How can I make my income go further?

How can I make my income go further?

By Jessica Leary

After the introduction of the new energy price cap on the 1st April, we’ve seen energy prices soar, leaving many of us reviewing our finances.

An increase in global gas prices is thought to have prompted the 54% rise, which is predicted to affect approximately 22 million customers.

According to the Office for National Statistics, consumer price inflation has increased to its highest level in almost 30 years.

The price cap is also set to be reviewed in October, and it is expected that this will trigger a further rise in prices.

There are many small and easy everyday changes we can make to get the most from of our income.

We’ve put together six easy tips to help your pay go further:

Switch to an umbrella company

Becoming an employee of an umbrella company not only saves you time, it can also save you money. Your financial administration will be completely taken care of, meaning you won’t need to worry about accountancy fees, and you’ll have more time to do the things you love! You’ll also be glad to hear that you won’t need to complete your tax return at the end of the financial year, as costs will be spread throughout the year.

Make use of employee rewards

If you’re already an employee of an umbrella company, make sure to make the most of employee rewards and benefits programmes. At Westlakes Fusion, we’re proud to work with Reward Gateway, giving our employees access to employee discounts for over 900 UK retailers and day out and cinema discounts. Employees also have access to their SmartSpending app, where you can purchase vouchers and earn cashback.

Evaluate your subscriptions

Do you still use all of your subscriptions? Whether it’s a gym membership you’ve been meaning to use or a streaming service you’ve forgotten about, if you don’t use them, why stay subscribed? If you’re using meal prep services, it’s worthwhile checking if you’re making any savings in comparison to doing your own weekly shop.

Create a budget

It’s useful to make a list of exactly what you’re spending and when, so you have a comprehensive awareness of your outgoings and spending patterns. Once you have this awareness, you’ll be able to create a realistic budget. A great place to start with this is Martin Lewis’ free budget planner!

Plan and prep your meals

We’re all guilty of buying things we don’t need on a trip to the supermarket. By preparing a checklist, you’ll not only be more likely to only buy items you need, you’ll save money, be more organised, and be more likely to stick to a healthier diet. If you’re looking for batch cooking inspiration, you’ll find lots of family friendly ideas online at BBC Good Food, Delish, or in the handy book ‘Pinch of Nom: Comfort Food’.

Sell unwanted items and clothes

Selling unwanted items helps you declutter, care for the environment and earn some extra money. During recent years, ‘pre-loved’ sales have skyrocketed, and according to The Guardian, eBay have sold more than 60 million used items in the past year. Great apps to get you started include Depop, eBay and Vinted.

To find out more about how our umbrella payroll solutions could work for you, please get in touch: