Simple Strategies And Savings To Boost Your Monthly Income

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The following article is a guest post and may contain affiliate links:

A promotion may not be on the cards right now, and you may be reluctant to look for a new position. However, there are simple strategies and savings you can put in place right now to boost your monthly income.

Living from paycheck to paycheck is an uphill struggle and a constant stressor. Any unexpected cost could have significant ramifications. If you need to raise funds quickly before you’re paid, applying for a payday loan from sites like www.cashfloat.co.uk may be a solution.

If you’re looking to boost your monthly income, there are lots creative ways of going about this.

1. Start With Savings You Won’t Notice

Always start with savings you won’t notice. For example, does it matter to you where you get your energy from? It’s possible to save several hundred pounds a year by changing your supplier, which is a significant boost to your available funds. And the beauty is that it won’t cost you a penny. It’s as simple as filling in a form or making a quick phone call.

Another change you won’t really notice is installing a water meter. If you have a big home with few occupants, you could benefit from reduced rates which will mount up over the year.

Do you have a landline? If so, have you looked around at alternative suppliers? You may be surprised at the difference in costs. This is another area where savings can be made without you even noticing

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2. Food

There are many ways you save on food and drink each month without going hungry. Do you buy a coffee each morning on the way to work? This may be costing you around £2.50 a day or more. That’s £12.50 a week and around £50 per month. If you really need a coffee on your way to work, consider investing in a travel coffee mug and making your own at home.

The same applies to bottled water. Although it’s a healthier alternative, it will still set you back a few pounds each week. Tap water is a cheaper solution as you’re paying for it already. Reuse a bottle and refill or invest in a water flask. Several companies provide access to tap water where you can refill for free.

When you do your weekly shop, always write a list, even if you’re in a rush. Plan the food you need each day and tailor your list to your plan. This will reduce the amount of food you waste each week, month and year. Don’t be swayed by special offers and promotions unless they are directly relevant to what you’re buying. Take advantage of loyalty cards and cut out coupons from the local newspaper.

Always shop around. Don’t get stuck in a rut and got to the same supermarket. Local markets often provide cheaper options. It’s worth checking them out and comparing prices. If you use more than one store, remember to factor in petrol costs.

When cooking meals, prepare twice as much. Serve half and put the rest in the freezer. On evenings where you don’t feel like cooking, all you need to do is defrost a meal. Preparing your own food is much cheaper and healthier than buying ready meals and takeaways.

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3. Subscriptions And Memberships

Do you have any subscriptions or memberships that you’re not making use of? Many of us subscribe to magazines and journals and then don’t read them. Though this may be a small expense, it mounts up over the course of a year. As we have already seen, there are lots of small savings that when added up make a significant sum. Instead of subscribing buy magazines as and when you want to read them.

The same is true of gym and club memberships. If you’re not using the facilities, then cancel them. Opt for a pay as you go approach and look for alternative solutions. Consider a free outdoor gym instead. Or consider other forms of exercise.

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4. Be Creative

A little creativity can go a long way. Record all of your expenditure over the course of a month. This will provide you with an accurate picture of your outgoings. Include everything you spend. Now look at ways you could reduce the costs. For example, replacing trips to the hairdresser or barber with a pair of clippers, etc.

If you put your mind to it, there are lots of ways you can cut your monthly expenditure. This will free up your income and provide you with some breathing space. It may even allow you to save a little or plan a holiday.