From Bills to Thrills: How to Free Up Extra Cash Every Month

Your Personal Net Income is your total income after tax and other deductions. This is also known as your 'take-home pay'. Your disposable income is what’s left after covering your essential monthly expenses—rent, bills, and other necessities. It’s the money you can spend, save, or invest as you choose.

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There are plenty of take-home pay calculators online to help you work out your net and disposable income. Understanding this number gives you clarity on how much you can spend and save.

 

🔍 How to Increase Your Disposable Income

  • Track Your Spending – Knowing where your money is going helps you make better financial choices.
  • Switch Service Providers – A simple switch can save you money on bills, freeing up cash for more important things.
  • Consolidate Debt – Paying high interest? Combining debts into a lower-interest option can reduce monthly repayments.
  • Create a Budget – A budget gives you a clear picture of what you can afford and where you can cut back.

 

📊 Why Overpaying Credit Cards Can Save You Money

If you have extra disposable income, consider overpaying your credit cards. This helps you:

  • Pay off debt faster 🔥
  • Reduce the total interest paid 💸
  • Shorten your repayment period 📉

 

🏆 5 Ways to Save on Essentials

Cut Down on Interest Payments – Don’t waste money on credit card interest. Check your eligibility for options like the Updraft Payoff Loan to reduce debt faster. (Subject to status & affordability. 25.9% APR representative based on a loan amount of £10,000 over 60 months at a fixed interest rate of 20.9% p.a. When consolidating existing borrowing, you may extend the term of your debt and increase the total amount you repay.)

 

Save on Groceries – Meal plan, write a list, and avoid impulse buys at the supermarket.

 

Cancel Unused Subscriptions – Check your direct debits and stop paying for services you don’t use. 

 

Always Use Discounts – Whether NHS, military, student, or loyalty schemes – take advantage of deals. 

 

Negotiate Your Bills – Call your service providers and ask if you can get a better deal.

 

📱 Get Smarter with Open Banking

Using an app like Updraft can help you see all your accounts, cards, and loans in one place. Thanks to Open Banking, you can: 

 

✅ Budget smarter with real-time insights
✅ Monitor spending across all accounts
✅ Securely move money and pay online instantly
✅ Get tailored payoff plans to cut down interest rates

🚀 Final Thought

Want to take control of your money? If you’re looking to consolidate credit card debt and cut down on high interest, download the Updraft app today.