July 1, 2020

Too many bills – Need More Cash?

Need more cash-flow to get a handle on your finances?

In my last post, I shared a few strategies for “de-cluttering” your credit card statement – cancelling unused services and returning leased equipment, for instance.

But economizing will only get you so far.

Some people simply need to bring in more cash. If you’re self-employed, this is easy: either take on more work, or negotiate higher rates for your products and services by educating the client or customer on the higher value of what you have to offer.

If you work for a company, there are still ways you can free up more cash to get your financial house in order (without impacting your retirement investments). Here are a few:

  • Become a weekend entrepreneur. For a few months or several times a year, take on projects (or a second job) that pay hefty sums like seasonal tax preparation, organizing and clean-up, ghostwriting a book, or helping a caterer with premium events.
  • Ask the payroll department at your workplace to redirect part of your paycheck to a new savings account you set up (ask your bank for an account that’s free of fees). Decide on the bare minimum you really need in your paycheck, then redirect the remainder. Use that money to pay down small debts.
  • Add up your discretionary expenses (eating out, buying home décor or clothes, ordering stuff on Amazon) and for three months, stop all discretionary spending. Eat at home, make do with the clothes you have, and forego those projects that require online buying. At the end of the 90 days, you’ll likely have more in your bank account to use toward paying off a bill or even eliminating a small debt.
  • Start selling stuff on Craigslist, Facebook marketplace, or gazelle.com (for older smartphones & devices). Decluttering junk drawers, the garage, and the spare bedroom not only makes your living space feel more tranquil, the extra money will have a calming effect on your financial stress, too.
  • Create a plan to pay off your credit cards within one year, then call the card issuers you have now to ask for a 0%-for one-year rate. Consolidate your other balances onto a single card and aggressively pay it off. This will save you monthly interest, but you must be disciplined enough to meet your goal in one year or less.

Finding more cash to eliminate your immediate financial headaches is only a part of the process.

Of course, finding more cash to eliminate your immediate financial headaches is only a part of the process of creating balance in your financial life (and other areas of your life, too). If you think working with a coach to keep you on track and accountable for results is something that would get you to a balanced life faster, I’m here to help.

Message me and we can jump on a call to chat about it. Or go here to check out the 10-Week Oola Coaching Program I deliver for clients who want more balance, less stress, and more happiness in their lives.

Then stay tuned for my next post where we’ll take a look at a simple technique for improving your finances in every area. Don’t miss it.

 

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