10 Ways to Increase Your Cash in 2019

 

Feeling a bit strapped for cash? Here are our top 10 tips to boost your cash for 2019.

  1. Search around for the best interest rates you can get, particularly ISA rates as these can change from year to year, and some banks will give you other incentives to save with them. (Do be aware of the FSCA financial protection limit of £85,000 so don’t put all your eggs in one basket).

  2. if you are a higher rate taxpayer, consider making pension contributions and ensure you get the tax relief due thereon.

  3. Increase your fees if you are self-employed or run a business, but if you are employed, now’s a good time to request a pay rise. Alternatively start a side-hustle and do some freelance work.

  4. Rent a room in your own home and benefit from tax-free income up to £7,500 in a tax year.

  5. Prepare an asset plan so you know what you own and what those assets are earning ie what income is being generated and your rate of return. Awareness and planning will drive you forward to maximise your future returns.

  6. Make sure you check in annually with your IFA and accountant if not more often, and get the best advice you can.

  7. Take a look at the stock market to see which of your shares, if you have any, are performing well and those that are not, take advice and see whether there is any scope to buy and/or sell any shares in this tax year to utilise your tax-free capital gains tax allowance.

  8. Check your mortgage interest rate and if you are outside of the fixed rate period, speak to a mortgage advisor about fixing yourself onto a lower rate.

  9. Start the new year by checking your overheads to make sure you’re not overpaying anything or where you could be getting any smarter deals elsewhere with different suppliers. We’re not suggesting you stop spending, just be mindful of any unnecessary overspending and old contracts or policies that you are no longer tied into where you are paying over the odds.

  10. And our 10th and final suggestion, and the best yet of course, is put all your unwanted Christmas presents on eBay.

If you are looking for a new accountant (or even your first if you go for option 3 above!) then why not book a discovery call with one of our friendly team? Click the link below to arrange a call back to discuss how we can help you with your finances.