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Kim Stephenson, financial psychologist and creator of the website Taming the Pound, explained that there are all sorts of methods that a person might use to increase their income.
Among her suggestions were selling items at boot sales or taking on a part-time job, but individuals could also think about making money on the stock market or forex trading.
Ms Stephenson said: "Look at other ways to bring money in, can you rent out a room? Turn a hobby into a part-time business?"
In her view, it is important that people draw up a budget showing which outgoings are essential and which can be sacrificed if money is tight.
Her comments were made in response to research by Scottish Widows showing that 35 per cent of British adults know they neglect their finances. The statistic was included in the company's second annual Priorities of Life Index.
Posted by Chris Weaver
