We spend a lot of time tackling debt and budgeting our cash flow. But what happens when your budget just keeps coming up red month after month? You’ve made all the cuts you can, and if you see one more peanut butter and jelly sandwich you might puke. Cutting expenses will only get you so far. At some point we have to address income.
Here are a few ways you can explore to increase your cash flow.
1. Ask for a raise
Getting a raise in your current job is the first thing you should consider. But when you ask for a raise, you have very little leverage with your employer. After all, they already have you. So you must make a convincing case for why you deserve a raise. Here are some ideas on how to ask for a raise.
2. Change Jobs
If you’re currently in a job that doesn’t pay well enough to enable you to consistently contribute to your savings and retirement plans, it may be time for a change. Of course, whether you should change jobs is dependent on a number of important factors including the overall job market, the job market in your chosen field, and your own expertise and experience in that field.
3. Sell Stuff Online
When most people think of selling products online, they think of sites like eBay and Amazon. While those certainly are among the most well-known, they’re not alone in that industry. There are dozens of online marketplaces and platforms where you can sell stuff. Whether it’s your own items, or things you sell for others on consignment, online selling is a good way to generate extra income without interfering with your full-time job.
4. Teach people what you know
Most of us have skills and talents other people would like to learn; we just don’t realize it. Take an honest inventory of your own skills and talents, including what you do at your job, and determine if there’s something in your skill-set that’s marketable as something you could teach people for money. If you’re honest with yourself, you should be able to come up with at least one. You can then monetize that expertise by teaching people with less experience or knowledge than you in that subject area.
5. Become a Contributing Writer
This dovetails nicely with the teaching people what you know idea. There are dozens of blogs and online magazines that will pay you on a per-article basis to write for them; and you don’t need to be an established writer to do it. All you need is some subject matter knowledge and the ability to string words together into coherent sentences.
We’ve barely scratched the surface of what’s possible here. Opportunities abound for those who seriously want to earn extra money, regardless of their level of experience. Here are some additional ideas on ways to increase your cash flow: