Ways to supplement income, or make your money go further
Everyone needs a little more money, all the time. Well, not everyone. Let's say that Everyman does, the average household, the 9 to 5 mom or dad. Most of us are use to getting a certain amount of money every two weeks, and paying this much for groceries, this much for rent, this much for heating and electric, and so forth, and we use what's left over to treat ourselves to a movie and maybe a nice dinner or two. But still, we're in more debt that's good for us, we're being killed by interest rates, we're working longer hours and not seeing our family and friends as often, etc. We ask ourselves the question: Isn't there a way to supplement our income or make or current income go farther than it has without ceasing, essentially, to live in any meaningful way? Happily, the answer is Yes. Let's look at a few ideas.
|
|
We're thinking of (a) supplementing our income, and (b) making our money go further, and why not (c) both while we're at it. The first thing we've got to do is make a budget. We've got to sit down and figure out as precisely as we can what we spend on what per month. We start with essentials such as rent, gas, credit card payments, and so forth. We then move to non-essentials such as eating out, going to movies, shopping for fun, and so forth. We then start cutting out every expense that we can.
If we always spend ten dollars on potato chips when we grocery shop, for example, we might consider setting that ten dollars aside. And so on and so forth, remembering that some "non-essentials" are essential, since they relax us, entertain us, and bring us together with the people we love. But still we make sacrifices as often a we can. If, when we're done, we have an extra hundred dollars a month or an extra fifty dollars a month or an extra anything a month, we've done it. We've started the process of making our money go further, and simultaneously supplemented our income, and all without leaving the house.
If we don't have a savings account, we'll certainly want to take all or part of what we've saved by budgeting and open one up. Savings accounts accrue interest in our benefit, give us a feeling of security, and even help improve our credit. These things count as supplementing our income.
Let's say we saved a hundred dollars the sweaty, mind bending, but ultimately life straightening process of budgeting. We might put fifty of that into a savings account and spend the other fifty on learning investments. It's a small start, for sure, but a start's a start. If we're consistent with this, that is, if every month we diligently add to our savings account and to our researched investments, the rewards in the future will exceed our expectations.
Why stop there, however? There are still plenty of avenues left to us for supplementing our income and making our money go further. Again, though, we don't want burn ourselves out. Supplementing our income and making our money go further is a marathon, not a sprint. Let's look at our schedule, and trim it up as we trimmed up our budget. Let's say we discover two hours a week just lying around, so to speak, and decide to put them to use. We open up the want ads and (for example) see that a newly opened plasma center is offering 250 dollars a month for folks willing to donate plasma just two times a week, 45 minutes per session.
We did it. We've supplemented our income by 250 dollars a month, using time we were wasting before. Now we can put, say, 150 dollars a month into our savings account, a 150 dollars a month into our investments, with fifty left over to start building a web page in order to sell those bracelets we're so talented at making and that people are always asking about.
These, of course, represent a mere grain of sand on the long glittering beach of ways to supplement income and make money go further. Those grains do have something in common, however, and that is a foundation of strict and disciplined budgeting. Supplementing our income takes hard work and dedication, but it's also exciting and rewarding. Making our income go further requires sacrifice, but the peace of mind it affords makes it more than worth it in the end.
