You have an income crisis, not a spending problem
I get many emails each month from people asking for financial help and advice. A very common theme in these emails is something along the lines of: “I am very frugal and spend little to nothing, but still don’t have enough money to make ends meet“. My reply? You don’t have a spending problem, you have an income crisis. At some point you can only reduce expenses so far. Once there you are faced with only one option: increasing your income. Surprisingly, that may not be as hard as you think.
If you’re having an income crisis, here are just a few ideas to stir those creative juices for ways you can earn extra income:
Get a second job
Proverbs 10:4 says: “Lazy hands make a man poor, but diligent hands bring wealth.” One of the best ways to get extra income is to get second job. While it might make for long days, its a guaranteed way to increase your income. With our current recession, part-time and second jobs can be a bit hard to find. If you stay persistent there are people and companies hiring. Look for companies that are doing well as a result of the recession: Discount stores, food industry, security, house and car repairs, personal care (Barbers, hairdressers, beauticians and cosmetologists). These are just some of the job areas you can focus on.
Make sure that your second job won’t conflict with your primary job though, or you might be putting your primary job at risk. Also, make sure you read through your primary jobs ethics or employment guidelines to insure they allow you to work a second job. Some companies don’t or at least frown on it heavily.
Both parents work
While not an option I like, the bottom line is that if you are struggling to pay the bills and put food on the table the stay at home parent might just need to become a working parent. Consider this option very carefully though and do so only if absolutely necessary. I believe that having a stay at home parent makes a huge difference in your children. Now, that isn’t to say children of working parents have issues, I just think having a stay at home parent is better for your children.
Also carefully consider the financial implications, as it may not be worth it either depending on the addition income. A few things to consider and factor in are:
- Will you need another car? Don’t forget to factor in the additional maintenance and gas expenses too.
- Cost of daycare and summer camps
- Will the new job require uniforms or nice clothing?
One of my favorite ways to earn extra income is by doing side work. That’s exactly what I do with Gather Little by Little, my other blogs and Empty Cabin Media. I’ve taken some things I really enjoy doing and turned them into side income. I work my day job (and always give it number one priority) and then in the early mornings, evenings and weekends I work on writing and side jobs.
The only caution I’ll throw up on this option is be careful to not burn yourself out. This is something I’ve struggled with a great deal recently as the workload at Empty Cabin Media has really increased. I’ve found myself working way too much. The trick is the pace and schedule the work. I’ve also set dedicated times for doing side work, and I’m working diligently to avoid working weekends and dedicating them to my family. For example, by dedicated times are 5 – 7am, and 8 – 10pm Monday-Friday. Of course sometimes that varies a little.
Find something that you enjoy doing, are good at, and is marketable and start promoting yourself. For Empty Cabin Media, I just mentioned it in an article I wrote here on Gather Little by Little and began participating in a few web development forums and the next thing I knew I was getting 3-4 jobs a week! The work has grown enough now to where I am actually subcontracting some of the work to keep up with the demand.
I know lots of people with very successful side businesses doing: website development, software development, handyman work, baking, catering, power washing, landscaping, lawn care…well you get the idea. The opportunities are endless.
Passive income is everyone’s dream. Passive income is basically “Making money while you sleep”. Passive income is income earned while you are doing nothing for the business. Now, with that said finding true 100% passive income is next to impossible, as everything requires some level of investment to sustain it and grow it, but it is possible. For me, Gather Little by Little is some level of passive income. Even if I stopped writing today, I would continue to earn money through advertisements for a good while. But, without new content and promotion, the traffic would slowly die off, as would the revenue.
There are lots of opportunities for passive income on the internet: Blogging, affiliate stores, eBay stores, product sales…the list goes on. Do some research on passive income and you’ll be amazed at the opportunities available.
Readers, how do you earn extra money? What creative ideas can you share with others who might be in an “income crisis”? Add a comment!
Photo by: vÃ¥r resa