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When you create a plan to pay down your debt and save money for the future, you may want to look for ways to increase your income. By using the checklist below, you can find money-making strategies that work for you and make a plan to put them into action.
Here's how it works:
- Fill in the checklist to help you identify ways to increase income and free up resources.
- Decide how you will use the extra money, and put it into practice.
- Make it a family affair. Get your whole family involved in an effort to reduce spending and bring in extra income.
Ways to Increase Cash, Income, and Other Resources
There are two main ways to bring in more income. One way is through a one-time activity like selling items you no longer need, for example by selling them online. You can also bring in more income on a regular basis by getting a part-time job, or applying for any benefits you may qualify for.
Use this chart to identify ways you can increase your income. Note that not all of these may apply to you. Check the options that may work for you, and use these as a plan to increase cash, income, and other resources.
One-Time Activity
| One-time activities to increase current income | ||
|---|---|---|
| This might work | Strategy for increasing income | Next steps |
| Hold a sale. | ||
| Sell items online. | ||
| Claim tax credits if you qualify. | ||
| Other: | ||
Regular Income
| Strategies for increasing current regular income | ||
|---|---|---|
| This might work | Strategy for increasing income | Next steps |
| Seek a raise or additional hours at current job. | ||
| Get a part-time job. | ||
| Do odd jobs (providing child care, doing gardening, running errands for someone, etc.). | ||
| If eligible, apply for public benefits. | ||
| Lease a room in your home if allowed in your situation. | ||
| Start a part-time small business, or use your talents or hobbies to make items to sell online. | ||
| Search the internet for reputable opportunities to provide services to other businesses. | ||
Long Term
| Long-term strategies for increasing income | ||
|---|---|---|
| This might work | Strategy for increasing income | Next steps |
| Seek opportunities for training or education that would increase wages at your current job or help you get a better job. | ||
| Decide when to claim retirement or pension benefits. | ||
| Other: | ||
More Ways to Save Money
- Borrow DVDs and CDs for free at your local public library, but don't forget to return them on time to avoid late fees.
- Maintain your vehicle by keeping up on oil changes and tire pressure, which can save you money on fuel and repair costs.
- Pay obligations like rent, credit card bills, and parking tickets and other fines on time to avoid additional charges.
- Consider restaurants with promotions where, if you have children, they can eat free or at a reduced cost.
- Look for sales and vouchers for things you need ahead of time.
- Check to see if you qualify for weatherisation incentives or programmes for your home.
If you're already using the bill calendar and budget worksheet to track your spending habits, make sure you adjust your new additional income in both tools.
Now that you've figured out some ways to bring in more money or free up additional resources, how will you use the extra money? The extra money can help you reach goals like paying off debt, saving up for an emergency fund or even something fun for you and your family.
Reference:
Dantus, C.R. (2018, 9 October). Two ways to save extra money & Ways to increase cash, income and other resources (B. Schuette, Ed.). Retrieved 28 June 2019 from the Consumer Financial Protection Bureau (CFPB) website blog: https://www.consumerfinance.gov