According to the World Economic Forum, around 16% of Americans say they are struggling financially and some economists have warned that the U.S. is on the verge of a cost of living crisis due to rapid inflation.
As the festive season fast approaches the cost of extras such as gifts, food and drink, and travel can place a strain on many households that are already finding it difficult to meet their daily expenses.
To help you take charge of your finances, this article has outlined some helpful ways to increase your disposable income and make these uncertain times a little more manageable.
Generate an Extra Income Stream
Aside from your nine-to-five, there are many simple and enjoyable ways in which you can generate some extra income.
One of the best ways is by starting a side hustle in any number of different areas.
Whether it’s paid online surveys from the comfort of your own home or creating an online course teaching students a subject you are an expert in, such side hustles can help to boost your monthly paycheck.
You may have a talent for photography or be a skilled software developer.
No matter your area of expertise, put your skills to good use by taking advantage of some of the online learning platforms that are now available.
If you prefer something more hands-on, you can offer your services by dog-walking, babysitting, or cake-making from your own kitchen.
Another great way to earn a passive income is by renting out a spare room to a tenant.
Lenders such as My Canada Pay can help you with the start-up capital you need to fund your new business idea.
Related: 5 Easy Ways to Earn Leverage Income
Sell Unwanted Things
Declutter your closets and storage spaces to gather items you no longer want or need.
Rather than have them take up space in your home, there are many sites such as eBay and Facebook Marketplace where you can sell possessions such as clothes, jewelry, gift cards, and books helping you bolster your bank balance.
There are also many second-hand luxury sites that cater to high-end or luxury items such as watches, designer clothes, and handbags.
If you have any antiques, heirlooms, or glassware that are gathering dust it is worthwhile getting these items valued.
If they do not hold significant meaning, you can then sell these through a reputable dealer or an auction house.
Prepare Your Own Food
The cost of eating out and ordering in takeaway can easily mount up. Buying your groceries in accordance with what you will prepare for the week ahead can help you budget more wisely and also reduce the cost of food wastage.
According to a study from Penn State University, U.S. households waste nearly a third of the food they acquire, the cost of which amounts to about $1,866 per household per year.
By being more mindful of your food spending habits you are more likely to buy only what you need, cutting down on excessive and unnecessary purchases.
By following the tips outlined, you can help to boost your household’s monthly income making it a little easier to navigate these times.