Forget about part-time hospitality jobs. Here are five methods to fill your pockets with additional green.
We all have financially motivated desires and objectives. Sometimes it’s a new set of boots. Others get a new automobile or go on vacation. Whatever your financial aim, it typically necessitates more funds that you do not have. The good news is that there are several methods to increase your income without asking your supervisor for a raise .
“Most people dislike changing their lifestyle, so they get stuck in this cycle of always wishing rather than acting, even though it doesn’t take much to earn a few extra dollars,” explains personal financial expert J. Money, founder of Budgets Are Sexy. “You just have to be willing to put in the time and effort.”
Are you ready to join those who chose to act? Follow these five tactics and you’ll have more money in your pocket in no time.
Side hustle your way to more money
The gig economy is flourishing, thanks to firms like Airbnb, Uber, and GrubHub, which allow workers to work a flexible schedule while making more money.
“There are several flexible side hustles that allow you to work as little or as much as you want, whenever you want, to put extra money in your pocket,” explains Andrea Woroch, a consumer and family finance specialist. “For instance, you can earn up to $1,000 a month by dog sitting through sites like Rover.com.”
Always choose a side business that you are passionate about. The more invested you are, the more likely you are to work, resulting in more money in your pocket. If you despise your side hustle as much as your day job, your efforts may be futile. “It’s a lot more fun to be working nights or weekends when you actually enjoy the thing you’re doing,” Money claims.
Sell your unwanted belongings
Accumulating stuff is easy, but letting go is far more difficult. However, if you want to make additional money, selling your unwanted items is an excellent approach to accomplish that aim. There’s a reason yard sales are still so popular: people seek a bargain. You may have outgrown your $150 designer pants, but someone else may be looking for something similar, but at a lower price.
You may sell your old products on a variety of websites, like Poshmark for clothing, Letgo for furniture, and Decluttr for electronics.
“Chances are your home is filled with items you no longer use or need and this is the perfect opportunity to put some extra cash in your pocket by selling these items,” Woroch states. “Check your closets, kid’s playroom, and garage to pull items you want to sell.” Many of these websites and mobile applications make it simple to post images, publish ads, and interact with potential buyers, leaving little space for excuses.
Know your numbers
People who live over their means are often obliged to search for methods to supplement their income. They don’t think much about the expensive cappuccino every morning or the impulsive purchases at the drugstore. Many people are unaware of how much their whole assets are worth. But knowing your number might help you generate money.
“One of the best things I ever did for my money was to spend 30 minutes figuring out what my net worth was, which gave me a good overall picture of where I was currently standing,” according to Money. Armed with this knowledge, the father of three resolved to update his net worth each month
with the goal of increasing it. “It didn’t technically earn me money, it influenced my decisions more and ultimately had the same effect,” he claims.
MAKE YOUR PASSION PAY
Perhaps you enjoy creating candles with your ten-year-old daughter, or you are a sewing machine beast. Whatever your ability or pastime is, there is a way for you to make money from it.
Just like the Internet has several websites where you can sell your old items, there are numerous markets where you can sell your creative products. Etsy and Instagram are only two examples. The best aspect is that the sky is the limit when it comes to earning money with your expertise. “Think outside the box and brainstorm with friends that can help you stretch your imagination,” says Petros Financial’s president and primary adviser, Jeannette Bajalia.
Bajalia said that one alternative would be to work as an independent consultant for a direct marketing organization. Whether it’s a line of cookware like Pampered Chef or cosmetics like Mary Kay, you receive a percentage of what you sell. This method only makes sense if you are enthusiastic about the product. If you dislike cooking, it will be difficult to pitch people on a cookware brand. When embarking on a business venture, consider your passions.
Eliminate the fees and fines from your life
Being aware of how much you are spending in fees, penalties, and taxes is an easy method to make additional money. Take your bank and investment account. You may be unaware that you are paying fees to save your money, withdraw it, and/or make investment transactions. By choosing a lower-cost provider, or better yet, one that waives many of those fees, you free up money to spend elsewhere.
The similar method may be used for your taxes. If you are one of those who owes Uncle Sam money each year, look for methods to lower that amount. It might include increasing your contributions to your 401(k) or health savings accounts so that you pay less income taxes, or engaging in tax-loss harvesting, which involves offsetting a gain by selling a stock at a loss to avoid paying higher taxes.
Keep in mind that, while all of these tactics might increase your income, not all of them are appropriate for you. Find the ones that are appropriate for you and your situation. The last thing you want to do is compromise your health or happiness in the sake of money. “The key is to find ways unique to your financial personality that makes these types of exercises fun, energizing, and empowering,” Bajalia states.
FAQs
What are some simple strategies to increase your income?
Simple strategies to put extra money in your pocket include making a budget, cutting needless spending, growing your income through side activities, saving on utilities, and investing intelligently.
How do I effectively cut unneeded expenses?
You may eliminate wasteful costs by analyzing your spending, eliminating non-essential purchases, using coupons, buying during specials, and avoiding impulsive purchases.
What are some side gigs that might help me earn more money?
Freelancing, teaching, pet sitting, ride-sharing, and selling homemade items online are all examples of side hustles that might help you make money.
How can I save money on utilities and put more money in my pocket?
Reduce your utility bills by utilizing energy-efficient appliances, turning off lights when not in use, insulating your house, and installing programmable thermostats.
What are some good investment possibilities for growing my savings?
Stocks, bonds, mutual funds, real estate, and retirement accounts such as 401(k)s and IRAs are all good ways to invest. Before making an investment, always conduct research and talk with a financial counselor.
