Maximising Your Income

If your total monthly essential outgoings are more than your income, you will need to increase your income. Here are some suggestions on how to get out of debt and increase your income:

• If you are living with other adult family members (including children), make sure that they are contributing enough towards the monthly housekeeping.
• If you are not claiming child support from a previous partner, check if you are eligible to do so.
• All families with children can claim Child Tax Credit if their income is no more than £58,000 a year (up to £66,000 if you have a child under one). You don't have to be the child's parent to be eligible, but you must be the main person who's responsible for them. See the IR Tax Credits web site for more information, and an online application form.
• If you're in work but on low pay, you can apply for Working Tax Credit to top up your earnings. You can claim this whether you're employed or self-employed. The IR Tax Credits web site provides a handy calculator to let you know which tax credits you are entitled to and the amount you may get.
• Check to see if you are entitled to any other benefits.
• Make sure that you have the correct tax code and that you are claiming relevant work-related expenses.
• If you are off sick, unemployed or have been made redundant, your loans may be covered by insurance.
• Take on a second job in the evening or at week-ends.
• Take on a lodger or tenant if you are able to do so.
• Consider increasing your overtime working.
• If your home belongs to you, by remortgaging, you may be able to release some or all of its value. There are companies designed especially to help people with poor credit ratings, so seek their advice.
• Expand a useful hobby like woodworking or painting into a small money making enterprise by selling some of your best work.