Do you feel like you’re always one step behind when it comes to your money? Perhaps you have an uneasy feeling that your expenses continue to creep up while your income stays the same or, even worse, decreases. Most people live from paycheck to paycheck, with little to no financial cushion in case of an emergency.
If this sounds like you, don’t panic. You’re not alone. In fact, many people struggle with money on a regular basis. But that doesn’t mean you have to stay in that rut forever. Creating a plan for your finances and implementing healthy habits will help you get back on track and start thinking about your money as something that works for you instead of against you. Here are some great ideas and tips on how to make more money – fast!
Consolidate your debt
If you have high-interest debt like credit card or student loan debt, you might want to consider consolidating those debts into one loan with a lower interest rate. The interest on debt can seriously eat into your budget, especially if you don’t have a lot of extra cash flow each month.
Consolidating your debt into one payment with a lower interest rate will help you pay off your debt more quickly and free up some extra cash flow each month. You might think that taking on more debt isn’t a good idea, but if you use the money you’re paying on high-interest debt to pay off your lower-interest debt, you’ll be able to pay it off much more quicker and save money in the long run.
Side hustle
If you have a skill you can monetize, try a side hustle. You don’t need to quit your day job, but you can use your free time to make extra money on the side. You could clean houses, dog walk, babysit, or even try to become a virtual assistant. Also, you can look for clients on websites like Fiverr and Care.com or even put up an ad in your neighborhood.
Be sure to check the law where you live to make sure what you’re doing is legal. Some side hustles require a license, like being a childcare provider or driving for a ride-sharing service. You may need to invest in some equipment like a dog walker would need a good pair of dog shoes.
Start a business
Even if you don’t want to quit your day job, you may want to think about starting a side business. The good thing about a side business is that you can scale it down when you need to, so it’s not like you have to give up your day job if things are going poorly. You can sell things like handmade crafts, tutoring services, house cleaning, or even buy and resell items on Craigslist.
If you have an idea for a business or service you think customers would be willing to pay for, go for it! You can even try to create an app or website. With so many online business ideas out there, you’re sure to find something that’s a great fit for you.
Ask for a raise
If your income is in line with what you deserve based on your skill set and experience, then don’t be afraid to ask for a raise at work. You don’t have to ask for a raise every year, but if you have a skill set that’s in high demand and you feel that you’ve really outgrown your current position, then now is the time to talk to your boss about a raise.
And if you feel that your boss is hesitant to give you a raise, you may want to consider looking for another job with a higher pay rate. If you don’t want to quit your job, you can still ask for a raise to bump up your income. Many companies have a provision in their employment contracts where they have to give you a raise every year if you’re deserving of it.
Review your benefits
You never know what you’re entitled to as an employee until you ask for it. Before you start a new job, review all of the benefits you qualify for and make sure you’re taking advantage of everything that you’re entitled to. You may be surprised how much you can save by taking advantage of your benefits. There are many benefits that are offered to employees that people aren’t aware of.
Some common benefits include health insurance, dental insurance, life insurance, and a 401(k) retirement account. Health insurance can be expensive, but there are often ways to reduce your costs. Dental insurance is usually free, and it’s something many people overlook. Life insurance is something you should definitely have, especially if you have a family that relies on you financially.
If you still find that your current job is not good, and the benefits are lacking, then it may be time to search for a new one. It can be scary, but knowing where to go will help. For instance, if you work within the healthcare field, why not think about checking out home care jobs near you in Pennsylvania (or wherever you are based), to see what they can offer you. These types of jobs are fulfilling and can provide a stability that so many people crave in their career.
Save up for an emergency fund
If you haven’t done so already, now is the time to start saving up an emergency fund. A good rule of thumb is to have enough money in an emergency fund to cover at least three to six months of expenses. This will help you weather the storm when unexpected expenses arise. You never know when an emergency will pop up, like a car breaking down, an illness in the family, or need a major repair on your home.
These things happen, and when they do, having money saved up will help you feel less worried and keep those financial obligations at bay. You can start saving for an emergency fund by putting away a small amount of money each month.
You can use online savings account like Ally to easily save money each month. Saving for an emergency fund doesn’t have to be difficult. You just have to make it a priority and find a way to make it happen.
Sell something you don’t use
Do you have things lying around your house that you don’t need or use anymore? Why not sell them on eBay or Craigslist? You may be surprised at what items are in demand and how much they’re worth. And you can sell just about anything, from clothing to electronics.
You can also sell second-hand items on sites like Decluttr, or you can sell them locally through sites like Facebook Marketplace. If you have something like tools or sports equipment that you don’t use anymore, consider selling them online through a site like Craigslist for a quick and easy sale.
There are many ways to make money, and some you may not have thought of before. Selling items you don’t need is a great way to make some extra cash, especially if you have things lying around your house that you don’t use.
Bottom line
If you’re looking to make more money, you don’t have to wait for your boss to give you a raise. You can take matters into your own hands and find ways to make extra money. Plus, the more money you make, the less you have to worry about living paycheck to paycheck. It’s also important to remember that while making more money is great. It also takes time. Don’t get discouraged if it takes a while for your money-making efforts to start paying off.
