Need more cash-flow to get a handle on your finances? Recently, I’ve been sharing strategies for improving your finances, including cancelling services and scaling back.
But economizing will only get you so far. Some people simply need to bring in more cash. If you’re self-employed, this is easy: either take on more work, or negotiate higher rates for your products and services by educating customers on the higher value of what you have to offer.
If you work for a company, there are still ways you can create more cash to get your financial house in order. Here are a few:
• Become a weekend entrepreneur. For a few months or several times a year, take on projects (or a second job) that pay hefty sums like seasonal tax preparation, organizing and clean-up, ghostwriting a book, or helping a caterer.
• Ask the payroll department at your workplace to redirect part of your paycheck to a new savings account you set up. Decide on the bare minimum you really need in your paycheck, then redirect the remainder. Use that money to pay down small debts.
• Add up your random expenses (eating out, buying home décor or clothes, ordering stuff on Amazon) and for 90 days, stop all discretionary spending. Use the extra money to pay off a bill or eliminate a small debt.
• Start selling stuff on Craigslist, Facebook marketplace, or gazelle.com. Decluttering not only makes your living space feel more tranquil, the extra money will have a calming effect on your financial stress, too.
• Create a plan to pay off your credit cards within one year, then call your card issuers to ask for a 0%-for-one-year rate. Consolidate your other balances onto a single card and aggressively pay it off, saving tons of interest.
Of course, finding more cash to handle your immediate financial headaches is only a part of the process of creating overall balance in your life. If you think working with a coach to keep you on track is something that would get you to a balanced life faster, I’m here to help.
Message me and we can jump on a call to chat about it. Or go here to check out the 8-Week Oola Coaching Program I deliver for clients who want more balance, less stress, and more happiness in their lives.
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