I was reading an article on Ramit’s website I Will Teach You To Be Rich, in which he discusses a problem that a lot of financial bloggers encounter. He states that many financial bloggers post about how to spend less, while largely ignoring how to earn more money. Although spending less is super important, earning more can make an even greater impact on your finances. You can only cut so much out of your budget, but an increase in income can mean more money to pay off debt, go into savings, buy designer purses, whatever you choose.
One of my goals has been to do some social media management to increase my income and resume experience. After one month of setting up clients, I have one already underway, one who I will be working with starting next month, and one that will be using my services at an unknown point in the future. Although it is definitely not enough income to live off by itself, I am happy to be increasing resume experience and the extra earnings will be put towards my student debt. This will help ease the money pressure as I am going to be potentially jobless for three months. I’m really pleased with how well I am doing with this goal. I feel completely lucky that I have already been able to bring to fruition some of the goals I started on this blog less than a month ago. I guess once you start really trying, your hard work does pay off!
Ramit is absolutely correct in stating that people need to try to earn more income. I have been able to lower my basic necessities to roughly $950/month, and am unable to cut anymore. I could cut out some variable spending, but I think I have been doing a decent job of that as well, and I don’t want to live so frugally I get burnt out. So adding in some extra income that can be thrown straight at my loan is the best option for me. I will also still be budgeting a large portion of my normal pay cheques towards my loans.
What are some of the ways you have increased your income?