A few years ago, I was struggling. I was dealing with massive student-loan debt and cobbling together work on a part-time basis.
I’ve always lived on a pretty minimal budget, but this was the definition of a “bare bones” budget. Travel? Out of the question. I didn’t even see my parents for Christmas. I stopped going to restaurants and every purchase consumed me with anxiety.
But even though I scaled back on everything, I still didn’t have enough money to pay for my student loans or live a reasonably relaxed life.
I realized my problem wasn’t that I was an excessive spender or that I was super frivolous with my money. It was that I wasn’t earning enough. Making $12 per hour at the time and having close to $60,000 in debt wasn’t really working out for me.
I knew I had to make more money. But how? I discovered there are a lot of ways to increase your income. Here’s I did it and how you can too:
1. Pick Up Gigs on the Side
Although I was working part time, I knew it wasn’t enough to get where I wanted to go. I began a serious side hustle to make up for the lack of hours and income.
I perused Craigslist and TaskRabbit. I found gigs as an event helper for the holidays. I greeted people at parties. I cleaned up after parties. I took people’s coats. I quickly found out that the holidays are a ripe time to make extra money. I gave it my everything, even though they were pretty simple tasks.
I communicated and showed up on time. You won’t believe how doing these two small things will set you apart from other side hustlers. Because of that, I landed more gigs.
Now, every holiday season I work for the same family and get paid $20 per hour helping set up their holiday party. Another gig turned into a part-time job working with a great community I’m happy to be a part of.
I even looked for ways to make money doing things I normally do anyway. For example, I use Swagbucks when searching the Internet and make a few extra dollars a month. It adds up over time and Swagbucks even offers bonuses just for signing up.
Working gigs on the side can open up so many doors. If you’d told me three years ago that taking people’s coats at a party would turn into something else, I would’ve laughed. But you never know where a gig will take you. If nothing else, it’s a great way to meet new people and make extra income to help pay off debt, save, invest and more.
Need some ideas? Check out more than 50 side hustle ideas to get started.
2. Work Overtime
If you work at a job that offers overtime, always say “yes” to more work.
Overtime can help boost your income quickly, doing the same job you’d do anyway — just at a different time. Is your job offering more work on a holiday? Say yes. Working more hours to help out with a project? Say yes.
I’m not saying that you should have no personal life, but making yourself available and doing more work can be an easy way to get overtime — which is a great way to make more money.
3. Start Freelancing With Your Skills
Once I had thoroughly exploited the side hustle scene, I thought it was time to move on to something similar, but a little different.
I had already hustled so much and worked as a house cleaner, brand ambassador, event helper, taste tester, pet sitter and more. I was looking for something I could do a little more long term that would engage more of my skills and talents.
So I started to freelance. I began writing for others and I quickly realized how addicting it was. I enjoy writing and telling stories and getting people inspired about money.
I began freelancing by doing two things:
- Being persistent. I mentioned I was looking for work for a good six months before I saw results. I also emailed every single person I admired and asked for their advice. You’d be amazed how willing people are to dole out advice and help you along your journey.
- Using my network. There’s a saying that your network is your net worth and for me it’s so true. I have a tight-knit group of friends and bloggers here in Portland and I’ve pretty much worked for all of them in some aspect. Why? Because I’ve built a genuine relationship with them, have expressed interest in what I want and shown my value.
Don’t be afraid to ask for and tell people what you want! Nobody is a mind reader, so it behooves you to be direct.
Bold action and clear language have helped me move forward — so much so, that I quit my job almost a year ago to freelance full time. I have zero regrets and am now making much more than I did at my old nonprofit job.
If you want to start freelancing, I recommend creating a website and blog, and starting with your network first. Job boards can be low-paying and competitive. The best thing you can do is to build your reputation and your brand.
4. Sell Your Stuff
Many of us are sitting on years and years worth of stuff we keep, even though we don’t use it anymore. But the fact is, if you’re not using it anymore, it is simply taking up space.
Why not turn your stuff into extra cash? Sell your old cell phones on sites like SellCell. Bring your old CDs and books to local stores and get cash. Host a garage sale. Sell on eBay or Craigslist.
I actually have one friend who picks up perfectly good “junk” on the side of the road and sells it on eBay. Talk about a nice profit margin!
If you haven’t used your items for six months or more, let go and make some extra cash.
5. Take Advantage of the Sharing Economy
The sharing economy revolutionizes the way people make money and the way consumers have access to services. It takes out the middleman and puts consumers together with their community, so both can benefit.
To make more money with the sharing economy:
- You can rent out your car on RelayRides or Getaround
- You can become a driver for Uber or Lyft
- You can deliver food on Postmates
- You can rent out your bike, snowboard or surfboard on Spinlister
Now more than ever, you can make money off your possessions and create a lucrative side business.
6. Adjust Your Tax Withholdings
One of the simplest ways you can give yourself a boost of income is by adjusting your tax withholding. Many people enjoy getting a tax refund once a year, but let’s face it: It’s hard to do the right thing when you get a lump sum of money.
By adjusting your withholding, you’ll see more money on your paycheck now so you can pay off debt and save. You can even grow that money through investments or a savings account. Why wait to get a “bonus” once a year?
If you have any questions, discuss them with a tax professional.
7. Increase Your Rates or Negotiate a Raise
I never used to negotiate in my jobs. I was simply too happy to have a job and didn’t want to rock the boat. Now I realize I missed out on thousands of dollars in extra income by not negotiating.
Now that I’ve been a full-time freelancer for almost a year, I’ve learned the hard way how to negotiate. After working too many low-paying gigs, I’ve learned how to comfortably ask for more.
It’s all about knowing your value and being confident. Confidence is half the battle. I’d even say that confidence is just as important as talent.
If you have a job, make sure you’re negotiating regularly. If you’re a freelancer or a side hustler, raise your rates from time to time. After you prove your value and build a client base, there’s no reason to continue working for low amounts.
It’s easy to get comfortable, but you should always challenge yourself and work hard to make more.
Whether you’re struggling to pay your bills or just looking for ways to make even more money, you can use these tips to get started. Making more money can expedite your debt repayment process or completely overhaul your savings strategy.
Though I love being frugal and saving money where I can, there’s still a finite amount I can save. Conversely, my income is essentially limitless — it all just depends on how much work I can do in a day and how I price my services.
By using these strategies, I went from struggling and making $12 per hour three years ago to now making close to $50,000 a year. Anyone can make more money if they really want to.
Your Turn: What strategies have you used to make more money?
Disclosure: We have a serious Taco Bell addiction around here. The affiliate links in this post help us order off the dollar menu. Thanks for your support!
This post originally appeared on The College Investor. The College Investor helps millennials get out of student loan debt, earn more money, start investing and build real wealth.
The post How to Make More Money: 7 Effective Ways to Boost Your Monthly Income appeared first on The Penny Hoarder.
source The Penny Hoarder http://ift.tt/1EW6Skk
ليست هناك تعليقات:
إرسال تعليق