How to put the extra cash to good use
If you’re in need of a break, you can use the extra cash to take a holiday, but this is a quick way to say goodbye to all your hard earned money. Once the holiday is over and it’s back to work, you may regret being so frivolous and wish you’d put it to better use instead.
If you’re looking to make your money go a bit further, then saving can certainly pay dividends in the longer term. There are plenty of options available, but one of the best ways is to put your money into a cash ISA (individual savings account) as it’s tax-free so it maximises the interest you can earn.
Another thing to think about is using the money to protect your loved ones in the event of something happening to you. The extra money you earn per hour could go towards Life Insurance and take the worry out of what your loved ones will do if you can no longer provide for them.
Life Insurance is affordable, especially if you’ve benefited from the recent National Living Wage increase. If you have mortgage or rent payments that you take care of, a Life Insurance policy could cover those costs and mean your loved ones might not lose their home after your death. You can also arrange for the policy to pay off any debts you might have and you can tailor your policy to suit your exact needs and decide how the money is paid out.
Another reason to have a Life Insurance policy in place is to secure a future for your children in case you’re not around when they need you to help pay for their education.
There are so many options out there and if you’re careful, that extra money in your pay packet could go a long way and make a big difference to you and your loved ones.
If you want to find out how much Life Insurance cover you might need, check out our handy Life Insurance calculator tool.