Feeling the pinch? Here’s how you can boost your bank balance

Money can be tight for all of us at times, even if you earn a decent wage. Unexpected bills, expenses such as broken down cars or appliances or events like vacations and Christmas can all take their toll. But if you’re feeling the pinch more often than not, it’s a sign that you need to re-evaluate your money and spending. Here are some ways you can boost your bank balance and make life a little easier.

Budget efficiently

Budgeting properly stops you from overspending and means that every penny you have coming in is put to its best use. It means all of your essential outgoings are paid first, so you don’t fall behind or get yourself in a pickle with your finances. If what goes out is more than what’s coming in then you need to make cutbacks somewhere, before you end up in debt and with arrears.

Get out of debt

Speaking of debt, this is one of the biggest drains on lots of people’s finances. Loans, store cards and credit cards will all charge interest, which becomes more expensive the more that you borrow. If you’ve gotten yourself into a muddle with money and can no longer afford to meet the minimum payments on all of your accounts, you could contact your creditors directly and negotiate a payment plan that works for you. Another option would be to speak to a debt management company who will sort everything on your behalf. They can often negotiate reduce or frozen interest on your debts too. This can be a huge weight lifted off your shoulders and is a way for you regain control of your money.

Go back and study to get a better job

One way to boost your income is to earn more money at work. If there’s no progression in your career then why not consider studying for something better? This could mean a few years in part-time education, but since you can study online at home these days, it’s something you could fit in evenings and weekends, around work and other commitments. Once you’re qualified, you’re in a good position to start applying for better-paid positions.

Ask for a raise

If studying for a better job or switching careers isn’t an option, how about asking for a raise in your current role? Even a small hourly raise can add up over the month, so it could be worth asking if you feel like you deserve it. Focus on your successes, and always highlight when you think you deserve this money and not on why you need it. Be prepared for them to say no, but it’s a simple question that could pay off.

Make smart investments

If you already have some savings put away, why not put this money to good use? When you invest, you can turn a little money into a lot more. Whether you’re a beginner in forex trading or an expert on the property market there’s something for everyone- just seek advice when you need it and invest cautiously. There often are risks involved in investing so you need to know when to sell and when to hold your nerve. When you put your money in the right place could increase your wealth and set yourself up for a much brighter financial future.

Set up an online business

Online marketplaces including eBay, Etsy and Amazon allow anyone who has passion or interest to set up their own online shop so you can run your own little business from home. There’s no need to invest in an expensive website design and hosting and lots of marketing, you can pretty much set up and start selling right away. If you already have a hobby, passion or skill that you do in your spare time then this could be a great way to monetise it. Because you’re the boss the hours you work are completely flexible and it’s something you can do around your full-time job or other commitments.

Sell what you don’t need

Finally, most of us are sitting on a whole heap of money at home in the form of unwanted items. From antiques in the loft to unworn jewellery, technology like old phones, computers and tablets, even things like games, music and movie disks will be bought by companies online. It might seem like junk to you, but there’s a marker for it. Raid your attic, garage and shed and see what you can get rid of, use the money towards savings, to pay down debt or buy something that you need.

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