Boost Your Income

August 12, 2013 at 6:11 pm

 

If you’re looking to become a Stay at Home Parent, or just want to live a little more frugally, here are some tips and things I’ve done to boost my income. It’s worth noting however, that it’s much easier to lower your expenses, than it is to boost your income.

1. Sell your crap

Sorry, I don’t mean for that to sound rude, although it kind of does. My wife and I, over the past several weeks have been evaluating the various items we have around the house, and if we haven’t been using it, it has to go. If it doesn’t have much value, or isn’t worth selling, we’ve been taking it to Goodwill. Although we haven’t implemented this yet, I intend to start using a 30 day rule. If I haven’t used an item in 30 days, it gets sold, donated or tossed. Of course, the 30 day rule does have some exceptions. For example, I don’t use my push mower in the winter. If you manage to sell the item, that’s a boost in income. If the item can’t sell, then at least you’ve freed up space. Personally, I can’t operate if my office is cluttered. Additionally, if you donate to Goodwill, that’s tax deductible, and in a way, a boost to your income.

2. Turn your hobby into a side business

I’ve actually done this one on numerous occasions. If you’ve got a hobby that you really enjoy, try to find a way to monetize it. Just make sure you don’t suck the fun right out of it. For me, I’ve always enjoyed working on computers. Since around the age of 15, I’ve been offering computer clean up and repair services. It’s good, relatively easy, money. Over the past few years however, I’ve become more and more busy. So I’ve since slacked off in the computer repair department. I also own a Web Hosting company. For those that don’t know what Hosting is, I basically put your website on the Internet. I’ve been running the hosting business since 2007, and I love doing it. I host a lot of cool websites/blogs (including the one you’re reading on :-) ). Whatever you love doing, just find a way to make money at it.

2.5. Offer your skills as services

Even if it’s not a hobby, if you know how to perform certain tasks, or have skills in an area, offer them up as services. Every day, people are looking for different services. My computer business started along these lines. Make sure though that you enjoy the work. Don’t offer up skills that you don’t particularly enjoy. A good example of this, my wife wanted to change the color of her iPhone. I did some research, found out how to replace the screen and where to order it. We broke the first screen, and the second one got cracked by my daughter (thanks Emilee!). As you might can imagine, I got decently proficient in replacing iPhone screens. I started considering offering it as a service. Most people charge about $80 to $100 to replace the screen, and I can buy the parts for around $40. After three screens, I could swap a screen in under an hour, which would mean about $40 to $60 an hour, which is quite respectable. As much as I’d like to do it, I hated swapping the screens. It was a pain to do, and required too much precision with the tiny screws it uses. I wouldn’t enjoy the work, and every screen replacement job I received, I would grumble and become frustrated. Don’t offer skills to the public that you don’t enjoy, otherwise you’ll become bitter and resentful.

3. Take a part time job

One tried and true option to boost your income would be to take a part time job. In addition to your regular full time job, you can work a part time during your off hours, and be able to rack up some additional income.

4. Boost your income by entering our giveaway

Ok, so this isn’t really a tip, nonetheless, winning a giftcard is a good way to boost your income! All you got to do to win is complete the steps in the Rafflecopter. A winner will be selected on Monday, August 19th, at 10:30PM. The more you complete in the Rafflecopter, the more entries you receive, and a bigger chance to win.

a Rafflecopter giveaway

At the end of the day…

Regardless of your motivation for gaining additional income, it’s far easier to reduce your expenses. If your expenses are due to debt, use the additional income to eliminate that debt. Debt is not necessarily a bad thing, but carrying a balance of debt is very bad. If you’re in the same position as me, you’re on a treadmill. On credit accounts, minimum payments barely get you anywhere, that’s why on your statement it gives you a block where it says that if you make the minimum payment it will take 19 years or whatever to pay off or if you pay minimum payment plus a little extra, you’ll be paid off in 4 years or so. Interestingly enough, it took a federal regulation to get creditors to place this block on your statement*. See, they don’t want you to know how to get out of debt. That’s how they make money off of you continuously. I’ve paid so much money to interest this year, it’s not even funny, but that’s another blog post :-).

Thanks for reading!

 


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