our lives. Sometimes they’re our fault, and sometimes they’re the fault of other people. If you’re involved in an incident of your own doing, then it’s all on you. But if it’s someone else’s fault? Then the law will be on your side. There are plenty of people who effectively “leave money on the table” by not getting what they’re entitled to. If you’ve fallen over and injured yourself, take a look at your options after a fall. The same can be said for anything related to your vehicle, too. You don’t have to be out of pocket all because of someone else’s mistake!
Tax Credits and other Benefits
It’d be nice if we could tell you that, hey, you don’t need to pay any tax..but alas, that’s not the case. You’re going to pay! But maybe you don’t need to pay quite as much as you’re currently paying? It’s important that you’re not giving the government more of your money than necessary. If you’re a low to middle-income earner, then you’ll have a bunch of tax credits aimed at keeping more money in your pocket. If you’ve got children, or a savings account, or you’re studying, then take a read of the some of the tax credits that you might qualify for. Everyone wants to pay less tax, but many don’t realize that they can pay less tax just by filling out a couple of forms.
Getting a Raise
Your boss isn’t in the habit of giving the company’s money away. Why would they be? But he or she will most likely be receptive to boosting your salary, if you take the simple step of just asking them for more money. It’s not quite as simple as that, but it’s not far off! There are a few rules you’ll want to follow if you’re going to walk into your boss’ office and ask for an increase, the number one being: make sure you deserve it! If you’re doing a great job, they won’t want to risk losing you. It costs a lot more money to hire an employee than to give one a raise…remember that when you walk in there.
Everyone’s got interests and hobbies in their life, but most people don’t think they’ll ever make any money from them. Of course, it’s unlikely that you’ll make a full-time income from your passions (but give it a go!). However, you might find that you can make a part-time income relatively easily. For example, you can teach your skill to another person. Or you could write an e-book or run a website. Another good idea is to host events based on your hobby. For example, if you’re, say, a volleyball player, you could organize games for everyone using meetup.com and similar websites. You’ll be able to charge a small fee for each player, which will quickly add up to a lot of money!
Unfavorable Interest Rates
Not all debt is the same. If you’re paying off a credit card but the bulk of the monthly fee is being spent on interest, then you’re not really paying it down at all. Switching your balance to a different card might not immediately reduce your monthly bill, but you’ll pay it off sooner if you’re using a lower interest rate.
You Don’t Know Where Your Money Goes
Finally, remember the golden rule of making your money go further: understanding where it’s going. Most people have no idea where all their money goes. Until you know the answer to that, there’s not much you can do about boosting your income! Keep tabs for a week and two, and make any necessary cuts. You’ll be thankful for it comes to the end of the month, when you have more money than usual!