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.