When Frugal Living Is Not Enough to Make Ends Meet

I know how hard it is to make ends meet.

My husband and I spent the first nine years of marriage living on the brink of financial freak-out mode. We both brought a lot of debt into the relationship because we were… how should I say… STUPID! Neither of us knew beans about being good stewards.

So, everything we have learned about family finance has been the hard way.

Through our journey, I have experienced first hand that frugal living is not always enough to make ends meet. When you are in debt up to your eyeballs and there just is not enough income to pay it all each month, what do you do?

Increase your income

When your budget is out of balance, your only hope is to increase your income.

What if another full-time or part-time job is not an option? What if there just not enough room or flexibility in your schedule to allow room for additional employment?

You could sell items from home but how do you choose?

If you love to write, you could make money blogging but that takes time and you need income quickly.

Consider your talents and expertise

God blessed you with gifts and passions for a purpose. He knows you need to build your income but also wants you to love what you do.

Do you see someone skilled in their work?
    They will serve before kings;
    they will not serve before officials of low rank. Proverbs 22:29

So, consider your talents. What are you good at that someone else would be willing to pay for?

Then, think about your expertise. What is your background, education, and/or experience?

Here are some ideas to get you thinking:

• Tutoring
• House cleaning
• Pet sitting
• Child care
• Resume writing
• Proof reading
• Music lessons
• Computer training
• Monogramming
• Alterations
• Handmade clothing or household textiles
• Ironing
• Baked goods (Be aware of any licensing needed to handle food)

How to get the word out about what you are doing

Once you have decided on a way to boost your income, it’s time to let other people know what you are doing.

Get social

Use the power of social media (Facebook and Twitter) to connect with your friends and offer your services for odd jobs.

Don’t be the person who suddenly fills the Facebook newsfeed with your products, but definitely let other people know what you are doing by sharing pictures of your work.

Stock promotional materials

When someone asks what you do, be prepared to answer.

Pick up business cards from Zazzle to distribute or print your own at home.

Brochures are easily printed using templates already installed on your computer’s word processing software.

Get help from friends

Ask your friends to spread the word. For those you can be honest with, tell them about your desire to bring in some additional income.

Offer a discount for repeat business or referrals.

Have a website

Starting a website is important if you want an easy way people can learn more about you and what you do.

It isn’t as expensive as you might think. Pick up your domain for just $0.99 at GoDaddy and start a website for just $1 a month.

When people want to know about your services or view your referrals, you can send them to your business webpage where you have all of that information available.

A few words of caution

Adding a side job is supposed to increase your income without causing additional stress. So think carefully before you begin.

How much will it cost?

If you have to make a huge investment to start a side hustle, don’t do it. Essentially, you are trying to make money from thin air and should avoid big start-up expenses.

Stop and ask yourself, “If my average item will be priced at $X, how many will I need to sell in order to turn a profit?”

For example, if you purchase a $500 (or higher) monogramming machine and your average item price is $7, you will need to sell 72 items to turn a profit. If you can sell five items a week, if will take almost three months to recoup your investment.

Do you need a license?

Be aware of any licensing issues or permits you might need to run a business out of your home. Legally, you can have a hobby that makes you a profit but by giving yourself a name, you cross the line from hobby to business.

How much will taxes cost me?

Save all of your receipts for income and expenses. Even a profit off a hobby can be income to the IRS. (You can read more about this on the IRS website.)

Now, I want to hear from you. What are your ideas for creating additional income?

Need more ideas for boosting your income?

• For several years, I made extra money for the holidays by making and selling cinnamon pecan rolls.
• Prior to the pecan cinnamon rolls, our family used gourmet designer apples to build extra income.
• One reader was able to boost her income by selling homemade dog treats.