Reducing expenses and payments, getting debt paid off and planning for the future more purposefully by creating savings accounts and paying yourself first may be enough to get you where you want to be. Another option is to increase income.
Have you received a raise recently? If not, maybe it is time to ask for one. Maybe it is time to change jobs if there are options available that pay better and have a suitable culture. If possible, maybe you can consider working a few hours of overtime a week to increase your income. Are there opportunities for you to earn commissions or bonuses that can provide additional income?
If there are not options available at your existing job, maybe consider getting a part-time job for a short period of time. Working for a few months during the holiday season can generate income. We have seen individuals work the holiday season in order to fund their vacation or use the funds to pay off debt. Some individuals find that working during the holiday season may also get them employee discounts allowing them to save on their holiday spending.
If not during the holiday season, maybe you take on a summer part-time job. A part-time job can be a year-around gig or it can last only for a few months. Knowing specifically what those earnings are going to be used for can define the time that you need this extra employment. Getting a part-time job does not mean that you need to do it forever. Know what your goal is going in and you can determine how long you will need to have a 2nd job. This can make it a little easier to take if you know it is only for 3 months or 6 months.
There are a lot of individuals who are earning extra income through some type of self-employment income. This can be driving for Uber or Lyft. It could be selling items you make on Etsy. Do you have a skill that can translate into income? Are you handy and can start a handyman business? Are you a teacher who can offer tutoring services? Many individuals are looking for childcare services when they are working 2nd or 3rd shifts, do you have space to allow a child to sleep overnight at your house? Can you run errands for the elderly or for busy professionals and get paid? What skills or interests do you have that someone might pay you for? There are any number of websites that you can advertise through to find work.
Another source of income could be selling items in your house that you are no longer using. You can have a garage sale. Maybe you can sell items on e-Bay or on Craigslist. There are local stores that you can sell old clothing or consignment shops that will sell items for you. This can generate cash for you and allow you the opportunity to get rid of some of the clutter in your house.
Be creative and think about ways of reducing expenses and payments. Be creative and think about ways of increasing income or generating cash. All of this is with the goal in mind to have more funds to spend in the way that is important to you.
Get started reviewing expenses and thinking about generating additional income.