Ask Away Blog: 5 Way to Increase Your Income

5 Way to Increase Your Income

Wednesday, August 12, 2020


So you've made a budget and now have a tracking system set up for your debts.   But no matter what you do you can't seem to get your income greater than your outgoing money.  So what can you do? Well here's a few things to do to increase your income.



1.  Pick up a side hustle. 

There are a million ways to make some extra money.  You can get a gig as a rideshare driver, pick up an actual second job working somewhere outside the home, or even try to monetize your skills you currently have.  Perhaps you can sew and can offer to repair clothing for people or maybe you can do yard work for people in your neighborhood.  The possibilities are endless so get creative.  Now's also a good time to sell things you own that you no longer need. 

2. Curb your spending. 
Go back  through your budget line by line and see what you're spending your money on.  Look for ways to eliminate or cut back drastically.  Consider meal planning to save money on groceries, thrift stores to save on clothing costs, and cutting back on your fun money. When you are trying to balance a budget and fix your financial situation you MUST make sacrifices which is why it's important to reduce expenses as much as possible.

3. Renegotiate your bills. 
Call your cable provider and ask if you can get a better deal.  With other utilities you may want to think of way to reduce costs like keeping blinds closed during the day in the summer to keep cooling costs down and taking shorter showers to save money on water.   You would be surprise how much a friendly conversation with a cable company can go.

4. Live more within your means. 
Do you really need to eat out as often as you do? Do you really need to own 4 cars when there is only 2 people in your household? Are there monthly fees you incur for things that you don't really need?  

5. Use surprise money wisely. 
When you receive money as a gift or a bonus on your paycheck, before you go and spend it, consider if you can use it to pay off debts first or even fund your savings.  Making wise money decisions like this is a sure fire way to get ahead financially. 

These 5 ways to increase your income can really help in the long term so think long and hard about what sacrifices you can make. 



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