There are some people out there who never have to worry about money. They’ve got significantly more coming in than they have going out, and it looks like it’ll stay that way forever. If you’re one of the regular folks, however, then this will just be a pipe dream. Many of us have to tighten our belts somewhere so that we can make it through to payday without struggling to buy groceries. While it’s not possible to magic more money out of thin air, it might be possible to free up some of the cash that you already have. Below, we take a look at a few ways to do this.
Get Rid of That Credit Card Debt
There’s no problem with having some credit card debt, but it can become a little bit dangerous, even if you’re comfortably meeting the monthly payments. That’s because if you’ve passed the zero interest period, then the majority of what you’re paying might not be paying down the debt at all, but merely covering the interest. By transferring the balance elsewhere, you might be able to make the most of reduced payments, but in any case, you’ll pay down the debt sooner, which will lead to more money in your back pocket.
Remortgage Your Home
The biggest expense, if you’re a homeowner, will be your mortgage. If you’re finding that it’s difficult to stay on top of payments, or you just want to have some extra cash in your back pocket, then look at working with a conveyancing solicitor to remortgage your home. You may have to extend the period in which you’re paying off your house, but the monthly payments could be much smaller. If you’re a renter, you can ask if your rent can be reduced. Now, success with this technique is far from guaranteed, but if you’ve been a reliable tenant and have a good relationship with your landlord, then there’s no harm in asking.
Cutting Your Energy Bills
Most people look at their bills, roll their eyes, and begrudgingly pay them. But here’s the thing: it’s possible that you’re paying too much. And we don’t mean in the sense that you could be turning off your lights or turning down the temperature of your heating (though also do this): we mean you might be on the wrong tariff, or even with the wrong supplier altogether. Moving forward, take a look at your options, and find the energy supplier that’s appropriate for your needs.
Work pays us, but boy oh boy, they take some back. If you find that you’re spending too much money just getting to and from work, then look at finding a cheaper alternative. There’s public transport, sure, but carpooling with your colleagues is an underrated option; even if you have one other person in the car, you’ve halved the amount of money you’re spending just getting to your place of work. And don’t forget that taking your own lunch and coffee can save thousands when spread over a year!