One of the basic tenants of personal finance is to spend less than you earn, which is really what being frugal is all about: managing your money wisely. The flip side however, is just as important: earn more than you spend. I would even go so far as to say that for those of us who really are only (or barely) earning enough to meet our basic needs, earning more than you spend is crucial.
My income dropped by more than half when I started school in September. We were never exactly rolling in it, but we’ve been really struggling for the past few months. In order to make up for the loss in income, I had to find ways of earning extra money. Here are the ways I do it.
- This blog. I didn’t earn any money for blogging for almost a year, but things have slowly been picking up.I’ve always considered blogging to be a job (one that I love dearly) but I’ve only recently started earning money.
- Blog consulting. I have been starting to work as a blog and marketing consultant, and I’ve been earning some money (and getting jobs) for work I’ve been doing.
- My Etsy shop. This is the smallest of my income streams, mostly because I devote the least amount of time to it. But for those talented crafters who spend a lot of time producing work for and marketing their Etsy shop, this can be quite profitable.
There are many ways of alternative streams of income. They can be more or less profitable according to your situation, but are still always worth considering!
Do you work outside of your normal daily activities (school, job, SAHM)? What do you do? What ways of earning extra money have been the most and least profitable for you?