Published On: Fri, Dec 27th, 2019

How to Increase Monthly Income Without a Second Job

Is it possible to bring in more income without taking on a second job? It must be, because millions of adults, both retired and working, are already doing so. They use all sorts of clever approaches like reducing common expenses, refinancing student loans, selling things online, and eliminating high-interest debt. In fact, there are dozens of ways to bring in a little, or a lot more cash, without clocking in at a second job. Here are some of the most popular ways to reduce the outflow and increase the inflow of precious dollars.

Cut Expenses

The oldest and most reliable method out there for adding to your personal bottom line, expense chopping is as old as money itself. Take a look at your budget and target a few of those line items that are ripe for reduction. Most working adults tend to spend too much on entertainment, clothing, impulse buying (candy, magazines, drive thru coffee and fast food) and alcohol. If you’re spending on tobacco products regularly, you can improve your health and your budget very quickly by giving them up. A pack a day smoker, for example, can save $2,260 per year by giving up the habit. Most smoking cessation programs are free, so you have nothing to lose by saying goodbye to cigarettes and hello to a couple extra thousand bucks in your pocket every year.

Refinance Student Loans

If you choose to refinance education loans, you’ll end up with a lower interest rate, a longer time to pay, and lower monthly payments on the obligation. This strategy only works if you still own on your college tuition. You could revamp your budget very quickly and painlessly. The beauty of a school loan refi is its simplicity. Many online lenders can take your old loan and restructure it quickly, leaving you with a much more palatable obligation and better terms.

Sell Your Stuff

Most everyone has heard of the teenage girl who sold all the junk she had accumulated and made a quick $2,700 by hawking the stuff on eBay and Craigslist. You might not be able to earn a profit every month by cleaning out your closet, but most people can snag a nice chunk of change just by doing the cyber garage sale. Not everything will sell quickly, so if you have a decent number of items, it’s possible to bring in some regular cash for between 4 and 12 months. Be sure to take excellent photos and write short, honest descriptions of all items. Consider selling quality clothing, coins, CD’s, or vinyl music recordings, books, appliances, knives (pocket knives are brisk online sellers), paintings, and computer peripherals.

Reduce Debt

An effective way to keep more of your cash each month, is to simply reduce your debt burden. Spend a few months paying down any higher interest debt you are carrying. Pay particular attention to certain types of debt like retail credit cards, medical bills, auto loans, and unsecured credit cards. Credit card debt is by far the most toxic. Between high rates and transaction fees, they can put your finances into a death spiral.

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