The Financial Fairy Tales Blog

Most of us would like to have more money in our bank accounts. It does, after all, make life a lot easier. Alas, for most of us, the relationship we have with our bank balance is more related to how little of it we have. However, it’s always worth remembering that you may have more money than you think — most people do! In this blog, we’re going to look at some of the most common money sources that people overlook. You might not be able to call upon all of them, but there’ll likely be one or two that’s relevant to you. And that could just result in improved finances.

Cut Out Spending

First thing’s first — you probably have more money than you think, all because you’re spending it on things that really aren’t necessary. If you were to take a look at your finances, then you may see that your weekly coffee or lunch expenses are far too much. Once you’ve made that assessment, you can work on curbing your spending. Your bank balance might be much, much better within a few weeks, all because you curbed your spending a little.

Ask for a Raise

Many people think that the amount of money they get paid by their company is a natural force, and thus there’s nothing they can do to influence the amount. But this isn’t the case. Not only is it possible to ask for a raise, but you should ask for a raise. The secret among bosses is that many of them are happy to give raises because they know that it’s much more expensive to hire someone new if the employee leaves. There is a right and wrong way to go about it, however, so make sure that you’re on the right side of the line.

Renting Out a Room

Owning a home can be deeply enjoyable, sure, but there’s no avoiding the fact that it can be expensive. And in some cases, extremely expensive. One way to claim back some money from your property is to look at renting out a room. All you’ll need to do is make the room presentable, make sure you can legally rent it out, and then go through the process of finding a tenant. If you live somewhere popular, then you might find that you can earn a sizable income. Of course, it’ll be much better if you enjoy living with other people!

Liquidate Your Assets

It could be that you’re asset-rich but cash-poor. While that can be OK on a small-term basis, eventually, it can cause problems. If your money is tied up in assets, then look at liquidating them. For example, let’s say you have a business, but you need access to cash. There are websites where you can learn everything that’s involved in selling a business. Once you have that information, you can get to work on getting the best possible price — and seriously boosting your bank balance. 

What’s Rightfully Yours 

It can be annoying to have to face financial issues. But it’s outright problematic if you’re facing financial issues even when you should have money in the bank. There are many instances when people end up paying bills that other people should foot. For example, if you’ve been in an incident on the roads, and it wasn’t your fault, then you should be the one paying the medical and automobile repair fees. The person who was responsible should. When you look into it, you’ll probably find that there are a few cases where you’re paying for something that you shouldn’t. It might not be as dramatic as a car accident, either — it could be that you’re paying a bill that a friend or family member should pay.

Taxes and Credits

Another area where people often leave money on the side is when it comes to taxes and credits. Depending on your situation, you may be eligible for money from the government, or there might be ways in which you can reduce your tax bill. In many cases, you might have to dig a little deeper to learn what they are since they don’t always advertise the money that people are owed. If you’re coming into a lot of money, then it can be a good idea to hire a tax lawyer — their words of advice might just save you huge sums of cash.

Old Items

It’s also possible that you have money wrapped up in your belongings. If you’ve lived in the same house for a long time, then it’s possible that you’ve got plenty of valuable items located around your property. They say that Americans have thousands of dollars worth of junk lying around their houses! If you’re no longer using those items, then why not list them for sale? You weren’t using them anyway, and you might just find that you can add a month’s salary to your bank account. Plus, in decluttering your home, you will be making your home nicer and might just boost your home’s real estate value.

Old Accounts 

Finally, let’s think about any old accounts that you might have. As you go through life, you’ll likely find that you have money dotted around in various places, but if you stop using those accounts, then you might forget that you have extra money lying around. It’s particularly a good idea to check any old digital accounts — might you have some money in a PayPal account, for instance? We’re not saying that you’ll find large amounts of cash, but you might just find some money — and since you didn’t know that it was there, you’ll probably be pretty happy with whatever amount it is!

Conclusion

Money is one of those things that always feels a little out of reach. But as we’ve seen, it’s sometimes possible that we have more of it than we think. We just need to look for it and take steps to release that money. Take the tips above, and you’ll have done just that.