Boosting Household Income Keeps You in the Black

A guest post from our friends at Readies: 

It has happened to nearly every household money manager, at one time or another - income falls short of monthly financial demands.  For some, the increased pressure results from an expensive event such as divorce or another unexpected financial hurdle, while others experience ongoing shortfalls, related to job loss or extended layoffs. Whether fleeting, affecting your balance sheet for only a few months, or long-lasting, consistently challenging your ability to make ends meet; financial distress calls for corrective action.

Cutting costs is a first-line defense against overspending and other financial difficulties.  And most household budgets do show considerable room for savings, without dramatic sacrifice.  But there is more than one way to balance household cash flow.  In addition to frugal measures, designed to bring down spending, taking-in more money can also help you equalize expenditures and income.

Financial conditions vary, from person to person, so not everyone is tuned-in to the same monetary concerns. However, people from all walks of life often share a common commitment:  Make more money.  For the best results boosting cash flow, borrow from others experiences and explore your own money-making ideas - starting with the following straightforward possibilities for bringing-in extra income.

Business Consulting

Depending upon your background and line of work, your employment experience may translate into extra income.  Have you played a role setting-up a business?  If so, you may be able to market your experience in a consulting role, helping similar businesses get off the ground.  Of course you must ensure there is no conflict of interest with your present employer, even clearing your intentions ahead of time, to avoid problems.  Do you possess specialized technical knowledge, related to computers or business communications? Though the field continually evolves, your prior tech experience might be parlayed into a supplemental income source, helping set-up networks and business communications systems.

Seasonal Work

Employers commonly experience peak seasons, when business operations are stretched beyond available personnel resources.  Retailers and others in the consumer supply chain, for example, encounter brisk business during the fourth-quarter months of October, November and December.  If your financial need can be addressed with a short-term cash infusion, seasonal jobs are a great way to fill the coffers, without making a substantial commitment. 

During warm-weather months, municipals parks, private golf courses and other recreational venues are in-need of grounds personnel and other seasonal staff.  But if you need full control of scheduling your work hours, a self-inspired venture might be a good fit, providing services of your choice (yard care, maintenance, light carpentry, etc.).  Word of mouth referrals quickly build business, for those willing to offer various services.  In cold weather climates, snow removal presents additional money making opportunities.  And your van or pickup translates into additional income, year-round, when used to provide hauling and moving services.

Freelance Contracting

Freelance income has long been associated with creative fields, but opportunities also exist within other employment areas.  The flexible earning approach can be taken-on full-time, or used as a supplemental strategy, to boost household earnings.  Freelance jobs furnish flexible income, earned at your own pace, working in these and other disciplines:

·      Tax filings - If you have experience in the field, your accounting background can easily be turned into extra income, preparing annual tax returns.  Even those without extensive exposure to tax accounting can rapidly learn the ins-and-outs of various filing requirements, leading to steady part-time income.

·      Hair and beauty services - Cutting hair on the side is a great way to earn extra income.  And if you have other beauty skills, you may be able to find work as a stylist or makeup artist for weddings, theater, or television.

·      Various types of creative content - Diverse media channels call for content ranging from traditional images to infographics.  The World Wide Web, in particular, is populated with freelance content, representing paid opportunities for you to write, create graphics, develop branding, or provide photographic services for clients all over the world.  Shooting stock images is another way to generate artistic income, enabling you to earn, without contracting with a particular client.  And your own blog can be monetized, generating income from your engaging content.

When cost cutting measures are not enough to balance cash flow, adding to your household income can keep you operating in the black.  From freelance and consulting opportunities, to seasonal employment, there are many ways to boost earnings, without major lifestyle changes.