This post provided by SavingsAccounts.com.
Frugality is an important part of good personal finance habits, especially when that means cutting back on the things you don’t care about to spend more on the things you do. but you can only cut back so far before life gets, well, kind of miserable. The other half of the equation many people miss is earning more. What could you do with a few hundred extra dollars, or more, every month?
Maybe you have a specific dream or goal, such as an Alaskan cruise or a new washing machine, or maybe you want to build an emergency fund in a high interest savings account or a CD ladder, but it’s taking too long to meet your goal. how can you speed up your progress?
Your hobby may be an overlooked source of additional income.
Hobbies as Money-Makers
You most likely have at least one or two activities you enjoy in your free time, but it can be difficult to transition your hobby into a side business. use the following six guidelines from J.D. Roth at GetRichSlowly.org to get the ball rolling:
Many people who want to improve their savings simply wait for their boss to give them a raise, or else they focus only on cutting back expenses. Often, using a hobby to make more money rates low on the list of financial priorities because it seems more complicated than, say, bringing lunch to work to cut back on eating out.
But it’s empowering to create an income stream, no matter how small. it can supplement a low income to make ends meet, make an expensive hobby affordable, give your online savings account a big boost, and give you the added security of diversifying your income. Plus, who knows where it might lead? sometimes hobbies do transition to full-time jobs, and there’s nothing better than doing what you love, every day.
The original article can be found at SavingsAccounts.com:“Earn Extra Cash with an Income-Boosting Hobby“