Increasing your income

If you’re in debt, there may be some ways to increase you income and get back in control of your finances. Because everyone in debt has different lifestyles and expenses, there’s no single debt solution to fix everyone’s problem. Get debt advice as soon as you can, begin a budget, and try to increase your income.

• Benefits
• Tax Credits
• Tax
• Taking in a Lodger
• Additional Employment

Benefits

If you don’t receive any benefits, check to see if you are eligible for any. If you are on benefits already, you may be able to make additional claims. Contact your local Jobcentre or Jobcentre Plus to find out more.

Tax Credits

1. Child Tax Credits can help if you are either a parent or carer responsible for one or more children. If you are receiving child benefits, you are still eligible and can receive the tax credit on top of what you already receive.
2. Working Tax Credit is extra financial support that you don’t have to have a child to be eligible for. As long as you’re either employed or self-employed on a low income, you can apply.

Tax

You may be paying too much tax. Check your tax code and contact your local tax office to find out if there are any tax allowances you could be claiming.

Taking in a Lodger

If you have the space, renting a room to a lodger can help with the financial strain. If you rent or have a mortgage, you may have to get approval from your landlord or lender first.

Additional Employment

Taking a second job or increasing your working hours will increase your income, but make sure you don’t end up losing money from it – if it means you will have to pay more on childcare or could damage your health it may not be worthwhile in the long run. Investigate the option first.

Your debt didn’t appear overnight, and to get back in control of your finances could take some time. Contact the Debt Advice Trust for confidential debt advice. It costs you nothing to call and you could start getting rid of your debt today.