Income: How To Increase Your
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Whether you're in a financial crisis, tight spot, or just want more money to spend or to save, increasing your income makes sense whether you're working or not.
Don't forget to also check out our article on How To Deal With A Financial Crunch which includes ideas for decreasing expenses.
IF YOU ARE WORKING
- Step 1. Calculate your real earnings.
- Step 2. Look at increasing your paycheck increasing your income or decreasing your expenses.
- Step 3: If you have a cafeteria plan, consider changing your elections.
- Step 4. If you have retirement savings, consider reducing the amount you put into the plan.
- Step 5. Think about changing your tax withholding.
- Step 6. Is this the time to ask for a raise?
- Step 7. If you’re up to it, consider obtaining a second job.
- Step 8. Consider changing jobs, self-employment or freelancing
- For information about these steps, click here.
IF YOU STOPPED WORKING
If you are not working, be sure you take advantage of all disability income plans offered by your employer and for all benefits for which you might qualify. For more information, click here.
IF YOU HAVE ASSETS BUT DON'T WANT TO SELL THEM
You can use existing assets to obtain cash without selling them. Assets to consider are:
- Retirement Plans
- Life Insurance
- Your Home
- Investments
- Personal Property
- Credit
- Your automobile
For information, click here.
THINK ABOUT WAYS YOU CAN EARN EXTRA INCOME
For example,
- If you have experience caring for dogs, consider becoming a dog host for people who are working or traveling. According to AARP Bulletin, at DogVacay
, the typical host can earn $1,000 a month. - If you can perform tasks for other people, TaskRabbit connects people who can work with people who need help and are able to pay for it. The company does background checks on all taskers and provides insurance on every task.
- Be a local guide. See: Vayable.
ASSISTANCE IS AVAILABLE WHICH HAS THE SAME EFFECT AS ADDITIONAL INCOME
Food: You don't have to be starving or homeless to get help with food if your income is low, even if just temporarily. If you could be evicted because you have to spend money for food instead of rent, don't hesitate to take advantage of these programs. It's what they're there for.
- Consider applying for food stamps and, if you have children in your household, temporary aid to needy families.
- Check with local church or other charitable organizations to see if you can get food from a food pantry or there is free delivery of meals to your home.
Friends and family members: Might also be able to give or loan you money. To learn more, see Borrowing From Family and Friends. Note: If you collect Supplemental Security Income, see that article for the effect, if any, of any loan you may receive.
Health Insurance: Assistance is available to help to pay premiums, co-pays and deductibles.Check with your disease specific non-profit organization. Also see: Financial Assistance For People With Any Life Challenging Diagnosis.
Other programs: Contact your local disease specific, non-profit organization and see what other programs may be available in your neighborhood. In addition to food banks, there may be thrift shops where you can obtain clothing either free or at greatly reduced prices. There may also be community gardens where you can grow your own vegetables for little or no cost.
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