Consider Additional Income Streams
Saving money each month for your financial goals can be difficult simply because there is not enough money left after expenses are paid. Even for those that live by the model of pay yourself first. The problem with paying yourself first is that you still run out of money. The concept is to put money into your savings before you pay any of your expenses. However, at the end of the month you find that you must dip into what you put away because there are still expenses that need to be covered. This is a vicious cycle that gets you nowhere. Instead of continuing the cycle of not having enough money to cover savings and expenses, consider increasing your income by adding additional income streams.
Increasing your income by adding additional income streams is a great way to bring in more money to help reach your financial goals. The best thing about this is that it can be done in a variety of ways. Depending on what you decide to add to your income, it can be a way to develop new or enhance existing skills and talents that can be added to your personal repertoire.
Here are a few options for additional income streams to help with your financial goals:
You can start with referrals from family and friends. You can arrange for regular weekly or multi-day times based on your desired schedule. The rates may vary based on your experience and the requested sitting time.
Use your skills and experience to help others as a tutor, instructor or coach. There are a variety of opportunities as this can be done with individuals of all ages. Tutoring school age students that are struggling in their current grade level or helping them with preparation for placement tests. The coaching field is growing. You can coach adults to help with career advancement using your own career expertise and knowledge.
Another way to capitalize on your expertise and knowledge is by freelancing. The opportunities are wide for this option. You can become a freelance writer, a photographer, a graphic designer, a website designer or a social media influencer. Be brave and jump out there. See how far your current skills can take you.
If you like antiques, then maybe you can sell them or sell refurbished furniture at flea markets along with craft projects. This is another option to showcase your hidden talents. Just remember, to keep your cost of supplies (overhead) as low as possible so that it doesn’t cut into your profits.
Most people dread the task of cleaning. Many people are willing to pay someone to take care of this. The cost to start is relatively low as they may provide the cleaning supplies for you. If not, your purchased supplies will last for a few homes or offices before you need to repurchase anything.
Although there may be many other options to consider besides the ones listed above, the point is to look outside the box and find a way to increase your savings to help reach your financial goals. Saving for your financial goals may be daunting but it is not impossible. All it takes is determination and dedication. Get started now. If you need help with getting started on saving for your financial goals, please contact me at 704-626-7484.
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