Welcome to my 6 part series on creating a family budget. You can read the entire series or use the handy links below to navigating to a particular lesson. Thanks for reading Trees Full of Money! If you haven’t already done so, please consider subscribing to my free email newsletter or RSS Feed.
Table of Contents:
- Part 1: Introduction: Why You Need a Budget
- Part 2: Budget Spreadsheet: Download My Free Budget Spreadsheet
- Part 3: Step by Step Instructions for My Budget Spreadsheet
- Part 4: Tips for Reducing Your Monthly Expenses
- Part 5: Tips for Increasing Your Income
- Part 6: The Envelope System of Budgeting
When it comes down to it, there are really only two things you can do to improve your financial situation. You can either spend less, or earn more!
Over the last few posts I’ve introduced you to my super easy budget spreadsheet, my techniques for creating a written budget, and my tips for reducing your monthly expenses. If you’ve made it this far in my guide to creating an effective budget, you’re doing pretty good! In fact, you’re well on your way to kicking major financial budgeting A$$!
Today I want to focus on the other part of the financial equation…
How to Earn More Money:
So, what’s holding you back from making more money? Perhaps you love what you do and you couldn’t imagine doing anything else, yet your current job just doesn’t pay that much money. Maybe you’re in a dead end job, and the possibilities for a raise are remote.
No matter what your situation is, this helpful guide will help guide you on the path to future riches (OK, maybe not “riches” but you should be able to make more money)! So here’s my ”official guide” on how to make more money!
Invest in Yourself: One sure fire way to make more money is to invest in yourself. Would an advanced certification or degree enable you to make more money? While taking a leave of absence from work to pursue a degree may not be an option, there are virtually thousands of online degree and certificate programs on the Internet that may suit your needs. Even better, many employers will reimburse some (if not all) of your tuition payments providing your course of study is “related” to your line of work. Even if your employer doesn’t have a formal education reimbursement program talk to your supervisor. If you’ve been a great employee over the years, your boss may be able to help you out!
Take on Additional Projects: Is there a particular problem facing your company that you feel you can help solve? Volunteer your talent and expertise to solve it! Even if the scope of the task is outside your normal work responsibilities, coming up with a solution to a unique problem is exactly what supervisors are looking for when promotion opportunities become available.
In addition, you might be given the opportunity to work overtime on the project.
Working Overtime: Ask your employer about any overtime opportunities at work. As mentioned above, there may be a few special projects you can help with.
Start Over in a New Career: Okay, so I realize this isn’t the best job market right now. You’re probably thinking that you’re lucky to have a job as it is. The truth is, there are thousands of companies all over the US that are looking for the “right” person to fill lucrative positions.
The question you must ask yourself is what are you doing today to make you more marketable for a more lucrative job in the future (either with your current employer or another)? This falls in line with the “investing in yourself” part that I mentioned earlier.
If you’re seriously thinking of interviewing for a new job, you must read my article on interviewing tips.
Another great resource that provides out of the box thinking to land your dream job is Harvey McKay’s new book: Use Your Head to Get Your Foot in the Door: Job Search Secrets No One Else Will Tell You
EARN a Raise at Work: Notice how I didn’t say “Ask for a raise”. As I’ve mentioned in a previous article there are 5 essential questions you must ask yourself before you ask your boss for a raise.
Are You Working to Your Full Potential?: It’s hard staying motivated at work if you don’t feel that you are being compensated justly. On the other hand, you are not being honest with yourself (or your boss) if you ask for a raise but are not willing to work for it. Making yourself and your work an integral part of your company’s success gives you an amazing amount of leverage when making your case for more money. Put yourself in your boss’s position for a minute. If you where your boss, would you give yourself a raise?
How Have You Improved Yourself Since Your Last Performance Review?: Everyone hates the dreaded quarterly or annual performance review. It’s a stressful time for both the supervisor and the employee. If you’ve followed my guide to effective performance evaluations you will know the importance of embracing your “improvement opportunities”. Taking a proactive approach to performance evaluation will help maximize how you “rate” within the company. A good performance review will often translate into an increased salary.
Is Your Employer Doing Well?: If your place of employment is thriving, and/or your work load has increased over the last few months, you have an advantage when it comes to renegotiating your salary.
What’s Your Experience Level?: You may not know what your co-workers are being paid, but you generally have an idea. Gauge your time in position, and your experience level and compare it with your salary. You may find that you are paid the industry average, you might find that you are severely underpaid based on your level of expertise. Don’t be afraid to “test the market” too. If you feel that you are not moving as “fast” as you should, it rarely hurts to send resumes’ to other companies just to see what they have to offer.
How Easy Would it Be to Replace You?: Does your current job require a special license, or skill that only a few people have? The more invaluable you can make yourself at work, the more difficult it will be for your supervisor to say no to a raise. Become an “expert” on as many things as you can at work. Maybe they’ll be afraid they’ll lose you if you’re the only employee that knows how to keep the computer network running.
Turn Your Hobby Into a Profitable Business: Whether you’re a musician, aspiring artist, writer, sports fan, cook, outdoor enthusiast, etc., there is virtually no limit to the amount of money you can make from your hobbies if you know were to start. From starting a blog or catering business, to giving guitar lessons and selling paintings, your ability to earn money from your hobby is only limited by your imagination!
Here are some great resources to help you convert your hobby into cold hard cash:
: Amazon10 Ways to Translate Your Passion Into Additional Income: The Simple Dollar
5 Ways to Make Extra Money in Your Spare Time: Get Rich Slowly
Get a Second Job: Really Ben? I can get a second job to earn more money? [I can read your mind as I type this!]
“I’m stressing out enough with my current job, how am I going to manage a second job as well?”
Obviously working two jobs is not a long term solution to any shortcoming you may have in your budget, but if you’re in a financial pickle a second job may provide the additional income you need to turn things around.
Once your situation is under control you can easily cut back your hours and begin a more normal working routine!
Even if you have a busy family life, you may find that getting out of the house during the evening to work at the local retail center isn’t as bad as it seems. The other parent may appreciate having some individual time with the kids, and you get to enjoy a little change of pace yourself.
Sell Off Some of Your “Toys”: One thing that helped my family as we paid off our outstanding debt was selling off some of our personal items that were “holding us back”. This included selling my motorcycle, a few guitars, and several other “valuable” possessions that were just doing nothing for my family’s financial prosperity.
I realize I’ve drifted away a little bit from my budgeting theme this week, but as I mentioned before budgets are often necessary to control our spending so that we can establish more financially secure lives. In my opinion, talking about increasing our income is equally important!
Some of these solutions are not permanent going to solve any shortcomings in your budget, but I hope you were able to take something away from this article that may help you get yourself back on track!
If you’ve got some tips or strategies for making more money, I’d love to hear about them in the comments below!
