Want $100 (or more!) in Your Pocket? Do This.

If you were offered $100, would you take it? What if it was $200? $1000 or more?

You don’t have to wait until someone offers it to you. You can CREATE that money yourself, through budgeting, planning and being more strategic and pro-active with your income.

Last week I was helping a client to budget and we discovered so many expenses that she had forgotten about, wasn’t aware of, or that could easily be reduced:

• A $10.68 monthly Spotify charge that her teenager purchased ($128.16 total for the year)
• $23.00 for a book that she could have easily gotten from the local library ($23.00 total)
• An $89 credit card charge for a couple of shirts she bought for her daughter that did not fit but she forgot to return ($89 total)
• A $20 monthly gym membership for her son who had left for college ($240 total)
• A $199 deposit that she was supposed to get back from a company but they never initiated the return – she called to get it back ($199 total)
• Not to mention hundreds of dollars in grocery bills for food that was eventually thrown away (roughly, $500)

Total “Found” money = $1,179.16

Now this particular client didn’t “need” to budget in the sense that she was saving enough to meet her specific short and long term goals. She also didn’t want to keep track of every penny all the time.

But just this one exercise, which took less than two hours, “saved” over $1000 that she can now direct toward a new goal, such as increasing her charitable contributions or “splurging on an upgraded room on her next vacation.

For someone else, whose finances may be tighter, it might be putting more money toward their student loans or increasing their emergency savings.

–> But what happens if you already feel strapped? If you’ve gone over your expenses time and time again, and it just doesn’t seem like you can get any more lean?

Don’t forget income

Creating additional money does not always have to come only through reducing unnecessary expenses. It can also be a result of additional income.

I’ve spoken a lot in the past about side hustles as a way of earning money. This time, let’s focus on your current job.

It may be unrealistic– and unwise– for you to walk into your employer’s office today and demand a raise. But being more cognizant of ways you could increase your salary over time in your current position is another way to take greater control over your financial circumstances.

–> Are there extra projects or additional work you can take on that may pay extra income, or increase your skill level and lead to a promotion or raise in the near future? If not, how can you do more at work and create more opportunities for yourself later? Keep a running list of small and big “wins” that you have at work, so when it’s time to negotiate your salary or attend your end-of the-year review, you’ll be prepared with reasons why you deserve that next income jump or bonus.

“A man who does more than he is paid for soon will be paid more than he does.” (Napoleon Hill)

–> It may be a good idea to start networking or to network more frequently, even if you have no immediate plans to leave your current company. This is always a good practice because it keeps your ears open for the next opportunity that could potentially raise your salary directly or indirectly.

–> Finally, if you are a business owner or entrepreneur, what if you increased your prices slightly, developed smarter marketing, or offered another service that complemented what you’re already doing? Evaluating where you can add or increase an existing income stream may make more of an impact to your financial situation than only focusing on reducing your expenses.

So, instead of being “offered” $100, $200, $1000 or more, CREATE that opportunity for yourself by paying attention to what you can control coming in and going out.

Make the decision, and then take action.

This month’s challenge is to set the bar higher to bring in more income or “find” money that you can redirect toward something that’s more aligned with your goals.

I can’t wait to hear what you’ve done – keep me posted at jennifer@financialwealthbeing.com

To a great week, everyone!