I discussed previously about diminishing our wants. In this part, we will discuss regarding augmenting our means.
After cutting some unnecessary expenses from my wants, I can see clearly if the 70% part of the allocation in the 10, 10, 10 and 70 formula is able to cover our living expenses or not enough. In any case, enough or enough, I have to find ways to augment my means. The first target is to be at least to break-even on a monthly basis.
My next step is to look for temporary ways to cover up the deficit.
SELL UNNECESSARY THINGS
Selling any possessions while in financial trouble is not always the best time. I know that will not allow me to negotiate on the upper side, but to put me on bargain sale because of the immediate need of cash. One example is the moment when I was selling my car that I could easily sell for $2000. I just give it away for $700 because of the urgent need of money. And since I am paying for $50 for parking and another $60 monthly for the car insurance, I decided to get rid that car at low price so that I can save more than a hundred dollars monthly.
If you are forced to sell some possession, make sure that these items are not being used and just sitting there somewhere eating space. These maybe some gadgets that are in your storage room. In my case, I get rid some gadgets that I am not already using like photography lights, flashes and other gadgets that I am not using any more. Although they were sold at low prices, since these are not being used any longer, it’s a wise move to dispatch them. Look further for more little things that you can turn into extra cash by getting rid them.
After looking for temporary ways, let’s look to finding extra pay for a longer term.
CREATE VALUE OR USE MORE TIME
The first place to look for ways to earn extra income is where you are now. I mean in your current job. The most obvious is to ask for salary raise, but you have to back your demands with value that you are indeed worthy to receive the raise. Or, maybe you can earn extra income by adding more working hours (overtime), that is if your company allows you to do overtime. If you can do both, adding value to yourself and working extra at the same time, the better.
If adding more time (paid overtime) will not work with your current job, you can accept extra jobs outside of your company or current job. It’s just that you will have to sacrifice extra time to earn that additional income. The problem is that all of us only have 24 hours a day, so you will have a limit of your possibility to earn using this way.
To add more value on myself, I have to invest on acquiring more knowledge about my job responsibilities to be more efficient and productive. I resolved to work earlier in the morning and get out a bit later in the evening. I may not be paid on these extra time, but this will be an investment on myself. Once I have added value on myself, I can reluctantly go to my boss to ask for a raise if I need to. But even though I don’t have to go to my boss five times a year to ask for a salary raise, the boss will know from the fruit of my labor – the efficiency and productivity. With the growing knowledge, the opportunity to earn more will be greater.
There is a good thing about investing on yourself. If your current job cannot provide the salary that you have on your goal by adding value on yourself, you can look outside and find other opportunities. You can offer your services for extra income doing what you know. Or, there should be other company that can provide you the income of your goal that will be equivalent to current value of the service you provide.
OFFERING SERVICES ON WHAT YOU KNOW
In case I will do additional jobs to increase my income, I need to make inventory of myself to see what services I can provide to increase my income. Currently, I have my full time job during week days, so if I will offer my services, it should be during evenings and weekends.
I have working knowledge with troubleshooting computers. This service can bring me at least 100$ extra every month. It needs a lot of time, though, so I limit myself to accepting a job if clients will drop their computer to my home after work. I cannot do servicing computers doing house to house.
I have working knowledge with Social Media Marketing – designing websites and providing contents, and gaining website traffic and attention through Social Media sites but I limit myself on Facebook alone. This knowledge can be useful to small businesses around where I live. I can provide this type of service to add more value to these small businesses by making their presence on the internet and social media.
DOING ODD JOBS
Accepting odd jobs can provide extra income, too. If you have a car, you can ask neighbors if they need a vehicle for hauling things. Check if they need someone to mow the lawns, walk the dog or some repair jobs. These little things can add up to fill the gap on your budget.
BOOK SALES AND ROYALTIES
One of the great benefit of keeping a blog with affiliate links is for my learning on writing. Articles I write will hone my knowledge. It is also my dream that one day I could be able to write and publish an ebook. This first book will be the realization of that dream. Depending on the popularity of the books I can self-publish, I may earn extra income from royalties on the book sales.
I love reading personal development and personal finance. I will be writing articles about these two topics. Reading books for at least an hour a day, I can increase more knowledge. With the knowledge I gain from reading, I can do some writing for my blog and provide content and value with my articles. Blogs take time to reap the rewards ,though, but it’s a great investment. I can add affiliate links of the products and tools I am using might generate extra income to be able to maintain the websites and might earn extra income as well.
Try to find ways to earn extra amount out of your free time and providing services on what you already know. With the surplus of money flowing in, you can fill the gap on your budget. Eventually, you can add those extra savings to your emergency fund, or add the amount to paying back your debt, or start accumulating for your investment fund and save your first million peso to become a millionaire.
How about you? What ways are you doing to increase or augment your means of living? Please leave your comment below.
If you want to know about what I am doing with my financial recovery, simply contact me using the details below. I look forward to discussing your needs so that I can help you get started.
So here’s to your success!
JUN PASION – Online Entrepreneur
The Way To Financial Freedom – Augmenting Our Means To Become a Millionaire