There are three main ways to create income – earn more, liquidate, and renegotiate your spending. These three income-producing tactics can immediately put more money back in your budget to be used to clear up debt, declutter your spending, and increase your liquid assets.
Most people think about finding a new job that pays more money as one of the easiest ways to earn more. Everyone should be focused on earning the most they can and moving upward in their career, but there are other ways to make money that don’t require a new position. Selling items that you no longer need or that don’t provide personal value is a great way to make immediate cash, but that won’t last too long. Once your items are sold, they are no longer a resource, so your one-and-done money maker is gone. One of the best ways to put recurring money back into your pocket is to cut expenses.
- Canceling subscriptions and memberships
- Renegotiating contracts
- Paying cash for purchases
These tactics can put money back into your pocket without having to sell anything or get a new job. Making spending cuts and changes is actually effortless and has no downside compared to job hunting and selling items.
Let’s take a look:
Cancel subscriptions- More money is wasted on subscriptions than you may believe. Spending money monthly for things that you really don’t use or need eats up your financial budget one teeny subscription at a time. A $5.00 subscription may not seem like much until you add up all of the $5.00-a-month subscriptions together and realize you are spending far more than you thought. Cancel subscriptions and only make a purchase as needed. You may find that you need far fewer of an item than you thought.
Renegotiate contracts- Many of your bills are under contracts that can be negotiated annually. Phone, insurance, internet, cable, gym memberships, and other monthly premiums may be renegotiated for better rates. Many companies are in competition and don’t want to lose your business. Call your providers every six months to once per year and make sure you’re getting the best pricing possible.
Pay cash for purchases- If you hold to the rule of paying cash for purchases, you’ll likely spend less. Your mind is better able to make tough decisions if you know you can or can’t afford an item at the point of purchase. Save your credit for emergencies or unexpected expenses that are vital and exceed your available income. You can increase your income by selling your belongings or finding a new job or you can put money back into your monthly budget by making strategic changes in your spending. Take a look at your accounts and see where you can make changes that will bring you immediate income.