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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.
- Household decorations
- Video Game console and games
- No longer needed baby items
- Sports equipment
- Golf Clubs
- Fishing Gear
- Hunting Gear
- Camping/Hiking Gear
- Skiing/Snow Boarding Gear
- Spare furniture
- Guest Bedroom
- Patio Furniture
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
- UPS or FedEx
- 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.
Part Two – Ways to Add Income
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