If you worry about your family’s finances, you are not alone. Millions of British families struggle to make ends meet every month, especially during expensive periods such as Christmas. Thankfully there are lots of tips and tricks that families can use to increase their monthly spending budget — you just need to know what they are so you can start using them!
Here are four simple ways to boost your family income.
Take Advantage of the Married Tax Allowance
If you and your partner are married, you might be able to take advantage of the Married Tax Allowance. This allows families to save up to £220 if one person doesn’t pay taxes (normally this is because they earn under £11,000). The other person has to be a 20% tax payer, which means they earn less than £43,000.
If this is the case, the person who earns less than £11,000 can send £1,100 to their husband or wife and they can then claim the money as part of their tax free allowance. This is a great way to reduce the taxes you pay every year.
Sell Items You Don’t Use Anymore
You can also sell items that your family don’t use anymore (such as old toys or children’s furniture) on eBay. This will help generate a little extra spending money and you don’t need to worry about paying taxes on the items if you only sell a few. All British residents have a tax free £1,000 allowance for selling goods, so you will only need to pay taxes on sales if you make over £1,000 a year.
Make Your Money Work for You
You can also make your extra cash work for you. There are a few ways you can do this: UK residents can amass up to £5,000 in savings interest every year if they earn less than £16,000, which is an easy way to boost your earnings. You can also invest small amounts of money for potentially high returns or you could try spending a few pounds betting on the Euro Millions. Just be sure not to spend money that is needed for base costs such as rent, bills, food and other family expenses!
Rent Out Unused Parking Spaces
If you live in the city and you have an unused parking space outside your home, you could consider renting the space out online. There are lots of people who drive cars but dislike parking in city centres due to the cost, so you should be able to find someone who will pay to use the space if it is cheaper. You can make a lot of money doing this; for instance, if you charge £10 a day you can easily make between £100 and £300 a month!
If you want to try this out, there are lots of websites you can use, including Camp In My Garden, Eco Experts and Storemates. It is also worth looking for one person who will use the space on a daily basis as it means you don’t have to pay to keep the advert online each month.