It seems like there are a million ways we can save money – whether it’s cutting back on eating out or spending less on vacation, there are always paths in life where you can spend less. But what if you have reduced in every possible place, but still can’t seem to make ends meet? If you are having money setbacks, yet feel there is nothing else you can decrease, there is only one other thing you can do – make more money.
Easier said than done, right? After all, finding a new job can be difficult and perhaps the opportunity for growth at the company where you are currently working is limited. So how are you supposed to make more money? Fortunately, there are a lot of ways to increase your income that don’t require you to give up your current job. Here are three ideas on how to make extra money, from an immediate need to a long-term financial goal.
Let’s say you have a short-term financial need. Maybe it’s something unexpected like an expensive medical bill, or maybe it’s something fun, like a weekend trip with friends. Either way, if you need to get some money in the next week or month, find things to sell. You know you have extra things that you don’t need or don’t use anymore. They are probably the things that are cluttering up your closets and garage. Whatever it is, find it and sell it. If it’s a lot of things, have a garage sale. If it’s just a few things, post them on a site like Craigslist or EBay. Whatever money you get, set it aside specifically for what you need. Chances are you have at least a few hundred dollars worth of stuff lying around that you don’t actually need. And the side benefit? A cleaner house.
Get a Second Job
We know, not exactly what you want to hear, but getting a second job can be an excellent source of steady income. Let’s say you have some major added expenses for the next few months, or want to save up money to go on a month-long trip to Europe. You probably won’t be able to sell enough of your things to be able to cover the expense, but it’s not something you need to change your job for either. In this case, getting a job on the side will help supplement your current income. Than taking all of that extra money and putting it straight into savings or towards your added expenses.
Start a Business
If you don’t have an immediate need, but want to create some additional income long-term, starting your own business is a great way to do that. Although starting a business can be tough at first, and might even cost you money to get things going, it can provide significant supplemental income. It might even allow you to quit your current job! If you don’t know where to get started, the LA Chamber of Commerce has some great resources to help you out.
Determining your financial need is the first step to creating a plan to make more money. Once you do establish your need, you can choose an option that works for your situation. As you do make more money, be sure to save some of it for a rainy day. You never know when you might need it in the future!