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Chapter 4: Cutting Spending and Boosting Income
Book I
Taking
Charge
of Your
Finances
Bringing in More Bucks
If slashing your spending doesn't free up all the money you need to meet
your financial obligations and accelerate the rate at which you pay off your
debts, look for ways to increase your household's monthly income. Maybe
to improve your financial outlook, you need to work extra hours at your
current job (if you're paid by the hour), take a second job, or work as a
freelancer. This section discusses the in and outs of each of these income
boosters.
If your spouse or partner is a stay-at-home parent and is considering
getting a paying job, take into account the costs of working outside
the home, such as childcare and transportation, so you can be sure
that the change makes financial sense. The online calculator at
www·fincalc·com/bud_06·asp?id=6
makes that analysis easy.
If making more money will be an uphill battle because demand for your skills
is declining or because the industry you work in is depressed, consider get-
ting trained for a new career by attending your local community college or
a reputable trade school. Before you leap into anything, however, find out
where the experts expect future job opportunities to be. Start your research
by looking through the Occupational Outlook Handbook and the Career
Guide to Industries, two publications available at the Web site of the U.S.
Department of Labor's Bureau of Labor Statistics, www·bls·gov·
Blogs that can help you make every penny count
Blogs can be a great way to find out what other
people in your same financial straits are doing
to cut back and live on a budget. They can also
provide you with moral support and encourage-
ment. Here are a few blogs we think are worth
a visit:
The Budgeting Babe (www·budgeting
babe.blogspot.com
). This blog claims
that it's dedicated to "all of the young work-
ing women who want to spend like Carrie
in a Jimmy Choo store, but have a budget
close to Roseanne . . ."
Everybody Loves Your Money, (www·
everybodylovesyourmoney.com
).
The author of this blog grew up in a family
where money was tight.
The Frugal Duchess (www·sharonhr·
blogspot.com
). A Miami Herald per-
sonal finance columnist who claims that
she has "fine tastes and a small budget"
writes this blog.
Stop Buying Crap (www·stopbuying
crap.com
). The goal of this blog is to help
people stop wasting money.
