Simple Ways to Boost Your Monthly Income

Budgeting for the month can be stressful for many consumers, especially if they find there isn’t enough money to cover the essentials. Fortunately, there are numerous ways people can boost their income to stretch a budget.

No. 1 – Rent a room in your home:

While this may not be the best idea for people who have children, others who are struggling might want to clean up a bedroom and rent it to someone in the area. This is a great way to supplement income, as household expenses won’t rise but extra money will be coming in. Of course, people won’t want to rent their room out to just anyone, so it is important to have a thorough interview with applicants. Taking advantage of the extra money is great, but it will be moot if the tenant ends up stealing.

No. 2 – Sell your junk:

Many people have a bunch of stuff in their home that they don’t use, so why not put it up for sale and collect the cash? There are many ways to accomplish this, such as a traditional yard sale. But people can also take advantage of the Internet by using websites like eBay and Craigslist. There will be some stuff that won’t have any value, but people may be surprised how much money they can get for certain items.

No. 3 – Set up an at-home business:

People who have free time should consider using it to make money. Running a small company from home is a great way to supplement income. There are numerous ways to make this successful, such as walking neighborhood dogs or tutoring local students. Offering to watch kids in the neighborhood at night or on the weekends can also help bring in some extra cash.

No. 4 – Make a change to your tax withholding

When consumers first get a job, they fill out tax returns that have an impact on how much money is taken out of their paychecks. Anyone who finds themselves short on money may want to consider adjusting this, as it can lead to increased paychecks. Of course, this means that their tax refund will be less, but is there really a benefit to having the government hold money interest free for a whole year?

April Lewis-Parks has more than 15 years of experience in the financial sector, she is a certified financial counselor, and a consumer affairs advocate. As the director of education and public relations for Consolidated Credit she is dedicated to generating awareness about personal finance issues and acts as their consumer affairs advocate. As host the of MissMoneyBee.com, she promotes financial education and offers timely and informative personal finance articles to educate the public. April’s promotional efforts can be seen in past issues of the New York Times, Washington Post, Newsday, Consumer Reports, the Business Journals, Money Magazine, Glamour, Cosmopolitan, Family Circle, among others. Connect with April on Google+.