Manage Debt

Pay Down Debt and Save Money: Increase Your Income

Many of us have a goal to pay down debt and to increase the amount of money that we save. The only issue that seems to get in the way is a lack of resources. What happens is you don’t feel like you have enough money to pay down your debt faster or improve your savings rate? When it comes right down to it, there is only so much cutting you can do. There are only so many money leaks you can plug as look for a way to improve your financial situation.

The solution is to increase your income.

How to Increase Your Income

So often, when it comes time to pay down debt or increase savings account contributions, we complain about how we don’t have enough money. Sometimes we get so focused on pinching pennies that we forget that there is a more elegant solution available: Make more money.

Of course, increasing your income is easier said than done. You can’t just wish a bigger income into being. You have to make a plan, and actually work toward a higher income. Sometimes, this means working around your “regular” job for a while. However, if you are truly serious about getting out of debt and using some of your savings to invest or build an emergency fund, you will do what it takes.

Some of the things you can do to help increase your income include:

  • Get a part-time job.
  • Start a home business.
  • Do odd jobs around town or the neighborhood.
  • Donate blood plasma, bone marrow, or other biologicals.
  • Begin building an income portfolio (although you might need more income before you start investing)
  • Rent out one of your rooms, if practical.
  • Sell some of your stuff.
  • Build and monetize a web site.
  • Do freelance work on the side.
Clearly, some of these items require that you put in a lot of effort, and that you have the patience and ability to build up a client base, or wait for web traffic to increase. The fastest ways to see results is through biological donation and part-time work. However, over time, building up your own side business or web site might be more rewarding.

Bottom Line

There is no reason to sit back and say there is nothing that can be done to increase your income. There are opportunities all around us. Look for ways to increase your income, and you can use that extra money to improve your financial situation by paying down debt and increasing your income.
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