Even worse, are you in the negative? Here are some ideas that we have tried, have heard others recommend, or that we intend on trying in the future. If you are willing to try some new ways to trim the budget, and earn extra money, you have come to the right place. I hope you can try one, some, or even all of these ideas to help GIVE YOURSELF A RAISE! Good Luck!
Read, read, read!
The more you read the more you know. The more you know the more you become. The truth is that when you read it stimulates your brain causing you to be more creative in your thinking. It opens doors that you were unaware existed, and it strengthens your decision making capability. Improve your ability to earn more simply by reading!
Have a plan!
This may seem obvious to some but the truth is most of us do not have a plan. There are so many ways to save money by simply having a plan. For instance, by planning the route and order of your errands each day you will save gas, time, and energy. This will give you more money in your fuel envelope, & increase your productivity. Perhaps the biggest money makers of them all is the budget. Telling your money where to go will help you find that raise you were looking for, but only if you actually account for every dollar.
Adjust your withholding so that you do not get a huge refund at the end of the year.
Every year people complain about not having enough money each month. They say things like, “If only I made a little more money.” How about this. Instead of giving the Government an interest free loan every year, give yourself more of your money each month. The money would be better spent on your new financial plan!! The sad thing is people that complain about not having any money end up spending their tax return on toys or acquiring new debt! Couldn’t you use an extra $100-$400 each month?
Dumping debt can also add money to your disposable income.
Sell that car and free up the amount of your car payment each month. This will also likely cause your insurance premium to drop. Here’s something to think about. Take 1/3 of the money that you were spending on your car payment, or other debt, and use it to purchase bargain items to sell on Ebay. You can probably earn the amount of your car payment and then some, just on the resale from those items. Add that to the 2/3’s saved from not having a car payment and you have significantly increased your take home.
Completely avoid credit cards and loans of any kind. (Mortgage being the exception)
In order to understand this you must understand compound interest. Compound interest is a mathematical explosion and if you are on the receiving end you are extremely pleased about your return. Most people however are on the opposite side of the spectrum and happen to be the ones PAYING the compound interest to someone else.
That is no fun at all. So by avoiding credit cards and loans you are opting out of the “making someone else VERY RICH” fan club. Make yourself VERY RICH, and change your family tree forever!!
Change the deductibles on your Insurance plans.
By raising your deductibles to a higher amount, you will lower your premiums each month. This is only recommended if you have your Emergency Fund in place. It will not do you any good unless you have the money to cover the deductible if needed.
Give yourself a raise by trying all or some of the ideas presented. The more money that you create, whether by income or savings, the more of an impact it will have on your life. Get out of debt, save money, and work diligently towards recession proof status, and you will be happier in the end.
Other ways to give yourself a raise: Use envelopes, shop for bargains, walk or ride a bike when you can, take the bus, downgrade from cell phones and land lines to one or the other, quit smoking, and pack a lunch. Please feel free to add to this list as I am positive that there are many more ways to give yourself a raise that I have left out.
Now go give yourself that raise!