When you create a plan to pay down your debt and save money for the future, you may want to look for ways to increase your income. By using this checklist , you can find moneymaking strategies that work for you and make a plan to put them into action.
Here’s how it works:
- Decide how you will use the extra money and put it into practice.
- Make it a family affair. Get your whole family involved in an effort to reduce spending and bring in extra income.
There are two main ways to bring in more income. One way is through a one-time activity like selling items you no longer need, for example in a garage sale or online. Getting a tax refund by claiming tax credits and deductions for which you qualify is another one-time-per-year way to increase your income. You can also bring in more income on a regular basis by getting a part-time job, or applying for any benefits you may qualify for.
More ways to save money
- Borrow DVDs and CDs for free at your local public library, but don’t forget to return them on time to avoid late fees.
- Maintain your car by keeping up on oil changes and tire pressure, which can save you money on fuel and repair costs.
- Pay obligations like rent, credit card bills, and parking tickets and other fines on time to avoid additional charges.
- Consider restaurants with promotions where, if you have kids, they can eat free or at a reduced cost.
- Look for sales and coupons for things you need ahead of time.
- Check to see if you qualify for weatherization incentives or programs for your house.
Now that you’ve figured out some ways to bring in more money or free up additional resources, how will you use the extra money? The extra money can help you reach goals like paying off debt, saving up for an emergency fund, or even something fun for you and your family.
Take control of your finances
The "Get a Handle on Debt" series gives you tools to manage your debt by budgeting smarter, paying your bills on time, tracking your spending, paying down existing debts, and earning extra income. You can also get money management strategies sent directly to your inbox by signing up for our "Get a Handle on Debt" boot camp.