Most of us would like to have a little more disposable income or a slightly bigger savings account balance. It's not always easy to boost your income, but there are ways. In this guide, we'll explore some accessible options.
Budgeting and setting spending limits
The first place to start when increasing your disposable income and saving more is budgeting. If you don't already spend a few minutes drawing up a budget at the beginning or end of the month, now is the time to make this a feature of your diary.
Budgeting is quick and easy, and it can have an incredibly positive impact on your finances. You can use apps, spreadsheets, or pen and paper to create a budget. Note down in three separate columns your regular outgoings, income, and one-off payments you need to cover during the budget period. This might include a fee for a vacation, for example.
Once you write the figures down, you can establish how much to spend or save. Use your budget to set spending limits, figure out how to divide your funds, and analyze your transactions. There may be expenses you can cut out or reduce, for example, memberships or subscriptions you'd forgotten about or don't use. Transfer money to your savings accounts every payday if you're trying to save.
When you see the word investing, it's easy to assume that you are not the target reader because you don't have a massive pot of money set aside to buy a house or create a trading portfolio. In some cases, you do need a substantial amount of money to invest, but there are opportunities for beginners and those with limited funds to get involved.
Trading is now much more accessible than it used to be due to the growth of online trading sites, and you can also explore options like buying and selling cryptocurrency using sites like Swyftx.
If you're new to investing, it's wise to research, follow expert advice and set yourself a small budget to get started. Use demos and trials to learn the ropes before you spend money and make sure you understand what drives markets and prices. To succeed in investing, you want to buy and sell at the perfect time.
Setting up a side hustle
More and more people are increasing their earnings by setting up a side hustle. The beauty of this option is that it gives you the freedom and flexibility to run your own business or use your talents to boost your income while you're still working or studying.
You can decide how much time you want to commit to your new venture, and you can channel your interests or passions to generate funds. The options are endless, from baking and teaching people to play an instrument or speak a language to freelance consulting, selling paintings, or offering gardening or dog walking services.
Many of us would like to earn more, but it's not always easy if you're already working full-time and there's no sign of a raise any time soon. If you're keen to boost your income, start setting spending limits and budgeting, consider accessible investment options, and use your skills, interests, and talents to launch a side hustle.