Spring Cleaning Your Finances: Increase Your Income
Spring Cleaning is usually a time of year when people focus on throwing out the old, but this could be your time of year to renew your financial situation. While we focus a lot on fixing your debt and credit on this blog, an important part of managing your finances is taking steps to increase your income. This spring, try these steps to bring in more money.
How to Increase Your Income
1. Start a side business. Starting a business is the best way to bring in a lot of extra income. Pick something with low start-up costs that will allow you to keep working at your regular job. In most cases, this means something physical, such as babysitting or landscaping. Providing a service is usually cheaper than providing a product, and there are a lot of customers available who need these types of services. Start small to test the waters, then work towards growing and expansion.
2. Sell your old stuff. Since you’re already busy with Spring Cleaning, you might as well sell the stuff you are getting rid of. Hold a yard sale, or sell your unwanted items online. At least, get a tax receipt if you donate them to charity.
3. Pay attention to your taxes. If you haven’t looked at how you file in a while, it’s time. If you have recently bought a home, had a baby, got married, and/or had another significant life event, odds are good that there are a bunch of refunds that you might be missing out on. Learning about your taxes and taking steps to minimize your tax bill means that you can count on bigger refunds every year. That’s like giving yourself a raise.
4. Start searching for a new job. Graduation is coming soon, and that means there will be a lot of companies looking to hire. If you’ve hit a stopping point in your career at your current company, it might be time to see if the grass is really greener with one of your competitors. For now, keep your search low key; you don’t want to do anything that will jeopardize your current job until you’re sure that you have a new one. Start by asking friends in the industry you’re interested in if they know about any job openings, and get your resume updated just in case they call you with a good lead.