Who couldn’t use an extra influx of cash? Many people feel like they’re getting by paycheck to paycheck. A new survey reveals that even people who earn at least $200,000 feel like they’re broke. While they certainly have more room for error than households that earn closer to the average income, everyone experiences phenomena like lifestyle creep (where your essential expenses climb alongside your income) and the pinch of inflation on spending habits.
Cutting back on expenses is a tough way to manage your money. Small life changes (like cutting back subscriptions) are popular, but don’t move the needle as much as you’d hope. Big life changes can save you more money but can be very disruptive.
Instead, it might be easier to bring in new income. These are four ways you can add more money to your budget without painful cutbacks.
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Sell Any Gold and Silver Valuables
Selling old valuables is a tried-and-true method of raising one-time extra income. There may be no better old belonging than gold and silver valuables when it comes to prices, especially jewellery, coin collections, bars, or tea services.
You can sell gold and silver to bullion dealers who regularly buy jewellery, watches, coins, and other precious metal products. If you’re able to find the hallmarks on various belongings, these should tell you what their precious metal contents are, although a buyer will also confirm it, along with their weight.
The influx of cash may only come once, so be careful how you spend the money. Two smart ways to use that money are to invest in an income-generating asset or to pay off debt, alleviating the costs you have to pay in interest rates.
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Invest in Income-Generating Assets
If you have a lump sum of extra income, you may want to optimize it. Making your money work for you can add to the income you have available to you. Income-producing assets can provide you with a steady stream of revenue that you can choose to either reinvest or use to bolster your budget.
It often makes sense to reinvest until your assets begin to generate enough income to make a difference. Assets like these include:
- Dividend stocks.
- REITs (Real Estate Investment Trusts).
- Bonds.
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Take on a Side Job
Your time and your skills are valuable resources. Whether you have a professional skill that you can leverage in a freelance capacity, or you’re willing to spend some time doing gig work like food delivery, rideshares, or pet sitting, you can quickly add extra income to your monthly budget online.
Play to your strengths when you’re looking for a side job. If you’re great with animals, a pet sitting gig can be a great way to earn extra money. Demand is particularly high during the summer and over major holidays. If you’re comfortable on a bike and want to cycle for exercise, food delivery can also generate some extra income along the way.
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Start an Online Business
If you want to take a side job to the next level, why not start your own business? Thanks to the abundance of online platforms that exist today, many business ideas can be run out of your own home with relatively minimal upfront capital costs.
Starting an online business will cost a lot of time, often without the guarantees that you will earn a reliable income. You will need a plan to find new clients, whether that’s a robust marketing plan or leaning on your professional contacts and networks.
You may not be able to start generating significant revenue right away, which makes starting an online business a great side hustle. Keep your regular job and spend your free time getting your business going. It’s an investment in your personal freedom. If the work takes off, it can be a pathway to something much bigger.
Earning extra money isn’t impossible. These ideas can help alleviate budget crunch in your house.
