Tips For The New Financial Year
April marks the beginning of the new financial year, but despite narrowly missing the advent of a triple dip recession, the unveiling of a gloomy budget reveals that this year is likely to look very similar to the last.
Swingeing austerity cuts, soaring fuel prices and a spiralling economy mean that millions of people across the UK will continue to feel the pinch.
But with April’s fresh financial start, we’re being encouraged to take a tighter control of our finances, and develop innovative ideas to generate income and help make our money work harder for us.
Financial experts are encouraging people to get creative, and to look at taking simple, everyday steps that could boost their finances, and generate some extra cash.
Simple steps on how to give your financial year a boost:
1. Sell your clutter on eBay - Chances are your wardrobe is full of clothes you no longer wear and your cupboards full of things you never use. So why not sell them to someone else who will?
There are a plethora of online websites which have opened individual sellers to a truly global marketplace. And you can flog almost anything for the cost of a small commission.
2. Rent out your parking space -If you live in an area where parking is expensive, yet have an empty parking space in your driveway, you could rent it on a monthly basis.
You’ll be amazed at the demand for affordable parking. There are several online parking marketplaces, which will allow you to list your space in their databases and set your price accordingly.
3. Cut the cost of your fuel bills -You may have heard it a thousand times before, but reviewing your fuel bills is one of the most effective ways of saving money. Regular attention to this can save hundreds of pounds a year.
As the global demand for power threatens to outstrip supply, prices are soaring. But the fuel market is extremely competitive and you can change supplier over the phone or with a few clicks of the mouse. Your new supplier will take care of the details.
4. Take in a lodger - The Government’s 'rent a room' scheme means you can take in a lodger to live in a furnished room in your home, and it has a special exemption meaning you won't have to pay tax on the first £4,250 you make each year.
You can rent out a room or an entire floor. Better still, as a landlord you'll be expected to ask for a month in advance, which means ready cash comes in quickly.
For some, however, simple money saving steps may not be enough and advisors in the finance industry have acknowledged that inevitably there is an increased, short term demand for extra money.
Financial expert Kristjan Novitski from peachy.co.uk has provided his tips:"If you’re in trouble, or struggling with debt, contact your local authorities or seek solutions locally, as there are government funded organisations out there to help.
"For those that need more short term options, although it is not sensible to borrow huge amounts of money with long term obligations or roll-overs we acknowledge that for some, seeking support may seem like the only choice.
"Whilst we would advise anyone taking out any loan to consider it carefully, choosing options where you decide at the beginning when exactly you pay the money back and in how many instalments are always favourable.
"Peachy strives to implement this approach, and work alongside people to help them manage their finances flexibly and plan their future costs."
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