Need more cash-flow to tackle your finances?
Last time, we talked about working hard to “de-clutter” your credit card bills—by cancelling unused services and returning leased equipment, for instance.
Congratulations on beginning the process of restoring sanity in your finances!
Unfortunately, decluttering and economizing will only get you so far. Some people simply need to bring in more cash.
If you’re self-employed, this may be easy for you: either take on more work, or negotiate higher rates for your products and services by educating the client or customer on the higher value of what you have to offer.
If you work for a company, however, there are still ways you can free up more cash to get your financial house in order (without impacting your retirement investments).
Here are a few:
Tip #1:
Ask the payroll department at your workplace to redirect part of your paycheck to a new savings account you set up (ask your bank for an account that’s free of fees). Decide on the bare minimum you really need in your paycheck, then redirect the remainder. Use that growing savings account to pay down small debts.
Tip #2:
Add up your discretionary expenses (eating out, buying home décor or clothes, ordering random stuff on Amazon) and for a designated period of time - say, three months, stop all discretionary spending. Eat at home, make do with the clothes you have, and forego those projects that require online buying. At the end of the 90 days, you’ll likely have more in your bank account to use toward paying off a bill or even eliminating a small debt.
Tip #3: This has worked great for me!
Start selling stuff on Craigslist, Facebook Marketplace, or gazelle.com (for older smartphones & devices). Decluttering junk drawers, the garage, and/or your bedroom closet not only makes your living space feel more tranquil, the extra money will have a calming effect on your financial stress, too!
Tip #4: Here's one you may not have realized was even an option:
Call the credit card issuers you have now to ask for a 0%-for-one-year-rate, then create a plan to pay off your credit cards within that one year. Consolidate your other balances onto a single card and aggressively pay it off. This will save you monthly interest, but you must be disciplined enough to meet your goal in one year or less. Once your credit cards are paid off, your monthly cash-flow will immediately increase—which allows you to start making financial plans for the future: building an emergency fund, saving for a home, paying down student loans, and investing for retirement.
Tip #5: This is my favorite!
Pick up a side hustle. For a few months, several times a year, or nights & weekends, take on small projects, a second job, or a side hustle like seasonal tax preparation, driving for Uber or Lyft, helping a caterer with premium events or joining a Network Marketing Company with a product, program or service that you are passionate about. Recent reports say that 1 in 3 Americans has a side hustle—it’s just one way people are adding extra cash flow to their lives. Creating multiple streams of income is not only smart - it's really important. The last year has certainly made that very clear.
Of course, finding more cash to eliminate your immediate financial headaches is only a part of the process of creating balance in your financial life (and other areas of your life, too).
Let's face it - when your finances are out of whack, the stress overflows into every aspect of your life.
Security for the future is compromised.
The ability to have fun is diminished.
Hear this - Financial problems is pretty much always listed on the top 5 causes of divorce - and divorce certainly doesn't typically improve ANYONE's finances. Right?
If you think working with a coach to keep you on track and accountable for results is something that would get you to a balanced life faster, I’m here to help.
Message me for more details or, better yet, schedule your complimentary discovery call to talk to me directly about how coaching might work for you.
In the meantime, here are some other resources for more information about the Oola Lifestyle Framework:
- Join my Oola Empowered Life Facebook Group
- Visit my Events Page to register for upcoming LIVE Oola events.
Contact me now. It only takes 10 weeks to make massive progress towards your “OolaLife”.
Let's work together to create an amazing life for you!
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