If there’s one question on everyone’s lips, it’s how do I increase my disposable income? We all wish we had a little more cash to spend on going to restaurants or bars. We’d all love to buy new clothes without feeling guilty about it. Even on a decent income, your money is soon diverted elsewhere. There are your rent or mortgage payments; there’s insurance, the car, and savings to make. It all adds up, and you often find yourself with nothing left over at the end of the month. In this post, we’ll help you find a way to increase that pocket money and help you live a nicer life!
1. Ask for a raise
The facts are hard to ignore here. Most people who ask for a raise get one. If you’ve been at your job for over a year or eighteen months, it’s a perfectly reasonable request. It’s worth waiting until you’ve finished a big project or been given more responsibility. Tie the question to an achievement you’ve completed at work. If you think you deserve it, ask for it.
2. Rent out your home
Of course, this won’t be a viable option for everyone. However, it’s now easier than ever to rent out a room in your house. Websites like London2let.com allow you to list your spare room online. In popular cities like London, you’ll have a renter within the week. It’s a quick and easy way to generate a big monthly increase in your finances. You may have to adjust your lifestyle to accommodate a renter, but you’ll love the extra money.
3. Get a second job
The harsh reality is that more cash often means more work. Don’t think of it as a chore, though, find something you love. Perhaps you could work in the old bookstore at the weekends. If you spend your Saturdays reading already, then this won’t be a big change. You see where we’re going with this. Follow your passion and take a second job that suits you. You’ll make a little extra money and find some happiness.
4. Start a business on the side
There’s never been a better time to start a small business. The internet opens up so many possibilities for you to break out on your own. You don’t have to be the next Facebook; a small business can bring in a trickle of cash easily. You’ll work alongside your current job and gain experience and knowledge. If you’re lucky and work hard, it might even take off!
5. Start investing
The investment route is not a get-rich-quick scheme. However, it does make good financial sense. It will help you unlock a steady extra income in the next year or two. Find the right stocks to invest in and play the long game. You’ll slowly see your share price rise. Ultimately, you can divert that to your savings and keep a little more of your paycheck for yourself.
Finally, you should take a long, hard look at your outgoings. What are you spending money on that you needn’t? Try to cut that out of your life. Well, that’s all for today folks. Keep checking back for more expert money tips!