Income maximisation

We know that making your money stretch until payday is tough. We have been helping clients manage their budgets since 1992 and we know that with the right steps, you can take control of your money. This expert guide shares simple tips to help you save money, increase what you earn and stay on track.

How do I maximise my income?

Create a budget

It’s easy to spend money without realising where it goes. Making a budget shows you exactly what you have for essentials each month. It also highlights the areas where you can save. You can download our free budgeting planner to get started.

Claim what belongs to you.

You might be missing out on benefits you are entitled to receive. Many people do not realise they qualify for extra financial help. Using a free online benefits calculator is a great way to check. This could give you extra money for housing, childcare or living costs.

You can check what benefits you’re entitled to, as well as how to claim them below.

Check your tax code

Being on the wrong tax code means you could be paying too much tax. Always check your code when you start a new job. If your new workplace is unaware of your previous job, they might tax you incorrectly. You can check your tax code on the government website or call the tax office on 0300 200 3300.

Find small ways to cut back

Look closely at your spending to find areas where you can save. You do not have to stop doing the things you love. Switching your supermarket or cancelling a gym membership you never use can leave you with more money at the end of the month.

For more tips and tricks, check out BudgetSmart, our free advice platform.

Know your worth in employment.

If you have been in your job for a while and do well, it might be time to ask for a pay rise. Increasing your main wage is one of the best ways to make life easier. You could also look for a new role that pays more.

Sell things you don’t need

Selling old clothes, toys, or gym equipment online is a fast way to make extra cash. You can use this money to clear some of your credit card balance. This helps reduce the interest you pay overall, though this may count as a taxable income.

A quick look at benefits

There are many benefits available depending on your situation. Here is a simple guide to what you can claim to boost your income.

• Universal Credit: A single monthly payment for people on a low income or those who are out of work. It replaces older benefits like Housing Benefit and Income Support.
• New Job Seekers Allowance: You can claim this if you are out of work or working fewer than 16 hours a week. You must be actively looking for a job and attend meetings to show your progress.
• Child Benefit: You can receive this for each child you are raising who is under 16. It is also available for children under 20 who are still in full-time education.
• Employment and Support Allowance: If illness or a disability stops you from working, you might qualify for this support. It is based on your national insurance record or your household income.
• Personal Independence Payment: This helps with extra living costs if you have a long-term physical or mental health condition.
• Carers Allowance: If you spend at least 35 hours a week caring for someone, you might be able to claim this extra money.
• Housing and Council Tax Support: If you are on a low income, you might get a discount on your council tax or help paying your rent. You can ask your local council for a form to apply. Housing Benefit is now claimed through the housing element of Universal Credit. Typically, Housing Benefit is paid to people who are renting and have a low income over State Pension Age, or to people in Support Accommodation arranged by your Local Authority.
• Help for older people: When you reach the right age, you can claim the State Pension. If you are on a low income you might also qualify for Pension Credit to top up your weekly money.

Need help budgeting or maximising your income?

If you’re still struggling to repay your debts or stay on top of your budgets, it’s best to speak to a debt advisor as soon as possible. Get free, confidential advice online or call 0800 316 1833 to speak to one of our experts. We’re here to help you understand your options and find a practical solution to becoming debt free.