5 easy ways to supplement your income
Monday, 1 February 2021
For many people, it's a worrisome time. There's a global recession in the cards, and it looks like some pandemic-related layoffs might become permanent.
With worries about health, employment and family life affecting many households, the upcoming holidays could be more stressful than usual. That's why it makes sense to minimize the burden and build your own financial buffer by taking steps to supplement your income.
1. Sell your existing expertise
Whatever your job, you've likely built up expertise that others can benefit from. Maybe you're an HR whiz or a health and safety expert, or perhaps you've got skills in writing or design. You can set up a profile on a gigs site like Fiverr.com and earn extra money from those skills.
2. Start your side hustle
If you've always dreamed of turning one of your skills, hobbies or interests into income, this could be the time to do it. Some people are beating the recession by helping others assemble furniture, while others have gone the online teaching route. If there's something you're good at or passionate about, give it a whirl.
3. Become an affiliate marketer
If you have a blog or website, or lots of social media followers, become an affiliate for the products you love. Then you can promote them with reviews, comparisons and banners on your site or social media profile. This can be a great way to earn a side income, and the most successful affiliates do it full time.
4. Audit your subscriptions
As well as supplementing your income, it's important to reduce unnecessary outgoings. If you're like most people, you're probably subscribing to a bunch of services you're not even using. Individual subscriptions may have low monthly charges, but multiple unused subscriptions soon add up to a hefty sum. That's money you don't need to spend in the current climate. Audit your subscriptions and decide which ones are essential and which can go. Any cancelled subscriptions mean you have more money in your checking account.
5. Use credit cards more effectively
If you're using your credit card and getting nothing in return, you could definitely do better. Look for a card that offers perks, such as low introductory rates and rewards. This could help you pay less interest on your balance and earn rewards when you spend.
The tips above can help you earn more income and reduce outgoings. This will help you mitigate the effects of recession, and put some money in your pocket to spend during the holidays.
The content provided is for informational purposes only. Neither BBVA USA, nor any of its affiliates, is providing legal, tax, or investment advice. You should consult your legal, tax, or financial consultant about your personal situation. Opinions expressed are those of the author(s) and do not necessarily represent the opinions of BBVA USA or any of its affiliates.
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