Balancing your budget – what changes can you make?
“There are only really two options: either you need to increase your income to be able to support your spending, or you need to adjust your spending to fit your income. That’s it –those are the only choices! ”
Increasing your income
This may seem an impossible task, but there are some options you can consider, depending on their circumstances. These include asking for a pay rise, looking to change to a better paid job (or taking on a second/weekend job), or working overtime if you are in employment; or making sure that you are getting all the benefits to which you are entitled if you are out of work (this is also worth checking if you are in work).
There are also options to make money by selling items or charging for a skill you have, renting out a room or parking space, or getting cashback on online purchases.
And applying for grants or other funds is also a possibility; many people are unaware of these sources of additional help, so they are definitely worth looking into!
Check out our leaflet with more ideas and suggestions for increasing your income, as well as some helpful links.
Reducing your spending
There are many ways to cut back on your outgoings, and in the Money Course, and in this Resources section, we focus on some of these ideas in more detail.
Take a look at our money-saving ideas leaflet - we cover topics such as reducing your utility bills, cutting down your spending on food, travel savings, cheap mobile phone & broadband tips, and ways to save money on prescriptions, insurance, banking and more. Also visit some of the other posts in this Resources section, where we discuss the practicalities of some different money-saving possibilities.our leaflet
