When faced with the daunting task of saving a deposit, most first time buyers look for ways to reduce their spending so they can squirrel away as much money into a savings account as possible. However, cutting back will only get you so far. When saving for a house or flat, not only is it wise to reduce the amount of cash going out, you will of course see greater results if you increase the cash coming in too. Here are just a few ways to boost your income and make saving for a house that little bit easier:
1. Ask for a pay rise
The most logical way to do this involves asking for a pay rise at work. This may sound terrifying, but if you believe you deserve more than you currently earn, why not ask your boss for a salary review? Make it clear how much value you bring to the company and don’t be afraid to list your achievements.
If you’re successful, not only will you benefit from a reliable and frequent income boost, you may also be able to obtain a higher mortgage.
2. Find a new job
Consider whether it’s time to look for a new role with a higher salary. Your time is precious so make sure you’re getting the most from it as possible.
If you’re happy in your current place but you have spare time at your disposal, look for a part time job during evenings and weekends. Of course, this isn’t for the time-poor as it requires an element of commitment and won’t offer much flexibility.
3. Share your skills
If you’d rather make money without having to shuffle around your schedule, perhaps you could make money by sharing your skills with others in your free time. For example, if you can speak Spanish, play the piano, or you’re great at maths, why not tutor beginners? You could broaden your audience by teaching people via Skype or creating online courses for students to download.
Consider offering your services to businesses as well as individuals. Whether you’re a talented writer, graphic designer, or a PR expert, you may be able to freelance alongside your day job. In many cases, you can charge a higher hourly rate as a freelancer than you’ll earn per hour in your job. However, you may need to check with your employer first to ensure freelancing isn’t in breach of your contract.
If you don’t currently work traditional office hours, you could become a personal assistant during the week. You may be able to do much of the work from home.
5. Do ‘odd jobs’
Whether you start babysitting, dog walking, car washing, gardening or cleaning, there are plenty of ways to make money without having to commit to set hours for an extended period of time.
6. Sell your old stuff
You could also make money by decluttering your home and selling items you no longer want. Sell second hand clothes on eBay and flog your old belongings on car boot sales. Not only can this grow your savings, it will also reduce the amount of stuff you need to move to your new place once you’re in a position to buy.
And finally, if you’re eligible for a Help to Buy ISA, you could consider this as a way of boosting your income with as little fuss as possible. After all, for every £200 you put in, you’ll ‘earn’ an extra £50 from the government. On top of that, you’ll also benefit from up to 4% interest depending on which provider you choose.