Sally's Finance

Sally's Personal Finance Guide

Is it Worth Trying to Earn Extra Money?

If you are struggling with money or feel that you would like some more money for various reasons then you will have two main options. You will have to try to find ways to spend less money or to earn more money. Spending less can be hard, if you are already keeping to a tight budget or if you do not like the idea of buying less things, then you will need to find a way to earn more. However, you might feel like it is a waste of time. It is worth considering the options first though, before you decide whether you really think it is a waste of time or not.

Try to Earn More From Your Job

The first thing to try is to see whether you can earn more money from the job that you are in currently, assuming that you are working of course. You might be able to find out if it is possible for you to get a pay rise or promotion, for example and earn more money that way. It could be the case that you will be able to work more hours as well. Find out if there is some overtime or the opportunity for you to work some extra hours so that you are able to earn a bit more money. Getting more form your current job could be one of the easier ways to earn money and it could pay you the most. However, it may not be possible to get a pay rise and you may not be able to spare the extra time away form home. A lot of people have families to look after, perhaps children or other relatives that they care for so their working hours are limited. There are other possibilities.

Get a Better Paid Job

It might be possible to get a better paid job. This would help you to be able to get more money without working extra hours. This will of course depend on what is available and whether you are already being paid the maximum you think that you can for what you do. However, it is always worth taking a look at what is available, to work out whether you might be able to do something else. The job market can change a lot so it is worth looking out to see what is available.

Do Temping, Contract or Freelance Work

If you do not have a permanent job or have the time to do extra work, then temping, contract work or freelancing could be useful. Although these jobs do not have security, they can help to add to your income. They have advantages in that the are more flexible because you can choose which jobs you take on and what hours you do. They may pay less as well but it depends on what field you are working in. Contract work could pay more but freelance and temping work tends to pay less. You may have more luck finding this sort of job through an agency and there are a lot of them available that you can contact. 

Find Online Work

There are also jobs online that you could go for. Some people advertise normal jobs online so it is good to look for those. Otherwise, you may find small jobs to do. You might be able to pick up freelance work on websites which link together employers and employees or find paid surveys or small jobs that you can do. These sorts of jobs tend to be low paid because for some you will be competing with people all over the world. This means that with all of the competition the pay can be lower. Some countries have a much lower standard of living and no minimum wage and so you will be competing with those people. Also because you will be self-employed the minimum wage rule does not apply.

As you can see, there are various options that you can consider taking with regards to earning extra money and this is not an exhaustive list. Whether it is worth doing is very much a personal decision. It will depend on how important having the extra money is to you and whether you are prepared to spend the time earning. It might be that you can find something that you find fun and that you have plenty of spare time to do it in, but this may not be the case so you will have to find something that will suit you and fit in with your requirements.