Monday 11 December 2017

Boost your income and soften the blow

Pay cuts in the private and public sectors and massively increased taxes have put pressure on the household budgets of almost all. Increasing your income is one way to deal with that.

  • Ways to boost your income include renting out a room in your house. You can earn €10,000 a year tax-free from renting out a space in your house.
  • Another option is to sell unwanted items on eBay and Amazon and earn extra money.
  • Alternatively, couples can child-mind. You can mind up to three children and as long as you earn no more than €15,000 a year you are not liable for any tax.
  • Take a second job, if you can find one. The advantage of working unsocial hours or nights is that they tend to pay more. Check in your local pub to see if they need extra bar staff. Tips usually make up for a lower wage.
  • Buy a more economical car. You could save yourself almost €900 a year by driving a more economical car, according to financial adviser Bob Quinn. If you drive 18,000 miles per year and your car averages 25 miles per gallon, it will cost €3,096 (assuming 95 cent per gallon), he says. A car that averages 35 miles per gallon costs just €2,211. The savings will pay for your road tax and insurance in 2010.

Or, you could always take the bus.

  • Join a car pool. An average car being driven for 10,000 miles a year will cost around €1,800 a year in petrol. But you could halve that cost by car pooling or car sharing with just one other person.

To find out about any car pools/shares near you log onto or swift

Irish Independent

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