Increasing income

Valorant123

Hi currently £1747.81 in my bank at Nationwide I've opened Flexone saver as well as a Flexone regular saver which one has 5.00 interest the regular saver as 6.5% interest. Anyways as I'm 17 I'm looking to get money as it's not easy nowadays are there any apps or accounts anyone recommends to try? 🤔🙏🏽

eskbanker

https://www.moneysavingexpert.com/savings/best-regular-savings-accounts/ lists other regular saver accounts paying better rates than you'd get in current or easy access accounts, but you'd need to check the small print to ascertain if they accept applications from 17 year olds.

Bostonerimus1

https://forums.moneysavingexpert.com/discussion/6657493/increasing-income

it’s great that you are thinking about your finances at such a young age. You are ahead of the vast majority of people already. You’ve completed the first step of having a decent amount of cash in the bank for emergencies. Now pay off all high interest debt like credit cards. The best way to find more income is to reduce your spending so do a budget and see where you can save. Obvious areas tend to be streaming and TV services and take always and eating out.

luci

I agree with @Bostonerimus1 The easiest way to increase your disposable income is to pare back your current outgoings. I had to do that when mortgage interest rates increased to over 15.5% before we had even paid our first month's mortgage payment. That increase wiped out the cash we had budgeted to have at the end of the month. Squeaky bum time. For months, we didn't spend one penny on anything that wasn't essential.

sausage_time

@Bostonerimus1

Now pay off all high interest debt like credit cards. 

OP is 17 so won't have a credit card, bank loan, or overdraft. If and when that time comes obviously makes sense to keep that to a minimum (and always pay credit card off in full each month).