Saving for the future is the foundation of a good financial plan. But what can you do when you don’t earn enough to pay all your bills and also set aside money for the future? If you’ve already cut your expenses as far back as you can (or as far back as you want to), then it’s time to bring in some extra money. You can sell some of your old stuff, or make something new to sell through an online store like Etsy. Pick up some work on the side, wh
ether it’s a few hours tutoring every Saturday or working in a local shop, or occasional contract gigs you find through TaskRabbit, those dollars will add up.
The key to success is to have a plan for the income once it starts coming in. I suggest that you set up your long-term savings plans with the money you earn from your “regular” job. Use the income from these various additional sources as your “fun” money. Want to buy Hollywood Bowl tickets? Better hop on the web and see if you can take a few gigs this month so you have the cash in hand to pay for those tickets. Want to spend $200 every month going out with friends? Find a part-time tutoring gig that pays that much. Cash those checks and use the cash for going out. When it’s gone – no more happy hour until the next check comes!
Here are a few articles with ideas to get you started:
Five ways to put Extra Cash in your Pocket
Shopping apps for saving money
If you work in an industry that is starting to recover from the economic crisis, then perhaps it’s time to ask for a raise. Have you taken on extra responsibility? Have you spearheaded a successful project? Is it time for your annual review? Are you underpaid for your position? Take stock of your accomplishments and do your homework (the articles below will provide some guidance). Would another certification or skill bolster your case? Take that class. Once you’re prepared, present your case to your manager.
Whether you sell something, earn more dollars in your spare time or negotiate a salary or promotion at work, increasing your monthly income can be the quickest way to reaching your goals. Taking control of your career and income are proactive steps you can take now to ensure a positive financial future. Let me know how it turns out!