For many people, the conventional wisdom that to save you need to watch your luxury spending is simply irrelevant.
If you have a limited income, you probably hardly spend on anything that is not totally a necessity. You may be even a pro in budgeting, but still you struggle to make ends meet. In this case, there is no latte money to spare or impulsive shopping to cut back, the core problem is simply your income is too low to cover your expenses. And the only solution to solve this problem is to find ways to make additional money or tiny savings.
Easier said than done for many people who are stuck in financially dead-end jobs without many alternatives that could pay more. In these cases, the only way to make money is to think outside the box, and look for potential sources of income or savings, even if they seem insignificant, knowing that just like small expenses add up, small savings also can help.
Here are few points to look at when you’re considering your options.
Sell or recycle
It may be a hassle to sell your child’s old bike or your well-loved dresser, but if you’re willing to go through this sort of selling old items — especially if you have children — you may find that the small amounts of money you’re making on this stuff are helpful in paying a bill or at least giving you some flexibility. And once you find an easy way to purge your items, there could be even some convenience that comes along.
Similarly, think of items that can be recycled into new purposes. For example, an old table that can be used as a desk. Old clothes that can be used for rags or crafts, etc. The internet is full of fun ways that you can recycle items into new purposes. All you need to do is to look around you, run an online search and have fun into repurposing your items instead of going to the store.
Find a side job
It doesn’t have to be in your career or fulfilling, however. If you have the time, you can do an odd job that helps you make some money occasionally. What gets in many people’s way is their egos, where they don’t perceive themselves doing a menial job because of their education and social status. If you put this aside and value work in itself, you should be able to make money while you’re trying your hands in something totally different than what you have been doing.
This job also could be related to your hobbies. If you’ve always loved to cook or bake, how about teaching cooking classes? Reach out to places where these classes are offered and ask about the requirements. If you’re a sports player, think about coaching positions that can help you enjoy your sport and make money, too. Be willing to start as a volunteer to demonstrate your skills before taking a paid position, if needed.
Reduce waste
Lack of planning often leads to wasting food and other resources. Get better at planning meals, using leftovers, and making shopping lists. When you’re going through your refrigerator and pantry, and throwing away expired foods, try to see patterns that led to this waste. It could be an overestimate of how much food you and your family need and consume within a particular period of time or buying items that no one cares about any more, hoping that they will be consumed. Based on your findings, try to be smarter in your future shopping.
Waste also could be in other items that are less obvious than food. Driving long distances frequently can be wasting gas, for example. Leaving lights on and appliances plugged in while they are not in use waste electricity and money. The point is to look around and see where marginal savings can be made to help you pay for something else or at least feel less stressed about making ends meet.
The writer, a former Gulf News Business Features Editor, is a Seattle-based editor.
Make some extra money
Think of jobs that you can do
Sell or recycle your old items
Watch for regular waste
Improve your planning for shopping
— R.O.
