Get Out of Debt Part 3: Bring in Extra Cash

Many believe that getting out of financial struggle can be solved with having more money. Although this is true, it has to be combined with other facets of a financial remodel. You can add millions of dollars to your bank account, but without proper management and understanding of how your money is working, you will be right back where you started.

Adding More Money

Adding more money to your finances can be tough and easy at the same time. Depending on your situation, adding an extra job to your schedule can be difficult. Obviously having more money to apply towards debt is wonderful, trading your time can suck. If you have a family counting on your time, this can be increasingly difficult. You need to effectively assess your situation and understand your options. Be realistic and be ready to make some tough decisions or have some hard conversations.

Asking For A Raise

One of the most common things we can do is ask for a raise in our current job. If you are a good employee, this should be an easy conversation. The worst they can say is “No.” If you are a mediocre employee this can be a tougher conversation. In both situations, asking for a raise should be a conversation you can have to see if you can get some more money. If the outcome is not what you are looking for, finding a raise can be found elsewhere through other employment. Yes, one of the common ways to make more money is to go to another company and negotiate a higher salary. It can be difficult, but you have to do what is best for you.

Selling What You Have

Although not a long term plan, selling some of the items you have can certainly provide some extra cash now. If you are like many other Americans, you like your stuff. We like to buy, collect, and hold on to our things. This is why storage facilities will never go out of business. However, the way to bring in more money for your household counteracts this process. Go through your things and try to sell off as much as you can. You will be able to make some of the money back that you spent on these things, and you will be able to remove some of the clutter from your lives.

Adding more money to your finances can be easy in some aspects, but difficult in others. There are many different ways you can add more money, these were just two of them. Be creative! Sell food, crafts, or stuff from your hobbies. It doesn’t matter what you do if it is working to bring in more money (just don’t do anything considered illegal).