No matter how well we budget, something will always come along to surprise you. Perhaps it’s a huge car maintenance bill or a big home upgrade job. In those emergency situations, you always find yourself needing a little extra money at the end of the month.
Or perhaps you just need some ideas to top up your monthly income. When you’re looking after a family, the finances don’t always stretch as far as you’d like. Well, today I’ve got some fantastic ideas for you. Each will put a little extra money on your pocket to cover the basics or treat yourself to something nice.
Ask for a raise
Roughly half of people who ask for a raise do actually get one. Most companies actually budget higher than the paid salaries in case employees negotiate. You can take advantage of this by asking for a higher paycheck. If you’ve been at your job for more than 18 months, you’re in a great position to ask for a raise. Approach your boss, and explain why you deserve the extra compensation. You’ve got nothing to lose, and some extra cash to gain!
Start a side business
The best way to secure some extra money is through ‘passive income’. In other words, you set up a system that consistently generates money on the side. Something like an online store or a blog that generates advertising revenue is a great way to do this. It will take a little extra work on the side, but it’s well worth it in the end. These sort of enterprises will help you make money while you sleep! Have you always wanted to run your own business? Try it, and see how you get on.
Release some equity from your home
For many of us, most of our money is tied up in the house. Unfortunately, you can’t get to it if you need access to some cash! One option is a process called equity release. Essentially, you’ll unlock some of the money that’s tied up in your home. It’s a process usually restricted to those nearing their retirement to help them enjoy their golden years. However, it can prove a handy way to move some money around in a tight spot.
Teach or tutor
If you’ve got a skill or hobby, why not try teaching or tutoring? You’ll make a little money on the side, and enjoy your hobby at the same time. If you love playing the piano, for example, teach people in your neighbourhood during the evenings. You’ll earn some extra cash for the privilege.
Get a short-term loan
A final option is to take out a short-term loan. It might be a consideration if you need to cover the cost of car repair or work on the home. However, it shouldn’t be treated like a fund to dip into. Only use a short-term loan if you desperately need it, and can pay it back quickly.
Have you got any ideas on getting cash quickly when you need it? Let me know in the comment section!