Energy prices continue to rise with many consumers seeing an elevation in their bills of between 200-300%. It’s no wonder that many households are struggling to make ends meet. You’re probably like so many of them, strapped for cash, living from paycheck to paycheck, and scared of how cold the winter is going to be. Because that has a direct impact on how much your energy bill is going to cost you.
The logical approach is to look at ways to improve your finances, allowing you to stay warm, pay the bills, and still enjoy life.
Here are 5 ways to boost your finances.
1. Check Your Outgoings
The most obvious starting point is your current outgoings. Take a look at your monthly bank statement. It’s likely that you’ll find several things that you subscribe to but don’t use. For instance, the gym membership that seemed like a good idea but you never go. Or, the magazine subscription, it turns up every month but you never read it.
Cancel any subscriptions and take a look at your outgoings. There are simple things you can do to save money, such as taking a lunch to work with you or cutting down on the number of coffees and takeaways you buy each week.
You may be surprised at the difference this can make.
2. Start Investing
The next step is to actively bring more money in. You can do this by opening an online investor account with Fineco. This can seem daunting but the online accounts give you plenty of guidance regarding how to open the account and tips to trade effectively.
Because you can invest in contracts with a difference and currency movements, you don’t need to spend large sums of money purchasing shares. This allows you to start small, get a feel for how investing works, and then start generating additional funds.
But, you do need to remember that some trades won’t work out. Never invest more than you can afford to lose. It’s also important to choose a reputable firm, such as Fineco.
3. Ask For A Pay rise
This can seem obvious but many people forget to do this. While the current state of the economy doesn’t favour your chances of a yes, if you state your case this approach can still work.
Remind your employer of how long you have worked for them and the value you bring to the business. This can swing it in your favour and even a small pay rise can make a difference.
4. Start A Business
Another way to improve your finances is to start your own business. You’re not going to want to quit your job to do this. But, you can start a business as a side hustle.
The best way to do this is to consider what hobbies you have and how you can make money from them.
5. Improve Energy Efficiency
Finally, spare a little time to look at your home and how you can make it more energy efficient. That can mean reducing the thermostat slightly, adding more insulation, or simply keeping lights off and doors and windows closed.
Boosting energy efficiency can make a large difference to your annual bill and the state of your finances.