The World According to Me

When trying to map their financial path, many people cannot reach their goal by cutting spending alone. You should have a clear picture of your income and expenses if you tracked your money as suggested in my first post.

Choice 5: Where can I earn more?

Take a look at the bottom line created when you look at your income and your expenses. Are you spending more than you make in a month? Many people are and don’t even realize it. To balance that equation you may need to earn more as well as spend less. There is no shame in any money that you earn legally so explore your possibilities.

Apply any extra income to debt first. As you pay off debt your expenses will quickly decrease leaving more money to be allocated to paying off remaining debt or to put into saving towards your goal. Once your debt expenses come down, look at your bottom line again and make a decision about whether you need to keep earning extra income or not.

Need ideas for generating more income?

Try having a garage sale or selling things through an on-line auction site.

If possible pick up more shifts or work overtime at your current job.

Get a second (or first) job. If you are a teacher, consider tutoring. If you are a mom or someone with childcare experience, check out opportunities for babysitting.