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Budget: Part Two – Adding Income
This is a two part series on fiances and budgeting. Part One was on Ways to Cut Spending.This post will address ways to add income.
A few years ago, my husband and I went through Dave Ramsey’s Financial Peace University program. At the time we still had my student loans to pay off, car payments, and a credit card bill. Pretty typical of most mid to late twenty-year-olds. The focus of the program is to get out of debt and achieving financial peace no matter your circumstances.
The program focuses on knowing how much money you bring in and then creating a budget to live within your means while paying off debt. Another aspect of the program is finding ways to add income to your household.
Matthew 25:16The man who had received five bags of gold went at once and put his money to work and gained five bags more.
If you will live like no one else, later you can live like no one else.” – Dave Ramsey
Ways to Add Income
In part one, I mentioned working with therapy clients on their financial issues and helping them to budget and cut spending. We then also will discuss ways to add income to put towards their debt.
While the idea of adding income sounds great, this process can seem harder than cutting spending. Because this usually means downsizing your items and your time.
And that can be difficult and even feel “unfair”. But remind yourself, what do you want? What’s more important? Financial peace and reduced stress or having “the stuff”.
Sell Your “Stuff”
Garages sales, consignment stores, eBay, Craig’s List, and local Facebook selling pages are all good ways to sell some of your items to add income.
I get it. This is where the process can feel hard. But the “stuff” sitting in your house isn’t going to help you pay off your debt faster. And if you are constantly worried about your finances the “stuff” isn’t going to help you feel better.
What you sell and how much should largely depend upon how much debt you have. The goal of Financial Peace University is to get out of debt as fast as you can so you can start saving and investing your money to actually work for you.
Below is a list of items to consider selling.
- Clothing
- Accessories
- scarves
- purses
- jewelry
- DVDs
- Books
- Household decorations
- Video Game console and games
- No longer needed baby items
- Toys
- Sports equipment
- Trampoline
- Golf Clubs
- Fishing Gear
- Hunting Gear
- Camping/Hiking Gear
- Skiing/Snow Boarding Gear
- Spare furniture
- Guest Bedroom
- Patio Furniture
- Boat/Kayak/Canoe
- Vehicle(s)
Part-time Job
This is where sacrificing your time comes in. In order to add income to your household budget it may be necessary to add a part-time job for you and/or your spouse. So this may mean working less than desirable hours.
This doesn’t have to be a long-term sacrifice but just until your debt is completely paid off (not counting your mortgage). So all of the money from the part-time job is to go to paying off debt not justifying buying the extras we cut out in part one!
Here is a list of potential part-time jobs to consider.
- Grocery store
- Retail store
- Gas station
- Fast food chain
- Waitress/bartender
- UPS or FedEx
- Factory
- Overnight security
- Call centers
- Customer service
- Janitor/maid services
What are other ways you and your family have been able to add income? Share in the comments below! I pray that this post helps you to re-prioritize your finances to benefit you and your family for the future even if that means sacrifices now.
Budget Series
Part One – Ways to Cut Spending
Part Two – Ways to Add Income
God bless!
Melissa
I have thought about getting a part time job so many times, but my husband is against it. He wants me to home with our children. He is adamant that we can never get these years back and my time is worth more than anything money could buy.
Those are definitely valid concerns. The concept of getting a second job in not for the long term but a focused effort to pay down debt. If it were to take place it should be with a goal in mind and a timeline. Thank you for sharing your thoughts. God bless!
Dave Ramsey and Financial Peace changed our lives. We sold one of our cars, a nice SUV. We used the cash to pay off debt then bought an inexpensive car. I loved driving an older car and being debt free!
The feeling of being debt free lifts such a burden off of your shoulders. That’s awesome that you guys lived out the financial peace principles and ultimately God’s financial desires for us. Thank you for sharing your experiences. God bless!
These are great suggestions. I have SO MUCH STUFF, I really would love to sell it but I find it difficult to manage the selling posts. Anyway, thanks for these ideas.
Garage sales and consignment stores are great options, too! Thank you for stopping by and commenting. God bless!
There was one year when I worked two jobs up to 70 hours a week, and I was pregnant! Eventually I had to drop the second job…
I can relate! I have worked multiple jobs and crazy hours for specific time frames to meet professional and financial needs. Thank you for sharing your experiences. God bless!
It’s so true that in order to gain financial peace that we have to sacrifice for it! Just as we would sacrifice to be a follower of Christ, we have to evaluate our lives and what we spend our money on. Because, ultimately, it may not be where God wants us to place it. And God, being the all-knowing and perfect Father that He is, will know the best use for our money that will not only create a fruitful return for ourselves, but also a fruitful return for His Kingdom!
Such great insights Jess! Yes, we need to allow God to be in control of our finances as well. That can be a difficult area for people to all God into. Thank you for stopping by and sharing your thoughts. God bless!
What a great list of ideas! Years ago when my hubby was in between jobs we did many of these things listed. I was a stay at home mom with 3 little kids at the time (including a newborn) and we sold tons of stuff both locally and through Ebay. Our house had much less overall stuff but we were happy, healthy, and could continue to pay our bills! Win-win!
It’s amazing how much stuff we can get rid of and learn to not miss! Thank you for sharing your experiences of selling items to add income! God bless!
This post was helpful, Melissa! Every little bit that we can save adds up. I’ve recently kicked my coffee shop drink to once in a while instead of a few times a week!
It’s amazing how dropping out a few of those things here and there really can help out. Thank you for reading and sharing your thoughts. God bless!
I think I will shock my husband and read this book. I have heard so much about it!
Ha! It really is a great book with sound biblical and financial principles. It becomes a true lesson in sacrifice with ultimate peace. I hope you enjoy it. God bless!
Dave’s system has really helped our household (and probably saved our marriage)! My husband listen’s to his radio program every day! We can attest to the success of this system! I love your ideas of a part-time job! I’ve been thinking about doing something in the evenings for a few days a week! This helps me consider some different ideas.
When the program is followed as designed, I haven’t heard of anyone not having success! I’m glad that you found the post beneficial. God bless!
While I was in grad school, I wanted to do something to make some extra money to help out a little with our finances. It had to be something flexible though because of my school schedule. I started doing transcription online. I used a company called Rev and worked as a freelancer. It’s definitely not a get rich quick kind of thing. I probably made around minimum wage when I broke down the time I spent transcribing versus what I got paid, but if you’re looking for a flexible way to make an extra couple of hundred dollars a month, it’s not a bad gig (especially if you’re noisy like me, it’s like being paid to eavesdrop haha). You can do as many jobs as you want to/have time to and you can listen to the audio in advance so you know what you’re getting yourself into before you start. Just thought I’d throw that out there if anyone is looking for a low commitment, flexible way to make a few extra bucks. Also, love Dave Ramsey. Listen to his podcast almost everyday.
Transcription is a great idea! Thank you for sharing! I’m glad it was a flexible way for you to be able to make some money and also complete school. God bless!
We took Financial Peace at our church. The class is invaluable! We homeschooled both of our boys. Although I worked some part-time jobs, it didn’t significantly contribute to our finances. Now with two in college, we need to get back to “living like no one else!”
It is definitely a program that is important to revisit and refocus on! Thank you for sharing your experiences. God bless!
These are some great tips to help bring in a little extra income. One area that has helped me is being a substitute teacher. The hours are flexible and completely up to you, so you can work around all schedules. Thanks for sharing!
I’ve known a lot of substitute teachers who have loved the flexibility. Thank you for sharing the option! God bless!
An option that has worked well for us is a good network marketing company where the products solve a real problem. This has helped me be able to stay home with our kids while building a substantial income to help our family out. Many folks are turning to network marketing to be able to build up residual income, save for retirement, or just make a monthly bill payment. I love it.
That’s such a great addition Amy! Thank you for adding your experience. God bless!
You have motivated me. I dread garage sales, but they work for that extra income and are also a way to declutter. I was just talking to a friend about a closet I have and all of the stored clothing for my daughter. I have a ton of winter clothes that I am holding on to just in case we get back to the cold while she’s still small. I am thinking it’s time to sell and make some money since we probably own’t get back to the cold while she’s a size 10. Great ideas. Thank you.
I’m glad the post provided some motivation! Garage sales aren’t necessarily fun to prepare for but you can make some pretty good extra money. And yes, decluttering is a bonus! Thank you for stopping by and sharing your thoughts. God bless!
We are Big Dave Ramsey fans and have been working the plan for a while now.
The plan works so well when you trust the process! Thank you for stopping by and sharing your experience. God bless!
Sacrifice is the keyword! The bigger sacrifice you can make in a short time the less you have to do in the long term. We’ve found it’s important to have both an offense and defense when it comes to finances in our home. We bring home as we much as we can an earn as much as we can while serving the Lord. However, once the money is home we use the methods that Dave Ramsey teaches to help keep what God’s has blessed us with us to save, give and spend as needed.
That’s such a great mindset. The nice thing to remember is that the sacrifice doesn’t have to be for the long term. Thank you for sharing your thoughts and insights. God bless!
I believe I read and commented on your part 1 post of this series, and I appreciate this one, as well! One of my goals for early in 2018 is to follow one of the ideas you mentioned, which is selling “stuff” I no longer need.
I actually began the process of sorting and collecting things to sell during the first week of November when we had a power outage that lasted nearly a week (we had a major windstorm – dubbed a “super storm” here in Maine!) I still have more decluttering to do, and then the actual listing and selling part!
Another idea toward adding income, as you referred to, is to get myself on a better schedule to accomplish more of my freelance work everyday (as I currently have a few clients) AND to market my K-Lee’s Kreations business more efficiently and frequently so I can earn money from that business as well.
It sounds like you are well underway to adding income to your household finances. Thank you for stopping by and sharing your thoughts and experiences. God bless you and your financial journey!