How to Find Cash When Working More Isn’t an Option

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A lot of personal financial advice will suggest that you get a second job if you need more money, but what if you are struggling to even find a first job? Even if you do have a full-time job, a number of things may preclude taking on a second one. For example, it might be hard to pick up part-time jobs where you live, or you may have caregiving responsibilities for children or elderly family members. Below are some tips for finding more money when making more is not a realistic option.

Line by Line Audit

It won’t be fun to go over your budget line by line, but it will pay off. Sit down and look at every transaction you have made in recent months. If you don’t keep good enough records to be able to do this, download an app that will help you track your spending over the next few weeks. This will almost certainly reveal a few areas where you are spending more than you should.

Make Some Calls

What looks like fixed payments in your budget may not be so fixed. You may want to see if you can get lower prices on housing and auto insurance. You might also be able to get a better deal on what you are paying for your cellphone or internet service. If you are paying student loans, see if you can refinance them, and if you have credit card debt, call the company and ask them to lower your interest rate.

Get Creative

There may be additional options you have not considered. You could rent out your room, sell your vehicle and buy a cheaper one, or move to a cheaper home. Beyond this, there may be additional option you have not thought of. For example, you might be able to sell your life insurance policy. A life settlement can get you a cash payment as a lump sum. You can do some additional research on the cash surrender value of life insurance to see if this is an option for you.

Tune Out, Turn Off

Many people today subscribe to a number of streaming services and perhaps several other things, such as online newsletters or magazines. How often do you really use these? With some companies, you can get a temporary cancellation. Your local library probably has plenty to read and watch. You could even go through and cancel all of your subscriptions and see if you miss any of them. You might be surprised. You could also reduce your bills by using your heating and air conditioning less, unplugging appliances when they are not in use and turning off lights as much as possible.

Cash Back and Other Offers

If your grocery store offers a card/reward program that gives you discounts on your purchases, sign up for it. If you get perks from your credit card and you aren’t carrying any debt on it, make regular purchases and payments using it and pay it off each month. These benefits can add up and save you a lot of money.