The summer is a great time to come into a bit of extra cash. The trouble is you can rarely engineer that situation for yourself! Any extra cash that comes your way out of the blue is generally out of your control, so how can you free up a bit more money over the summer so you can do all the things you want to do?
Even if you aren’t planning on spending big on holidays and city breaks this summer, there’s every chance you’ll find yourself spending more money than usual on social engagements and the like, purely because the days are longer and weather is better – there’s just so much more opportunity to be active with things!
Saving money is a real bug bear for a lot of people. When times are tight, it’s very difficult to actually leave part of your salary unused so that you can afford to pay for things at a later date. However, this is what everyone has to do in order to pay for holidays and other things. Consider having a separate online account from your current account that you move cash into. This little step might just make it easier for you to leave some money alone and once you see that second account filling, saving will get easier.
It’s not generally a good idea to start borrowing when you have trouble saving. This is purely because of the threat of debt. However, there’s nothing wrong with borrowing a bit of cash so you can pay for something big if you know you can handle the repayments if they are spread more thinly. Be very careful here because in the current financial climate, it’s not wise to get into unmanageable debt.
Some people find that they can sell a couple of things to earn a bit of money. What about that musical instrument that you never learned to play? What about all those clothes in your wardrobe that you never wear? What about the items of technology you don’t make the most of? The internet makes it really easy to shift items like these, but you must be certain that you won’t miss what you sell. Otherwise you’ll end up spending more to replace those things!
Although we’ve mentioned that people aren’t generally in control of unexpected windfalls, there is one option to explore in the form of a tax rebate. The HMRC investigate to make sure everyone has paid the right amount of tax and if it turns out someone hasn’t they give them a refund. The interesting thing here is that you don’t have to wait for the HMRC investigators to look at your case individually – you can raise an issue if you suspect that you might have overpaid at some point in the last few years. If you turn out to be right then you can expect a cheque in the post. It’s your money but it feels like a total surprise – a lucrative win that might act as the catalyst for a great summer!
After contacting the team at taxrebate.co.uk, Barney Vaughan was able to add over £200 to his savings for a brilliant summer holiday.