Two Sides of the Equation {Day 19 of 21 Days of Hope + Help for Your Money}
Two Sides of the Equation {Day 19 of 21 Days of Hope + Help for Your Money}
This is Day 19 of 21 Days of Hope + Help for Your Money, a series providing you encouragement and tips to start the year off on a note of hope. Catch up on previous posts here. For future posts, come back daily or subscribe to have them emailed directly to you.
“Every great and deep difficulty bears in itself its own solution. It forces us to change our thinking in order to find it.” — Niels Bohr
When you’re trying to improve your finances, reducing your expenses, as we covered yesterday, is one approach you can take. Decreasing what’s going out every month will free up room in your budget.
But there’s another side of the equation. You can increase what’s coming in. This may seem obvious — (of course, more money can help) — but what’s not as obvious is how to go about increasing your income.
The good news is there are many things you can do — outside of “just” getting a better paying job. Additional income generally falls under one of these “umbrellas:”
- Occasional: selling items, cash-back apps, online surveys
- Temporary: temp jobs, seasonal jobs
- Long-Term: increase current salary, an additional job, side hustle
Take a look at 50+ Ways to Make More Money When You Work Full-Time for some ideas on bringing in additional income.
The best way to see a significant change in your financial situation is to approach both sides of the equation: reduce what you can and increase in any way you can.
Taking this approach will drastically increase your ability to save, pay off debt, and achieve your other financial goals.
Action Step
Find Some Dough
Yesterday, you brainstormed ways to spend less each month. Now, think about how you can bring in additional income. Do you have something you can sell? Can you take steps to increase your current salary at your job? Can you turn a hobby or a skill into a side hustle?
List all the potential ways you can increase your income and take action on the ones that are doable and will yield the best results.
What are some things you can do to increase your income?
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