4 ways to increase your income

increase income

Have you ever considered increasing your income as a response to budgeting? It’s no surprise we’re fans of budgeting at breakthrough-budgeting.com, but as with most things where restriction is involved, there’s only so much restriction one can apply before it becomes unrealistic.

I often equate restrictive budgeting without considering increasing income to dieting without exercise. Sure you can restrict food intake, but you can only restrict it so far. Adding in physical activity and increasing your caloric “income” is a far more sustainable way to go about it.

Keep in mind additional income will not help if you have not established good money habits. Remember it’s not about how much you make, but how much you spend. The person who makes $60k/year and saves $10k is much better off than the one who makes $200k and saves zero.

But enough about that, we’re here for budgeting and increasing your income!

So here are 4 ways to bring in extra money and increase your income

1. Sell things

Sell things, sell anything. Sell items that you no longer wear, no longer use, no longer play with, or no longer fit like:

  • Clothing
  • Tools
  • Furniture
  • Toys

Once you’ve found items to sell, where can you sell them?

  • Online marketplaces like Facebook Marketplace and Craigslist (πŸ‡ΊπŸ‡²)/Kijiji (πŸ‡¨πŸ‡¦)
  • Neighbourhood or other community or church groups
  • In a good ol’ fashion yard sale

There are tons of options as to what can be sold and I often say don’t assume no one will want the item you’re selling. One man’s trash is often another’s treasure. Create a free listing and give it a go.

2. Share your knowledge/expertise

The “expert economy” is booming and for good reason! While it’s easier than ever to find all the information you need, all that data can easily become overwhelming. If you have expertise in an area, consider one of the following ways to help others make sense of the information overload and monetize your knowledge:

  • Consulting
  • Online course offering
  • Monetized blog or social media presence
  • Coaching

Been thinking about putting together a course, but not sure how to get started? Thinkific is a great platform to research for this. They offer a free course builder and enhanced services to enhance your course offering.

3. Start an art or craft business to increase your income

If you have a flair for the arts, either digital or physical, consider putting your talent to work. With the advent of e-commerce platforms like Etsy and Shopify, it’s never been easier to offer your custom creations for sale. Consider selling:

  • Art pieces
    • Digital art
    • Sculptures
    • Paintings
  • Crafts
  • Templates
  • Jewelry

4. Participate in the sharing economy

The rise of the sharing economy has revolutionized how we as consumers book services and how individuals can capitalize on existing resources to increase income. Uber and Airbnb pioneered this model, but there are several other similar services you can research to see if they’re right for you:

  • Instacart – grocery delivery
  • Uber Eats – restaurant delivery
  • Airbnb – property rentals
  • Turo – car rentals (think Airbnb, but for your car)
  • TaskRabbit – handyman services
  • Rover – dog walking and pet sitting

The sky’s the limit on how you can increase your income and I challenge you to research at least one of the options above as a solution.

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