Tuesday 26 May 2015

Quick Ways to Supplement Your Income

Sometimes no matter how much you budget, you need extra money to meet your obligations or achieve your financial goals. Whether you are looking for a second job or hoping to nurture a fledgling business, below you’ll find five ways you can quickly start bringing in additional income – some you can even start right now.

Make Money from Your Car

With the advent of apps like Lyft, Uber and Hitch A Ride, your own car and commute can be ways for you to make some extra cash on the side. Some charge a defined rate depending on demand and the distance travelled, while others let you barter with your passengers. Just make sure you check with your insurance agency and road authority in your state or territory before you start.

Start Your Own Telco

Think running your own telecommunications company means large infrastructure and start-up costs? Not necessarily. You’ll need to consider investing in marketing and promotion, and make sure you have a solid business model, but innovative companies like Telcoinabox make breaking into this previously untenable industry viable for almost anyone.

Turn Your Hobby into a Part-Time Job

Whether yoga, baking, crafting or something completely different is your forte, chances are there is an opportunity to make some extra money doing what you love. Market stalls and social media make it possible for almost anyone to start a small business from their passion. Make sure you investigate pricing carefully to ensure you’re charging enough to cover both your costs and your time.

Sell Your Unwanted Items

Baby items and clothing your children have grown out of. The latest fitness gadget that’s collecting dust in your garage. If you look around your home, there is probably a plethora of items lying around that you could turn into cash. Websites like eBay, Craigslist and Gumtree make it cheap and easy for you to offload things you don’t want any more. Just make sure you have good photographs and honestly outline any wear, tear or damage in the description when you’re posting your classified ad.

Barter with Friends

This one won’t necessarily make you cash but it can help your money go that little bit further. Organise swaps with friends or colleagues – maybe you could carpool to work, stretch out your grocery budget further by splitting bulk buy specials with them, exchange home grown produce or even do a service swap, like offering to babysit or mow lawns in exchange for something you need help with around your house.

Whether you got an unexpected bill, want to take a holiday or need to reach some savings goals, these ideas can help you start making money straight away. Whatever your goals though, keep in mind that the best way to approach supplementing your income is to have a long-term budget in place and be working towards reaching your financial goals steadily over time.

Have you had any success making extra money quickly? What are your tried and tested income-generating methods?

Until next time,
Jada x


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