Making the Most of Your Income

When managing your finances it is important to look at income and expenses alike. Often times we are burdened by the enormity of our expenses and can become saddened when we watch the expenses grow while our income remains the same. Although increasing your income is easier said than done, it is possible. All you need is a little diligence and creativity.

Turn Your Hobby into a Business

If you are someone who has a hobby as a crafter, there is no reason why you can’t make a little extra money. You do not need to go into mass production of what you create, but you do need to ramp up the quantity. Start by making a few extra items and showing them off to your friends, family, coworkers, church members, parents of your children’s friends, and anyone else you come in contact with. You do not need to be pushy, just proud to show off what you do. When you receive a compliment, mention that you do sell these items for a nominal fee.
In addition to exposing those around you, you can list your product on the internet. There are wonderful sites like ebay, Etsy, Craig’s List, and the like where you can post your products for free. All you need is an email address and a PayPal account. Pretty easy to get what you have out there to the world.

Make Money on Your Skills

Do you have skills that others can benefit from? If so, get the word out. Just like if you are attempting to sell a product, tell everyone about what you can offer. Post flyers, market yourself on Craig’s List, make some business cards and distribute them everywhere. You would be surprised as to what others are looking for to help them in life. People want someone who can organize, proofread, type, run errands, do yard work, go grocery shopping, help them move, or whatever else you can provide to others.

Reduce Your Expenses

Although reducing your expenses sounds easy, it can be a very painful experience. Reducing expenses means that you need to cut out some things in life and that may be something that you just don’t want to do. If you have cut out everything that you possibly can (cable, internet, magazine subscriptions, unused gym memberships, and the like), it may be time to look at changing some of your expenses. Really examine where your money is going and see if a change in who offers you your services can help. Look at your cell phone carrier and see if you can get a better deal from elsewhere. Examine your insurance policies and call around to see if you can get the coverage you need for a better price. Often times you can get better deals from other companies.

Income Increased – Now What…

Once you have additional income coming in and/or fewer expenses going out, you will need to determine what to do with what you have gained. Most people simply spend what they have saved instead of turning it into something useful. If you were meeting your financial needs before you increased your income, you should consider putting your money away for debt payoff or for an emergency fund. More money should not equal more spending, so be smart with your increased income. Although you should be smart with your money, don’t forget to take a little and reward yourself for all your hard work.
Most everyone gets to a point where they desire more money coming in and less going out. This can be achieved if you take the time to examine your situation and determine what you can do for yourself. Be creative and you will surly find yourself with at least a few extra dollars in your pocket.

Jerry Edgars is a financial consultant and often recommends getting car insurance from Kanetix Canada.

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