Income - the other side of debt
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| Fri, 01-01-2010 - 11:42am |
We are all making resolutions and goals regarding debt, but the other side of debt is increasing income. Does anyone have goals regarding increasing their income this year?
I have to say that the one thing that really accelerated our debt paydown last year was my second job teaching in the evenings as an adjunct professor (got a Masters or higher, this is a possibility for you.) I am starting with more classes already in 2010 and hope to bring home an additional $1,000 a month or more through this effort.
DH is creating a business on the side and is learning new IT skills in doing so. This has been a bit of a drain so far, but we should see the rewards of this effort in Q2 2010.
SO what are your income producing goals? Are you pursuing a better job? Second Job? Getting off Unemployment? Adding more customers?
-Marie
Edited 1/1/2010 8:13 pm ET by skibunyns



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My husband and I have really tried to both increase our income and bring down costs. I think you can take good things from both strategies. My husband got his CDL license and increased his income by switching careers. He also works second jobs all over the place. If one job doesn't need him during a certain time, he's got another job lined up. This is really hard on us though. He's gone a lot of the time and when he's here, he's pretty exhausted. But I don't consider this a 'forever' thing. It just helps us out in the short term. I have worked hard on getting more piano students and bringing up my prices. My next goal is to really start preparing more for weddings and funerals so when one comes up I'm not scrambling and nervous. Once I feel more prepared, I could actually get out there and feel comfortable advertising.
But at the same time, I am actively trying to bring down costs. We got a super energy efficient washing machine, we did get rid of our drier for a time but then I didn't end up selling it and so I moved it back in and I'm using it temporarily. I'm working on covering my windows in plastic (not easy since the plastic keeps blowing off!!!! This week my husband is on vacation and we're really going to work on it together). I'm trying to bring down grocery costs and make it a super priority to stay on budget. I mean, I don't want to keep on having to work like a dog to make ends meat! I would love to have my husband home more often! It's not healthy for him to work this hard!
I struggle with this one a lot.
I run my own business so for me to make more money it makes sense to work more so I don't have to pay someone else. I get to a point where I want to work more but then I am neglecting my family and I get really worn out.
This year I will probably work less than I did last year. I know that slows down the debt repayment but it will be worth my mental sanity. I need to exercise more and take care of my house better as well so I need more time for that.
A month or so ago I did drop my dental and extra health insurance insurance through work. That will save my business $300 a month or $3600 a year so that is a savings I am excited about. Myself and my kids are on my boy friend's insurance with his work now which I think costs him $8 month!! That only makes sense to me.
I am going to be extra aware this year of what I buy at the grocery store as well. I hate wasting food and I will try super hard not to do that this year.
So I guess I may not make as much progress as we did last year. I am however hoping with regular payments(and some extra) I will get rid of my ticker and 8500 in student loans. I will also increase child education savings. So....I am still moving forward. I hope to reach my 16,222 debt repayment mark in 2010, plus add to savings. Not too bad. I hope it all goes well!
I worked a second job for a couple of years to pay off debt.
I would like to get a very small side gig...
I used to work three jobs (70-80 hours) and there's no way I'm doing that again...
I am looking at something casual part time (4-6 hours a week at a minimum of 30$ an hour)
I am fortuante to be able to work 2 jobs right now and during the holidays I was getting more hours cause it was retail and the store was open longer. I do have a home based business which involves direct sales and doing home parties. I opted to take a break form it last year and did a show here and there. I am hopin gto schedule two shows a month becaus eon the average the profitl for two houes of work is close to $300.00. All
I want to kick up my part tiem business and I know the potential is there, but has anybody ever been scared of success?
Lynn, I totally understand being afraid of success. Six years ago, I left a job on the verge of a big promotion...at the time, I had a million different other "reasons" for leaving, but the bottom line is I was sabotaging myself because of that fear. I've stayed with the same cruddy job for the past 2-1/2 years because it was "safe" - expectations weren't all that high, and although I felt frustrated and pigeon-holed, I realize that my own fear of success has been holding me back once again.
This year, I'm resolving to nip that fear in the bud, and finally make some changes in my life that will allow me to succeed.
It's not really a "job" per se, but I spend a lot of my time tracking down insurance reimbursements for our daughter's speech therapy and psycho therapy. It feels like a full time job sometimes. I've been doing ok. I keep track of everything I get back. I have a spreadsheet to keep track of every claim since we started in June 2007. I have a calculation at the very end that says what % we have gotten back and it's at 90% as of Sept 2009. Right now I have to begin the appeals process AGAIN for the Oct 09 claim and it seems like about every 8-9 months they start denying claims until I file appeals. One time it cost us $1600 in attorney fees, but was well worth it. The SLP bills average about $900/mo because she also has occasional parent consultations with us as well as evaluations and report writing (which the insurance requires). So, tracking down that money is a difficult task, but worth it in my opinion. I suppose I could go get a part time job and just pay out of pocket.
Other than that, I try to find ways to save $. When I first quit my job when my first daughter was born (12.5 yrs ago - WOW) I started paying much more attention to what we spent our money on. I've not always been good about it, but I try to buy things on sale at the grocery store rather than the brand I might normally buy and finding other ways to save like that.
That's about it for me.
Kathryn
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