This is a guest post by Paul Spencer.
Despite our best lifelong efforts to stay on course, financial uncertainty is a natural aspect of individual money management. In some cases, a single spending event is enough to push financial demands beyond affordable levels, while other financial challenges unfold slowly, over time.
In every case, expanding household income provides welcomed relief, helping you find financial equilibrium.
Successfully balancing household cash flow relies on spending discipline and making the most of your incoming resources. Each frugal move takes you closer to realizing your financial ambitions, but cost-cutting isn’t always enough to put you over the top.
At times, making more money is the only answer; giving you access to an income stream sufficient to cover your ongoing spending needs, with enough left over for saving and investing.
There are many ways to add more income to your balance sheet – each with benefits and limitations. Your personal financial needs and other lifestyle factors help dictate the best money-making opportunities for your circumstances. When an income hike is in order, consider the following possibilities for boosting earnings.
Take Side Jobs
Even if your regular full-time employment doesn’t leave much scheduling flexibility, it is still possible to add to your income, outside of traditional work hours. Casual side jobs work well for inspired self-starters because you can quickly complete the work, without long term commitments. Common side jobs for earners of all ages include the following, which can be conducted during evenings and weekends:
- Yard Care
- Snow Removal
- Run Errands
Become a Landlord
If you have money set aside to invest, you may be able to start generating returns right away. Residential rental isn’t a passive money maker, so you must be available to administer the property, or profits will be diverted to property managers and others hired to take care of your investment.
On the other hand, if you have the time and don’t mind building sweat equity in an investment property, becoming a landlord might be an agreeable way to break from mid-life routine and increase personal earnings.
Launch Your Own Venture
Like real estate investing, entrepreneurial ventures require a substantial hands-on investment. The upside of self-employment can be tremendous; however, yielding immediate financial rewards and residual income you can ride into retirement.
Under the right circumstances, you may be able to get a business off the ground, without cutting ties with your primary employer. But if your idea is a winner, backed by a workable business plan, full-time self-inspired employment may be what’s needed to boost household earnings.
Increase Personal Earning Potential
Each person occupies a unique place in the workforce, so for many, advancement opportunities can help boost income. If your career trajectory is slowed by lack of training or credentials, investing in your future may require continuing education or learning a new skill. In fact, some employers will match that investment, providing resources for school and training – which may ultimately lead to higher take-home pay.
For the quickest returns, consult with your human resources department or supervisor to explore advancement opportunities. And if you’ve maxed-out advancement potential at your current place of employment, open yourself to the possibility you may have to reinforce your credentials and change employers, in order to earn a higher salary.
Become an Instructor
Whatever is your passion, chances are, many other people share similar interests. Under the right circumstances, you may be able to turn your skill and experience into a source of supplemental income, sharing your insight on subjects you choose.
Are you a fitness fanatic? If so, become a part-time instructor at a local health club or YMCA, teaching yoga, aerobics or strength conditioning. Do you speak another language? For fast cash, parlay your bilingual status into part-time income as an ESL instructor or foreign language tutor at a local night school. Even your culinary abilities can open doors to paid work, conducting cooking demonstrations or serving as a brand ambassador for gourmet foods.
Maintaining financial stability requires spending restraint, but personal income must also rise up to meet financial obligations. When your earnings fall short – even temporarily, consider these five prospects for increased earnings and then explore your own creative money-making ideas.