Consider Boosting Your Income Instead of Cutting Costs When Times Are Tough

by Sara Peak

A lot of people who are feeling the tightening of their wallets usually think about ways to cut costs. Can you do without premium cable? Can you stop eating out or cut it down to once a month? Many people forget that there are two sides to the personal finance equation. If you cannot squeeze another drop out of your budget, maybe you need to think about adding some income to your situation.

Here are five ways to earn extra money without taking on a full time second job.

Tender Loving Care. Consider providing in home care to young children or to the elderly.  Especially for the elderly, at home day care is a demanding need for families.  Often caregivers are needed on nights and weekends, which is a great opportunity to work around your typical weekday schedule.

Tis The Season. Market yourself for part time seasonal jobs such as lawn care in the summer, raking leaves in the fall, and snow removal in the winter.

Temporary Jobs. There are temporary jobs all around, even for the college educated. The Census Bureau is currently hiring for part time temporary positions for the 2010 Census.  For more information visit their website at www.2010.census.gov/2010censusjobs   

Use Your Talents. If you have skills as a writer or photographer consider doing freelance work.  If you have musical ability consider teaching piano or singing lessons.  For those blessed with the ability to cook and bake, consider catering or selling your homemade goodies.

Overtime. Where better to make extra money than at the job you already know how to do?  With a shrinking workforce, fewer people are available when times get desperate.  If your employer offers paid over time consider taking advantage of such an opportunity. Also, is there an opportunity to consult in your field?

Do not always consider you costs when you are in a tight squeeze financially. Boosting your income can be the extra help that you need.

This is a weekly featured post on Own The Dollar from Sara Peak, a Certified Financial Planner and a veteran of the finance industry. In addition to her monthly “Money Matters” column in Kentucky Living magazine, she also writes about money and personal finance topics on her blog.

Be sure to look for more great featured articles every week from Sara.  If you have a question or topic that you would like for her to discuss, please contact us.

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