Welcome to Day 8 of 30 Days To Your Financial Freedom Challenge!
Whether it’s an overarching worldwide issue or just something you’re experiencing for yourself, experiencing a financial crunch can seem like the end of the world. But the truth is, we all need way less than we think we do.
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Even though we do sign contracts creating a responsibility to pay a bill when it comes down to shelter, food, and health, you have to make hard choices. One way to improve any financial issue is to increase your income.
#1 Ask for a Raise
If you have a traditional job still, ask for a raise. When you ask your boss for a raise, go through whatever system they’ve set up for asking. Most jobs today don’t offer regular raises due to time invested, so you will have to ask if you’ve not had a raise in a while. Do your due diligence to find out the ranges of pay in your expertise.
#2 Give Yourself a Raise
If you have your own business, you can give yourself a raise. Of course, you’ll need to generate more income, cut expenses, or otherwise create the money before you can do this. It might include sending out more email messages recommending new products or creating new products. Most people who work for themselves really can make more money with a little extra effort.
#3 Work a Side Hustle
Even if you have a job or a business, sometimes a side hustle is the most sensible way to avoid catastrophe. Drive for Uber.com, shop for Instacart.com, sign up to walk dogs, and clean houses on Thumbtack.com. These platforms enable you to sign up and start working within a week or so, depending on the requirement for background checks, but in general, you can sign up now and start working really fast. (Try out the Side Hustle Income workbook to get started!)
#4 Sell Your Stuff
Another speedy way to bring in some money is to sell your stuff. You’ll make more if you sell via eBay.com, Poshmark.com, and other sites set up for this, but you can also sell on Facebook Marketplace, Craigslist.com, and by having a garage sale. Make it fun by asking your entire neighborhood to have a garage sale to bring in more traffic.
#5 Sell Plants, Seeds, and Veggies
If you have even a quarter acre of land and live in a good area for this, you can make extra money selling house plants, seeds, veggies, or microgreens. Some people even make money selling specialty mushrooms. It doesn’t take as long as you may think to start generating extra cash this way.
#6 Cut Expenses
While this is not technically an income increase, it will free up the money you have to spend on needs. Cancel your subscription, cancel cable, drop down to one smartphone, and eat more beans and rice instead of meat. If you have an expense, that is not a need find a way to reduce it or eliminate it until you’re back on your feet.
Increasing your income is not as difficult as it feels when you need it. It does depend on where you live as to what you can do. For example, if you live out in the country on land, you may have more luck selling house plant starts than driving for Uber. But there are many ways to generate extra cash that can work in a pinch.
Hopefully you now have an idea of how to can add more income to your finances. Do you have any plans for a side hustle? Let us know! Please leave any comment or questions below.
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