Wednesday, May 6, 2009

10 Best Ways to Boost Your Personal Income

The recent global financial crisis is an ill-wind that blows no one any good. Recession comes with it tough survival strategies.

1. Reduce Wastes – Don’t buy things that are not of immediate benefit or use to you. Budget your expenses. This will enable you separate your wants from your needs and desires. Consider the amount spent on buying new festive wears (cloths, shoes, etc). Consider the amount spent on entertaining guests/visitors. Consider the amount spent in organising parties. Calculate annual savings on each of the above.

2. Manage Time – Time is a resource given equally to mankind by God. Are you self-employed or working for a corporation? It does not matter. The amount of time available to everyone is the same. Use your time wisely. Consider working additional hours so as to generate more fund.

3. Get a Job – Find a job that can generate income. If you are already employed, you can get additional job so as to generate more money. Identify places where you can work part-time or short-time. Consider taking your leave from your present employer and getting a holiday paying job during the period.

4. Diversify Your Investment – Consider investing in Bonds, Mutual Funds and Stocks. Do not put all your eggs in one basket, no matter the size of the basket. Invest for long-term benefits. There is also need to maintain a strong cash position.

5. Set Financial Priorities – Setting financial priority involves deciding or determining what is most important aspect of your finances and put that item on top. This involves a list of your basics – water, food and shelter. Determine what it takes to ensure that your basic needs are met. The main ingredient is a source of income to pay the rent or house payment, pay the utilities, and buy the groceries. Remember, having a savings can prevent the use of those dreaded credit cards and help in so many ways.

6. Sell Your Junk – Do you know that one man’s trash is another man’s treasure. Sell off old junks in your house. These junks include old furniture and fitness equipment, collectibles and clothing, old text books, cell phones and computers. Companies like, Craigslist and eBay are great sources for online hawking.

7. Sell Your Skills – Are you skilled and talented in a particular area? It may an avenue for you to make money. Can you teach music, art or sewing, arrange a regular dog-walking or baby-sitting, tutor students if you are academically minded, tutor another language or find a flexible translator position. Just re-discover your self, it can fetch you some cash.

8. Manage Your Accommodation – If you are living alone, consider getting a roommate. This could boost your income (and cut some expenses in half). You might consider renting out other spaces, too, such as your garage for storage or your parking space for commuters, if you live close to public transportation.

9. Manage Your Tax Returns – If you received a tax refund last year and your financial situation has not changed much, too much tax is being withheld from your pay cheque. Adjust your tax returns including your withholding tax payment. Consider getting the services of a tax consultant.

10. Track Your Expenses – You need to figure out what happens to all of your money on a monthly basis. There are many ways that you can do this, but probably the easiest is to put a piece of paper in your wallet and try, for a period of one month, to track every money spent during that period of time. You will be amazed, how you have been spending money on frivolities.

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