Consider Maximising Your Income

Today's global economy is in dire straits and it is affecting everyone on a worldwide basis. When you are attempting to deal with debt , however, this financial crisis could put an additional strain on your income.

Redundancy is becoming a big problem the world over, and if you are one of the unfortunate people who loses their job you want to find ways to maximise your income while you are looking for a new job and even after you secure a new job.

 

What does maximising your income mean for you? It means finding ways to increase your income so you can pay your bills on time. It means reducing your tax obligations by ensuring that you are being taxed under the right tax code and claiming any tax credits that may be due to you. It means claiming benefits that you are entitled to that you may not have realised you qualified for.

In order to find out what benefits you are entitled to you need to contact a few places to get the right information. The Inland Revenue website has information about all of the current tax credits that are available to the citizens of the United Kingdom. If you are unsure whether or not you qualify for the credits listed on the site, you can contact the local office in your area to get additional information.

Welfare and other types of government benefit information can be found on the Benefits Agency website or at your local authority welfare rights office. Even if you have been turned down for benefits in the past it is worth exploring this avenue of income, as qualification levels change every year to accommodate the current financial and economic conditions. Of course, offering to work overtime at your current job is another way of maximising your income. However, today's job markets are cutting back due to the poor economy. If you are able to work overtime then you should do so if it helps keep you up to date on your bills or settling any arrear issues. Taking an additional part-time job will also help maximise your income if you are physically and mentally able to handle the added pressures.

If you have an extra room in your home you could consider taking in a lodger. This is definitely one source of added income that many people in university towns take advantage of each year. You should verify with your mortgage lender or landlord that it is all right for you to do this and that it doesn't violate any lender or tenancy agreements. You also need to make sure that the added income a lodger provides does not affect any benefit income you may be entitled to and that your property insurance policies do not go up. If the debt situation is turning out to be stressful on your family, taking on a lodger may not be a good idea.

Additional sources of added income can be found in the equity of your property, and if you no longer really need the large house you are living in you may wish to consider selling your home and purchasing a smaller one. This option should be weighed very carefully, however, as moving to a new home includes selling and buying which is not something that is moving well in the current uncertain financial and housing markets.





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