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Saving money and increasing income

How to save money or increase your income

We know this is not always easy, and rising living costs make it harder. But we have lots of ideas and some of them may be new to you. There is more to saving money than buying ‘yellow ticket’ items. And a second (or third) job is on the only way to get more money coming in. Read our guides.

I think I need more help than this

We are here to help.

Are you already missing important payments?

We can work out what to pay first and find ways to get back on track with our free debt advice and support service. Start online, you can pause and restart at any time.

Are you finding it hard to pay for food and heating?

There is support out there. Read our guide to getting emergency help with money for food.

You may be missing out on things you are entitled to

Benefits are not just for people in crisis. Every year people in the UK miss out on billions of pounds worth of benefits, discounts and tax credits. Make sure you are getting what entitled to. It can make a huge difference.

Use our free benefits calculator.

Switching utility providers

A good way to keep energy bills low is to make sure you are getting the best deal you can.

  • Can you save money by doing this and when is the right time?
  • Will you have to pay a fee to switch
  • Can you save money with a water meter?

Our guide to switching utility providers

Money worries?

Find out how we can help you.

Get help now

Claiming benefits

Benefits are not just for people are unemployed. You may be able to get help paying for food, clothes and housing if you:

  • Have children or dependents
  • Are on a low income
  • Are ill or disabled

Our guide to claiming benefits

Have you claimed Child Benefit?

Child Benefit can be claimed by parents or guardians with a child:

  • Under 16 in their household or
  • Under 20 if they stay in approved education or training

You can get:

  • Up to £1,331 per year for a first child
  • Nearly £882 for any other child

These rates are as of April 2024.

You can now claim fully online. The money should arrive within three days.

Saving money on clothes

Some simple style tricks can help you save money:

  • Buy neutrals to mix and match
  • Learn how to sew
  • Sell clothes you do not need to make some money

Our guide to saving money on clothes

Help to Save scheme

If you are claiming Working Tax Credit or Universal Credit, you could be eligible to open a Help to Save account. It can help boost savings by 50 for every £1 saved.

Find out how Help to Save works

Saving money for an emergency

Not everything can be planned for. Setting some money aside makes it a lot easier to deal with things like:

  • Replacing a fridge, or similar
  • Repairing your car
  • Moving house, maybe after breaking up with a partner

Read our tips for saving for an emergency

Save money on food and meals

Could you try to:

  • Plan ahead and batch cook
  • Audit what you have in
  • Use loyalty points
  • Go to different shops

More ways to save money on food

Save money raising a family

Money is often tight when children are young. But a growing family means spending more.

There are ways to:

  •  Keep kids entertained for free
  • Spend less on presents - without people missing out
  • Save money on household bills

Find out more about saving money as a family

How to save money on insurance

We all need to pay for this, but we may be paying too much. You could:

  • Shop around for better deals
  • Make sure you are not insuring something under more than one policy

Read our guide to saving money on insurance

Questions people ask us about saving money and increasing income

How do I use a budget calculator to help me save money?

A budget calculator can help you in two ways:

  1. By listing out your spending, you can see what you need to cover each month. Then you can aim for spending targets
  2. Seeing everything listed out, you may spot ways to spend less in some areas

Can I really save money?

You might find it hard, but many people will find ways to spend less if they try to.

If you really need or want to save money, you can make a start by:

  • Creating a monthly budget that you can use to create spending targets
  • Setting yourself some challenges, such as ‘no spend days’ to test how hard it is
  • Using a ‘basic bank account’ that stops you using credit

In our saving money guides, we have a lot of suggestions, we hope some of them work for you.

Can I really increase my income?

It can seem impossible, but there are ways. Checking you are getting all the benefits you can claim is a good start. Benefits cover a wide range of things and are not just for people who cannot work. Use our free online benefits calculator to find out what you can apply for.

Online marketplaces have made it so much easier to sell items online. You might be surprised by what you can sell to bring in some more money.

We have lots of ideas for increasing income in our guides for you to try.

If I have more money coming in, do I have to use it to pay my debt?

It is often a good idea, but unless you are on a debt solution where your income is monitored, it is up to you what you do.

To decide what to do if you get more money in while you have debt:

  1. Make a list of all your debts, including the interest you need to pay on each
  2. Work out which debts you should pay first
  3. Work out if you could pay high priority, high cost debts more quickly with the extra money you have

We can help you work out how to pay what you owe. We look at your income, spending and debts, as well as anything that is making it harder to pay what you owe. Sign up for our free debt advice service online today. You can start, pause and restart when you need to.

Free debt advice

If you are struggling to pay your debts, use our online debt advice tool. It will give you a personal budget to help you manage your money, and advice that is specifically tailored to your situation.