Sense & Centsibility Blog
Savings

Ideas For Increasing Income

Tuesday, March 1, 2016 - 11:04

Short on cash right now or do you have a big expense coming up like property taxes or a home/vehicle repair? Here is a list of ideas to help you increase income temporarily or permanently. Remember: not everything will work for you, but be creative and see what you can come up with that's not on this list as well.

money hands

  • Rent out a room in your home or rent out your unused garage or storage space.  
  • Sell assets such as boats, extra vehicles, merchandise, or real estate.
  • Have a rummage sale or use an online auction service to sell household items.
  • Build or make things and sell them for a profit. Have a bake sale or sell arts and crafts at a boutique, flea market, or yard sale.
  • Increase household income through additional hours or second job, or encourage employment for a spouse or older children.
  • Offer childcare services, senior care, tutoring, sewing, typing, lawn care, housecleaning, personal shopping services, fix-it jobs for neighbors, pet sitting, dog walking or boarding animals. What other skills can you share for a small fee?
  • Consider donating plasma to increase income.
  • Could cash values in insurance policies be borrowed against? Is insurance coverage duplicated between what you or your spouse’s employers offer? Compare costs of term vs. cash value policies. Talk with your insurance agent to review your policies and insurance needs.
  • Direct less to your retirement funds or consider an early withdrawal of retirement or investments, but only as a last resort to prevent a financial crisis. We highly recommend that you speak to a tax advisor about potential early withdrawal penalties and possible tax liabilities on these types of assets.
  • If you get a tax refund each year, consider increasing the number of exemptions claimed on your W-4 form at work. This is likely to increase take home pay and reduce the tax refund amount. Discuss the possible change with your tax advisor or call the IRS at 1-800-829-1040 to be sure this will not result in an end of year tax debt. The IRS offers a withholding calculator to check if you've selected the appropriate withholding amount.

If increasing income just isn't possible, then look for other creative ways to save money and help your bottom line. 

Paying off debt and getting rid of monthly payments is the best way to create some budget breathing room. Give LSS a call at 888.577.2227 for a free and confidential appointment. Our financial counselors will help you determine the best way to eliminate your debt for good. If you would rather start right now, click the box below to begin your online session. Take action now to start your journey in becoming debt-free!