Additionally, even if your budget does balance, increasing your income can help you pay off your debts quicker and develop a larger savings so that you don’t get back in debt later.
Here are some ways that you can increase your income.
Note: For more detailed coverage of this topic and other income ideas, check out the other book: Money Management: A Practical Guide To Making The Most of Your Money.
- Work a couple hours per week at a second job – pick up a Saturday shift or evening shift on top of your day job.
- Volunteer for overtime at your current workplace.
- Put any money that you do have into a higher interest account.
- Hold a garage sale or sell your unused items on eBay.
- If you paid a deposit on something, make sure you get your money back – one example is deposits on soda bottles in some states.
- Cash in your loose change at either a bank or a CoinStar counting kiosk. While CoinStar will charge you 8.9% to count your change, if you get your money in the form of a gift certificate, they will waive the fee.
- Offer to tutor students or teach something that you are good at. For example, you could teach piano lessons to neighborhood kids.
- Make something and sell it. Ideas include quilts, picture frames, clothes, and more.
- Ask for a raise at work. If that doesn’t work, look for a higher paying job.
10. Work as a freelancer.