There are many simple, common sense ways you can increase your monthly budget. Some of the ideas we’ve come up with really are straightforward and easy and you’ll be wondering why you didn’t think of them yourself. All of these ideas can make a significant difference to your bank balance and make the cost of living seem less of a strain.

Sort out your Finances

Give your finances a thorough review and you’ll probably find there are areas where you can make savings. You could consider re-mortgaging to organise a better rate for the long-term. The average mortgage standard rate for example tends to be much higher than the rates offered by tracker mortgages and it can be worth comparing and shopping around a little to make a saving.

Another thing you can do is consolidate your credit. If you have several separate credit cards and accounts it’s worth considering amalgamating them all into one large loan so you can handle the payment more easily and don’t have several creditors chasing you each month.

Rent a Room

If the kids have moved out and your home has a spare room or two why not consider a lodger. The government’s ‘Rent a Room’ scheme gives you the chance to earn up to £4,250 in tax-free rent if you offer it to a lodger. This is only really an option for homeowners as people renting from landlords are probably bound by their lease not to make money from the property.

Get Paid to Spend

There are plenty of schemes out there where you can pick up extra cash whilst you spend. Cash back schemes will give you the chance to pick up a percentage of cash back whenever you click through their site to a retailer and don’t forget the points you can pick up on your supermarket loyalty card. Every little penny can really make a difference.

Odd Jobbing

If you have valuable skills or sought after experience and the spare time to share them then why not take on occasional odd jobs? If you’re proficient in a foreign language why not tutor young children or if you’re a flat pack furniture expert why not offer up that skill? There are many work databases online and you’ll be surprised just how many people would be glad of your help.

Declutter

Chances are your home is a gold mine. British households are packed to the rafters with goods we simple don’t use and you could make some extra cash by selling them on. Whether you can sell your old mobile phone devices that you’ve had stored at the back of the cupboard for years or you have designer togs which can turn a profit it’s certainly worth giving it a go.

Share the Car

If you only use your car occasionally why not consider renting it out? There are schemes across the UK where you can earn some extra cash through renting your car to people who may need it when you don’t. There are online companies who specialise in pairing renters with vehicles and their owners and all you have to do is be willing to trust the renter and be assured that they are covered by insurance.