Insolvency Doesn’t Have To Be Your Financial Destiny
Money troubles can cause a great deal of anxiety, but if you’re creative with your thinking, there are plenty of ways to raise money quickly and stay afloat.
A rise in people being declared insolvent has reached its highest rate in six years. The latest figures released from government body, The Insolvency Service, revealed that the number of individual insolvencies has been gradually increasing since the first quarter of 2012, with growing numbers taking out individual voluntary arrangements. Further data from the Office of National Statistics suggests that Brits are spending more than they earn for the first time since 1988. The average household spends £900 extra than it brings in a year, which spells disaster for affording the Christmas period. If you’re feeling the pinch but don’t want to get into debt, then consider these five ways to raise some money quickly.
Value Your Jewellery
Selling your jewellery can be a great way to get your hands on a good chunk of cash. If you’ve been gifted a piece that isn’t your style, or want to get rid of all ties to your ex, then why not consider selling your unwanted bling? It’s better than taking up space in your dressing table. You can take your jewellery to an independent valuer, or use a reputable value my watch service for an accurate quote to determine its worth.
Release Some Equity
If you have a few years of homeownership under your belt, it’s likely that your property has increased in value whilst you’ve been paying off the balance of your borrowing. Speak to your mortgage company about refinancing your mortgage product to perhaps release some equity. Along with raising extra cash, you could also spend some extra on renovations to add value back into your property.
Rent Out Your Space
Another option for homeowners, but you certainly don’t need to own a mansion to benefit from this idea. If you have attic or garage space, off-street parking, or a spare room, then you have the option to earn regular money from them. People will pay you a regular fee for your extra space – whether that be cheap, temporary storage, a secure parking space for their daily commute or even a short-term let in your spare room.
Negotiate A Pay Rise
If your monthly salary isn’t paying the bills and you think you’re worth more to the company then you’re currently being paid, then perhaps it’s time to sit down with your employer to discuss a payrise. If successful, it’s a quick way to potentially add a couple of thousand pounds to your annual earnings – and who wouldn’t find that useful? The key to convincing your employer is not to tell them how skint you are, but rather highlight the advantages of having you as an employee – perhaps mentioning your lack of sick days, the extra responsibilities you’ve taken on since your last pay review, and general outstanding performance.
Of course, if you’re not successful in your negotiations, then there’s still plenty of opportunities to bring in a few extra quid per month. You might take a second job in the evenings or at the weekend. Alternatively, if you have skills that people would pay for, such as computer programming, design work or writing, then there are plenty of digital platforms that match up professional services with those hiring for short-term projects. Set up a profile with a platform such as PeoplePerHour or Upwork and start earning today.
Having a lack of funds can be worrying, but if you’re creative with finding a way out of the red, then you’ll be amazed how quickly you can get back on your feet and learn smarter financial habits for the future.