Increasing your income and cutting costs
Here are some ideas for earning a few extra pennies:
- What about taking in a lodger? – This option should be considered carefully as you are inviting someone to share your home. There are also laws and regulations in place to protect both you and your tenant which you should be aware of. Websites such as Landlord Zone can help to answer some of your questions and Property Investment Project will show you both the positive and negative aspects of taking in a lodger. Above all make sure that you meet the person and are aware of their occupation, hobbies etc. You will be living with this person and should feel comfortable and safe in their company.
- Can you find extra income from exam marking or private tutoring? Visit the School Zone website for further information on work with examination boards.
- Could you find things to sell, perhaps at a car boot sale?
- If you have grown-up children, are they making a realistic contribution to household expenses?
- Are you eligible for Child Tax Credit or Working Tax Credit? Check your eligibility at www.taxcredits.inlandrevenue.gov.uk
- Check that you are receiving all the benefits you are entitled to. also check for possible grants and bursaries by ringing Teacher Support Network.
Cutting down on your expenditures:
When things are tough, cutting your costs – even by a small amount can make all the difference:
- If you’re a homeowner, look at changing mortgages. Do your research on www.moneysupermarket.com, www.fsa.gov.uk or www.moneyextra.com
- See if you can get a better deal by changing your utility supplier. Check online at www.uswitch.com or www.saveonyourbills.co.uk
- Can you spend less on entertainment, convenience foods or other non-essential items?
- Could you cut down on your use of your mobile phone? Can you switch money by switching mobile tariffs (www.switchwithwhich.co.uk)?
- Get rid of your store cards!
For more money management ideas, log on to www.teachersupport.info.
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