Fixing Your Finances Part 3 — Can You Boost Your Income?
Welcome back! Today we’ll talk about ways to boost your income. In part 1 we discussed making a comprehensive budget so that you know where all your money goes each month. In part 2 we audited that budget and looked for areas where we could make savings. Part 3 of clearing your debts and building up your savings is investigating if you can bring in a little extra cash to speed up to process. Needless to say, extra money coming in helps when you’re clearing your debts or building savings. Here’s a few ideas to get you started.
A Part-Time Job
If you work full time this may not be the most appealing option. After all, we do need downtime as well as time to eat, sleep and do any necessary chores. If you feel you’re able to a part-time job is a good way to boost your income. Options include being a delivery driver, bar work, working in a shop or being a taxi driver. I do not have the mental or physical energy for a regular part time job, though, which leads us to…
Freelancing
I realise freelancing can be both a full-time career or a part-time job. I didn’t list it above as I felt it warranted it’s own heading. You can boost your income by publishing your stories on sites like Medium. It may not happen quickly though so be patient. I make around £100 a month and I believe I am part of only 5% of medium writers to achieve this. However, I am newish to writing and started from zero. If I can do it, you can too1 There are also freelancing sites, proofreading companies and you can even start your own blog, like this one. How much you make depends on a lot of factors including luck.
Cashback sites
Depending on what you’re buying, it’s possible to make hundreds just checking out a cashback site before you make your purchase. You can receive cashback on everything from your car insurance to your new broadband package. If you switch regularly to get the best deals this could be a good way to earn some extra cash with very little effort from you. I hope it goes without saying, but don’t buy something you didn’t intend to just to get cashback! It’s highly unlikely to be worth what you’ll have to pay over the term of the contract.
I use Top Cashback and while I don’t use it a lot I have made a few hundred pounds. If you click the link and sign up i’ll get a commission but it’s not why I’m recommending it. It’s just the site that works for me.
Medical Research
This one is less common, but some studies are very well paid if you fit the criteria and can attend the hospital at the times they need you to. I’ve seen studies paying from $50-$3000. The ones that pay the most tend to involve a big time commitment, so bear it in mind before you volunteer.
Have a clear-out
Everyone has a few things in their house that they don’t need. Now that there are sites like eBay, gumtree and shpock it’s easier than ever to boost your income by selling things they don’t use. Take some time to look around your home and garage if you have one. Be honest with yourself. If you haven’t used that exercise equipment in six months the odds are you aren’t going to. We all have clothes that don’t fit or we don’t wear anymore. Tidying expert Marie Kondo says:
The space in which we live should be for the person we are becoming now, not for the person we were in the past.
Live in the now, not in the past. Clear out what you don’t need. Try and make a little cash selling it. Put it towards your debts or your savings. Your home will be less cluttered, your bank account healthier, and you will be happier and more relaxed.
But I have no time, no skills, no clutter!
Even if none of these ideas appeals to you, don’t worry. Just making a budget and trying to cut down on your outgoings will get you where you need to be. Bringing in more money is a way to turbocharge the process.
You’re almost there
If you’re still with me then great job! By now you should have a budget, a list of savings you can make, and a few ways to boost your income. You now know how much money you’ll have either to service your debts or put towards your savings. In the final part of this series, we’ll talk about the best strategies for clearing your debts. Looking forward to seeing you next time.
