I recently came across an article by Paula Pant who runs her own blog called Afford Anything. In the article she says, “Growing your savings is just widening the gap between what you earn and what you spend.” That means we can increase our savings not just by reducing what we spend, but by increasing what we earn as well.
Yesterday’s post focused on ways that I can continue to enjoy things in my life but for cheaper. Today was all about exploring new opportunities for increasing my income. My plan to increase income is going to include:
- Investing in my day job
- Side Hustle Gigs
- Investing my savings to start accumulating passive income
Investing in My Day Job
First off, I don’t want to forget about my 9-5 job (I work as a project manager in the construction industry). This is what pays the bills and keeps my head above water (for now), so I think its very important that I continue to invest in knowledge about my career so that I can add more value to my company. More value means a bigger salary come raise season.
There are a ton of different ways to do this, I can search for and sign up for classes, work towards certifications that are relevant to construction, or even scavenge Youtube for videos relating to my field of work. Seriously, Youtube is such a great tool for learning, and its adds $0.00 to my costs!! This is going to be my focus for the near future.
Side Hustle Gigs
A quick search for side hustle jobs yields a seemingly endless list of options on google. I won’t delve too much all of the options but a few that I tried out today were, online survey taking and task rabbit.
Lets start with online survey taking. I downloaded Swagbucks, InboxDollars, and Focus Point Global. Originally optimistic on Swagbucks and InboxDollars as they didn’t require me to leave the comfort of my bed to start earning money. I quickly realized though, that at best I might only be able to earn $1-2 per hour. That simply just isn’t a good use of my time.
Focus Point Global however seems like a better avenue. Though I would be required to go to a physical site, their app lists surveys for $125-300 for 2-4 hour sessions. I’m going to continue using this app and see what happens so stay tuned for an update.
Another gig I just signed up for is Task Rabbit. Its essentially Uber for handymen. I like this for two reasons. First, it pays roughly $18-$25 per hour depending on the task. Its also a great way for me to increase my knowledge of carpentry and other trades. So not only will I be earning additional income, but I’ll also be gaining more knowledge that I can leverage into more salary.
Investing Savings for Passive Income
My final task for today was to open up an investment account. I ended up going with Robinhood. It has a great app and trades are free! I already have a high yield savings account that nets me 2.2% interest currently, but investing in the markets historically yields a 7% return. Any money I make from my side gigs is going to go straight to this account for now on.
Day 3 is officially in the books. The additional savings looks like its going to be a slow go for the time being. But the goal here is to do at least one thing every day to make a difference. I’m confident that as time goes on those actions will start to compound into some serious savings, so make sure to keep coming back for more updates, tips, and lessons.