6 Ways Boost Your Finances By Unlocking Hidden Money

There aren’t too many people who couldn’t do with a little extra cash. With costs rising all the time, many UK families are feeling the pinch. There’s hope that Labour’s victory in the general election will help to improve things, but even if they do, the effects are unlikely to be felt immediately. 

There are other things you can do to improve your financial standing. Many people actually have access to more money than they believe, it’s just a matter of unlocking the cash. In this post, we’ll run through a few often-overlooked ways to improve your financial standing. It’s probable that at least one of the methods is relevant to you, and if they’re all relevant, then it could have a transformative impact on your bank balance. 

Ask for a Raise

Looking to improve the state of your bank balance? Then don’t discount asking for a raise. Many employees shy away from asking for a salary increase, but many businesses are more willing to give them than you might think. It’s often a lot cheaper to give an employee a raise than it is to find, hire, and train a new employee. If your employer says no, then you may consider looking for a new job — in fact, this might actually be the best approach anyway. Studies have shown that people who switch jobs tend to earn more money than those who stay in the same roles. 

Clear Out Your Home

Did you know that the average UK home contains an average of £2,600 worth of unused goods? That’s a pretty significant sum that could go a long way toward improving your financial standing. 

So take a look through your home. Do you have any items that you no longer need? Many of those items will be worthless, but you might come across some that you can sell. For example, do you have old video game consoles, smartphones, or camping equipment that you just never use? Then put them for sale online. Not only will you bring in some much-needed cash, but it’ll also allow you to clear space in your home. 

Get What’s Rightfully Yours

People can often have access to more money than they realise. In fact, in some cases, people may be leaving thousands of pounds on the table. For instance, if you’ve had an accident on the roads, then you might be entitled to compensation, even if the incident was relatively minor. PCP Claims are also commonly overlooked; if you bought a vehicle on PCP finance between 2007 and 2021, then there’s a good chance that you’re owed some money. In any case, it’s worthwhile exploring if you’re leaving any money on the table — it’s unlikely that the money will just come your way if you don’t take action.

Offer Rides

Think about how much more disposable cash you would have if you didn’t need to pay all the costs of your daily commute, such as petrol and parking. Well, maybe you don’t need to pay all that money yourself. One smart way to reduce your everyday expenses is to offer rides. For instance, do you have a couple of colleagues who live near your home? You can keep your costs down by offering rides. They’ll contribute to the costs, which will effectively cut the costs of your commute by a huge percentage. 

Rent Out a Room

Another option is to rent out a room in your house. Homeowners are often reluctant to do this since they view their property as their sacred space, but there can be a lot of value in renting out a room. If you live somewhere desirable, then it could be worth a huge chunk of cash — and plus, you’ll get to experience the joy of living with someone new. Getting a roommate can really breathe fresh life into the house. If you don’t want to have someone living with you full-time, then you can always look at renting out a room on a short-term basis, such as for weekends. 

Put Your Talent To Good Use

Finally, do you have a skill or knowledge that other people would want? Then you may have the option of creating a course that can provide a passive revenue stream. It’s actually a lot easier to put together courses than you might think. Once you’ve put together your content, it’ll be a matter of developing a website and promoting the course. If the content is good enough, then you’ll find that there’s plenty of interest.