If you knew what it was like to keep an eye on your finances to stay afloat, you would undoubtedly have been happy about the upcoming increase in the national minimum wage.
Keeping control when you are on a tight budget can be extremely difficult. The key to managing your money well is to determine your cost of living, set a budget, and live within your means.
To the delight of many who Government has announced that the “national living wage” for people over 25 will increase by 6.2% from £ 8.21 an hour to £ 8.72 in early April. This means that nearly 3 million UK workers will have to receive a wage increase that is more than four times the rate of inflation. If you are someone who will benefit from this, there are many ways you can ensure that your raise will go a long way. Below are tips on how to get the most out of your money recovery.
Pay off your debts
Increase your disposable income by paying off expensive debt sooner rather than later. Of course, make sure you have enough money to pay the cost of living as you don’t want to fall back into debt. Once all of these have been paid out, you will effectively benefit from two increases in salary.
Would you like to Book an exotic getaway, deposit a house or register for a course? In that case, you may be able to realize your dream faster with that extra income. Before making large purchases, make sure you have all of your financial options considered. If you haven’t set a goal yet, why not now? Make sure it’s realistic, and then calculate how long it will take you to get there with your new wages.
Put your raise directly into a savings account
Have you managed your current income well? In this case, you can pay your raise directly to a savings account. Over time, this pot will build up and you will soon be able to use this money for something worthwhile! Set up a standing order or direct debit that will be debited from your bank account immediately after the payday so that your additional earnings can be kept safe.
Follow these practical tips to ensure you get the most out of your extra income.
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