How Can You Make Some Extra Money

December 7, 2009

Ways to Earn More Cash to Pay Down Debt and Build Your Savings

With tough economic times upon us, everyone is saying you should pay down your debt and build up your savings. But how can you do this, if you're living paycheck to paycheck and have no room for extras? What can you do to make extra money, so you can get on top of your debt and ahead in your savings?
Stop Borrowing Money

At the time of this article being published, the economy is in turmoil. A deep recession is certain. Worse is possible. It's time to stop borrowing money. No more debt.

Your priority is to create a positive cash flow each and every month. That means you must spend less money than you take in. Your income must exceed your expenses. So, until you can increase your income, you must decrease your expenses to put yourself in the black each month.

Some ways to save money include:

* Eat more at home.
* Pack your lunch for work.
* Cut back on your driving, and that probably means cutting back on your extracurricular activities.
* Consider downgrading or even eliminating your cable or satellite TV
* Coupons, coupons, coupons

Cut back on your monthly expenses. You'll see how this alone can put more money in your pocket.

Create Multiple Sources of Income

Don't rely exclusively on your job to pay the bills. Those days are over. Your job is only one source of income. It may be your primary source of income, but don't make it your only source of income. Because if you lose your job (and many people are losing their jobs), you'll be in deep trouble. Not only that, but chances are that your salary alone will not cover all your expenses and help you pay off your debts and build up your savings.

What can you do to bring in extra money? Here are some money-making ideas:

* Mow lawns, rake leaves, and/or shovel snow for those living in your neighborhood.
* Baby sit, elder sit, or house sit for your neighborhood.
* Auction stuff on eBay - not only your own things, but offer to help your relatives and friends also. Some people are still unsure about how to sell things online and are uncomfortable with auction sites like eBay. You can offer to do it for them - in exchange for some of the profits.
* Bake cookies and/or pastries and sell at area office buildings. Call the companies and/or building management first.


Surf around for other money-making ideas and be willing to think outside the box. You can actually make money fast if you put your mind to it.