3 simple tips for a better bank balance

Follow these tips and make sure your bank balance does not go down.

13:14 28 October 2014

How often do you get a pay rise? For most people, the answer is hardly ever. However, the inflation is rising steadily, day after day. If you are not getting rewarded at work, why don’t you reward yourself at home? Here is how you can improve your bank balance;

 

Sell Your Old Stuff

 

More often in our houses we have so much junk lying around. You can kill two birds with one stone by selling all your old stuff. You get to clear clatter from your house while at the same time you have more cash in your wallet. These can be sold through online platforms, or even open garage sales. 

 

Making Money Off Your Home

 

The government has introduced the Rent a Room Scheme. It provides for anyone with a spare room in their home that they can put up for rent to do so. So long as your earnings do not surpass the £4,250 in any one tax year limit, then you can rent out your room tax-free.

 

If your residence neighbours a social amenity such as stadiums, airports, and you have some parking space, then you could rent out your driveway for parking space and make money out of it.

 

Cut Back On Your Spending

 

Keeping a tab on your finances is the bridge to better financial status. Analyse your monthly finances and try to figure out how much comes in and how much goes out. Basically, if you are spending more than you are earning, you need to do a thorough re-evaluation of your finances.  

 

The best way to do this is to stop routine purchase of your amenities, and scout for better deals every now and then. This will make sure your recurrent bills are cheap and you get value for your money. 

 

You can also make small savings by driving less, purchasing fewer clothes, cancelling magazine subscriptions and giving up some unnecessary luxuries. This will add a bit more to your monthly bank deposit.