If you have very little disposable income or find that you are struggling to get by, you may be considering ways to make a bit of extra money. The good news is that there are loads of different ways to both save and generate additional income – many of which are very simple to do.
Here are 3 ways to reduce spending and give your household income a much-needed boost.
Could you be earning more?
If you have been in the same job for a long time or earning the same amount for a while, it may be time to consider whether you could increase your earnings by either switching jobs or negotiating a salary increase.
You may be getting paid well below the going rate for your experience and qualifications, so it’s wise to look at what other companies may offer.
Many companies will do everything to keep experienced and loyal staff, so it may also be worth talking to your boss and finding out if there is any scope for either promotion or a pay rise.
If you find alternative employment or secure a new pay structure, have an employment lawyer look over your contract of employment.
Many of them can be rather complicated, so it will give you peace of mind knowing that everything is above board and you aren’t tying yourself into any unfavorable contract terms.
Cancel subscriptions you don’t need
Thousands of households across the U.S are paying for subscriptions they no longer use and, in some cases, didn’t even know they had!
Go through your bank statements in detail and figure out what you need and what you don’t.
If, for example, you have music streaming subscriptions you use once in a blue moon or haven’t listened to an audiobook for years but are still paying for the privilege, cancel them immediately.
It may only be a few dollars a month, but those dollars add up, and before you know it, you are shelling out hundreds for services you don’t even need.
Take part in a no-spend month
No spend months are hugely popular these days and are a fabulous way to reduce spending, which, in turn, will boost your disposable income.
No spend doesn’t mean you can’t buy fresh produce and other essentials; it just means you won’t purchase anything you don’t need or make any impulse purchases.
We are all guilty of buying things like shampoo, moisturizer, and clothes (to name but a few) when we don’t even need them, so, before you spend, check what you already have.
Not only will it save you money, but it’s a great way to use up all the products you have at home that never see the light of day.
If you struggle to get motivated, why not ask a few friends to do it with you or join one of the many online no spend groups?
They are great for hints and tips and are also a wonderful source of encouragement when it’s most needed.