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Maximising income

At Debt Advice we speak to 100's of people every day who are struggling with their finances and debts. Sometimes all they need are some ideas to try and get the most from their income. There are ways to minimse income and lower debts before having to resort to drastic measures or seeking a debt solution.

Get the most from your income

See our helpful hints and tips below on how to get the most from your income. There are many ways to maximising your current income. We will be updating this area of the website, so check back soon for more updates.

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Cut added expenses

There are loads of ways to earn extra money towards your income. You may not realise what your money goes on each month. It is worth doing out a full budget analysis to work out exactly what your money is going on. Just cutting back on that takeaway coffee a few times a week or that odd magazine purchase, can help make a substantial monthly saving when money is tight. You can fill in our Debt Calculator to get more of an idea where your money is going. Click here to have a look.

Part time or Extra Work

Part time work and extra hours is one way of improving income. (All within reason of course). It isn't uncommon for people nowadays to have some form of second job to give their income a boost. If you are in a job where extra hours are going, you could have a monthly boost to your income by even working as little as an hour or two every day. It isn't that much and could bring you in well over £100's extra per month to your income.

If there are no extra hours available in your work, depending on your contract, you could get a part-time job. Like extra hours a part time job can bring you in plenty of extra cash. It can be quite refreshing and a change of scenery to your current job. It can also save you money, should it be weekend work at a bar/ restaurant job. Instead of being out spending money, you are out earning it whilst not spending!


Are you getting the right benefits for your situation? It is always worth reviewing as you may be entitled to benefits that you are not claiming. If your family income is under a certain amount annually, you may be entitled to benefits and tax-credits. Many are simply unaware of their eligibility, including a million plus low income pensioners who sadly fail to collect their pension credit.

There are so many benefits available for so many people in different types of situations that it is easy to miss what you are entitled to, if anything. It's hard to know who is eligible for what benefit, never mind the fact that you may not even be aware of it. Unsurprisingly the social security system is a nightmare of complexity, so it's impossible to easily summarise exactly who's eligible for payments. If you fall under any of the criteria below, you may be entitled to benefits that you weren't aware of:

  • People with dependent children and a family income less than £58,000, or £66,350 if you have a baby under 1, a disabled child or a large family and you spend a lot on childcare .
  • Those without children, in work earning less than £18,000.
  • Those who are out of work.
  • Anyone with an illness or disability.
  • Carers, guardians, recent parents and the over sixties.

reducing your debts

Use extra income to pay off debts

Debts, no matter how big, are one of lifes most common and heavy burdens. When you're deep in debt, it's often difficult to see a way out. By freeing up your income in other areas, i.e. part-time work or selling unwanted goods, you may be able to focus the money on reducing your debts, which in the long term will be better for your income.

Use savings to pay off debts

If you have savings and you have lots of debt, it may be heartbreaking, but it is a lot more beneficial to use the savings to pay off some/all of your debt. This, again will save you money long term. It may not seem so, but you are wasting money saving when you have debts accruing interest. i.e. credit card debt, loans etc... You will be much more comfortable financially in the long term with lower monthly debt repayments.

Reducing your Overdraft

An overdraft can be one of those debts that can have you stuck every month. Once you start depending on an overdraft, no matter how much it is for, it is quite difficult not to rely on it every month. You pay it off when your wages come into the bank and before you know it you are using it again in a matter of weeks. A good tip for paying off your overdraft is to lower it little by little every month. You simply phone up your bank and tell them to lower the overdraft by X amount and not to increase it again without your permission. This is a slow process and requires effort every month with the bank, but slowly weans you off the dependancy of the money. Even by lowering your overdraft by as little as £20pm (less than £5 per week) you could have £240 of your overdraft paid off in a year.

All of the above tips require a lot of effort and determination and the feeling you will get from knowing that you are working your way to becoming debt free will be great. If however, you feel your debts are far too high to manage in this way and every month you are getting deeper and deeper in debt, it is important to do something about it as soon as possible. There are debt solutions available that can help you get out of debt, such as an IVA. If your debts are getting out of control, or you simply want some debt advice, contact us at Debt Advice. You can phone our free helpline and speak to a debt adviser on 0800 043 5133.

Selling Unwanted goods

A great way to get a bit of extra income is to do a clear out in your home and de-clutter all the things that you haven't used in the past year. If you are realistic about your unwanted stuff, you might find that you will have a lot of "money-making" stuff to clear. You can sell almost anything nowadys; books, clothing, furniture, cd's, dvd's, games, toys, collectibles, records and more... And there are many different methods of selling; car boot sales, auctions, online auction sites suchs as ebay, amazon, etc...

You could make hundreds, even more, which can go towards paying off your debts. If you are struggling with your debts, or simply want to talk to someone about your problem, contact us at Debt Advice. You can phone our free helpline on 0800 043 5133.

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