LRC Savings Edition – Day 17: Make Mo’ Money

[New to the Live Richer Challenge: Savings Edition? Learn more about it HERE.]

Welcome to Day 17, friend! Today, we’re talking about making more money.

Cha-Ching!

Yesterday when you added abundance to your budget, you may have found you don’t quite make enough money each month to cover it. No worries! I’m going to share a few tips and resources to help you make extra income outside of your job (if you have one).

I highly recommend that you have multiple sources of income (i.e. babysitting or tutoring). It can help you pay for your abundance AND help you to reach your savings goals much faster.

Ready to make mo’ money? Fabulous! Let’s get down to business.

First, I have four quick pointers you should keep in mind when deciding what you should do for extra income:

Use Your Degree. If you have the education, put it to use. You can charge more money for a service when you’re an expert in a field. Think about how you can shape your education into an extra source of income.

Do What You Do For a Living. You can hit the ground running with your side hustle if you have work experience in the industry. There’s no learning curve and you have a resume that proves you know what you’re doing.

Activate Your Passion. Start charging for things you already do for free. You already have an established clientele who like your work and you can use them to spread the word.

Negotiate a Raise. Start to collect all of the amazing value you bring to your job. Put it together in a file. Make sure you monetize your value. Example: The decision you made to do _________ is saving the company $10,000/year.

For other ways to make side income, NextAdvisor has an excellent resource called “29 Side Hustles That Will Make You Money in 2023, According To People Who Do Them Every Day”. Here are a few favorites from the list:

Rent Out Your Car When It Isn’t in Use: If you have a vehicle that doesn’t get used much, you could rent it out and make extra money. Think of these services as being like an Airbnb, but with your car.

Help Others with Odd Jobs on Taskrabbit: When you sign up for Taskrabbit as a Tasker, locals can hire you to help with odd jobs around the house.

Tutor: If you want a more flexible side hustle and know a lot about a certain subject, tutor high school or college students as they prep for exams.

Rent or Sell Clothes Online: The clothing in your closet that you never wear might be able to make you money.

Do you have any more ideas to add to this list? Tell me in the comments, share them with your accountability partner and in the Dream Catcher Savings Challenge Group. Your ideas may inspire another!

Gentle Reminder: Be Careful of Scams

Keep your eyes peeled for jobs that appear suspicious. You should never have to pay money to make money and get-rich-quick schemes don’t exist. If a job sounds like a scam, it probably is.

Lastly, make sure your side hustle is worth your time and resources. If you drive an hour and spend $20 on parking just to make $25, you’re breaking even. That isn’t the type of hustle that will help you save much money or pay for abundance in your budget.

Now, it’s time to get your abundance on! Share your thoughts with me in the comments. What do you plan to do to make more? I’d love to know. Reach out to your accountability partner.