Given a choice, most of us would prefer to have a little extra money in our lives. When things aren’t so tight, life is definitely easier, and having some spare cash to treat ourselves to the things we like can make the hard work we put in during the week all feel worth it. If you constantly find yourself with too much month left at the end of your money, there are a few things you can do to boost your income. Here’s how you can go about it!
Budget Your Money More Efficiently
Before trying to earn more money, it makes sense that you will be making the best use of the money you do have. Write out a budget, so you know exactly what needs to be paid and when, and what you have leftover. This will prevent you from spending mindlessly or wasting money before you’ve paid out your essential bills. You could write everything down in a notepad, onto a calendar, or use a budgeting app- whatever works for you. But knowing exactly what you have coming in and going out gives you full control over your money and ensures every penny is being put to its best use.
Get Out of Debt
One of the biggest drains on many people’s finances is debt. This is because things like loans, store cards, and credit cards charge interest which becomes higher and higher the more you spend. If you get carried away and become overcommitted, you might only be able to afford to make the minimum payment each month. Unfortunately, this only covers the interest so you could be paying this indefinitely and not actually bringing down the balance of the debt. If you’re struggling and have found yourself in a position where you’re unable to pay or missing payments, it’s vital that you take action and don’t just bury your head in the sand. Letters, phone calls, and threats of action from creditors can be extremely stressful, and they won’t just go away. Instead, you will amount more and more debt since you will be being charged for every letter or bailiff visit you get. You could either contact your creditors directly and negotiate a payment plan that works for you, or speak to a debt management company. They sort everything on your behalf, often working to reduce or freeze interest on your debts so that every payment made brings down the total. And because everything is paid through them, instead of making lots of payments to different creditors, you just pay them who allocate the money on your behalf. It can be a huge weight lifted off your shoulders and again allow you to regain control of your budget.
Start Your Own Home Business or a Side Hustle
Once your spending and debts are under control, there are things you can do to boost your income and give you more money to work with. Whether you aim to pay off creditors, save money or just have more to play with each month, extra money is never going to be a bad thing. Along with your regular job, you could put in some hours over the weekends and in the evenings to earn some extra income. You don’t even need to search for a part-time role to do this since there are things you can do right from your home. Freelance writing, design, editing, proofreading, even admin jobs are usually available online, so depending on your skills and experience this is something you could try. Sign up to a couple of different freelancing websites (you will usually need to pass a short test to get accepted), and from there you can take on jobs that suit you. This is useful as you can control your own workflow, while each piece will have a deadline you choose which projects you want to do and how many. Another idea would be to start a home business. If you have a craft that you’re skilled at such as sewing, knitting, candle making, jewelry making, or anything else- why not sell your creations? Sites like Etsy are good for this, and you could make some money doing what you love. Another way you can make money off a skill you have is by becoming a tutor. You could have students visit you at your home, or you could conduct video meetings over Skype. Whether you’re a dietician, personal trainers, play a musical instrument, or are qualified in an academic subject, it’s a chance to pass on the information you have and make some money in the process. Blogging is another way to make money. Admittedly building up a blog to the point where sponsors will want to pay you to advertise does take time, so you need to have the passion there to do it as a hobby first. But later down the line, it could be a way to earn some extra cash right from the comfort of your home.
Go Back And Study To Get a Better Job
If your current job isn’t well paid, or you feel stagnant in your career then why not try and move things up a notch? You could ask your boss for a promotion, or you could look to change careers completely to get something better paid. Often doing additional training or education will help here. For example, if you already have your bachelor’s degree you could go on and do a master’s, doctorate, or Ph.D. If you’re wondering what is the difference between a Ph.D. degree and a doctorate, management MBA the former has an academic focus, and the latter has a professional one. A Management MBA also enables students and practitioners to get a better grasp on the processes and systems that run a variety of businesses, which transcends roles in management positions, executive, and supervisory roles.
Make Smart Investments
If you already have some savings in the bank, you might be looking for ways to boost these and turn a little into a little more (or into a lot!) With investing always comes risk. However, there are some relatively safe ways to increase your money if you go about it properly. For example, you will want to avoid the stock market unless you’re highly experienced in this. Putting your money into property, however, is less risky and could have good rewards. For example, you could buy a house cheaply, do it up and sell for a profit. Just be sure to do plenty of research and seek professional help if needed. Another way to make money from the property would be to buy somewhere and rent it out. Because bricks and mortar will always be in high demand, and the price of houses increases every year it’s a safe place to put your money if you want it to grow. Peer-to-peer lending is another relatively safe way to increase your money over the long term and will make you more than the cash sitting in a savings account. But do your own research and weigh up the pros and cons.
What do you think are the best ways to boost your income? Have you tried any of these methods?