The reality of today’s economy is that it is going to get harder for people to pay their bills, buy groceries, pay for college, and handle all the various day-to-day living expenses. Today’s economy is also going to make it tougher for consumers to depend on their credit cards to pay the high costs of these expenses. This will require everyone to find ways to make extra money in this tough economy. There are many ways to make extra money but in most cases it requires both imagination and self-discipline to make it a success. Let’s look at some ways families and individuals can make extra money in today’s economy.
The first area with potential for extra money in today’s economy is cutting spending. Make a careful examination of your lifestyle. Does your family really need two cars? Do you really need to be a member of a fitness club with all of its expensive dues? Maybe you have two or three different bank accounts and each charges a monthly maintenance fee. Those bank accounts can be transferred to a free checking account and you can start making extra money. There is a big difference between what you need and what you are buying to preserve an image or for mere convenience. If you analyze your lifestyle and isolate only what is truly a need you will make significant progress in making extra money in today’s economy.
Tap the potential for making extra money on the internet. Look into programs like Google’s Adsense where you can get paid when users click on targeted links. There are people who make extra money in today’s economy by doing copywriting, web design, graphic design, language translations, consulting, and computer programming. You can also sell unwanted items at places like Ebay and Craigslist. Ebay charges you a fee even if you don’t sell the item so be careful that you don’t incur more expense than necessary.
Have a yard sale to make extra money in today’s economy. For the old items you cannot sell online, try to sell them at a yard or garage sale. Be prepared that people are looking for a bargain so you will probably cringe at some of the prices they offered for items that were once your treasures. Having a yard sale incurs some expenses that you must consider when setting your prices. There are expenses to advertise the sale and to make signs for those on the road to see.
Adjust your payroll deductions to make extra money in today’s economy. You have to determine if you want to pay more taxes now and get a bigger return or use the money throughout the year with a small or no tax return. Consider if that money will be put to better use by you throughout the year. To take all the deductions you are entitled to, submit a new IRS Form W-4 with your employer. Other areas where you can make extra money by reducing deductions are disability insurance, healthcare deductibles, and 401K contributions.
You can also take on a second job but those may become scarce in today’s economy. You have to be careful with taking on second jobs as they can interfere with 100% optimal performance on your first job. The best second jobs for making extra money in today’s economy are sometimes through web-based opportunities like freelance writing and web design.