If you’re tired of stretching your budget thin in the face of the rising cost of living, it might be time to take action. There are signs that persistent inflation is here to stay, even if it slows down and even pulls back to an extent.
That’s unwelcome news if your income isn’t rising to keep up with the cost of essentials. Whether you have an emergency expense that you need covered or you need to find a sustained way of padding your income, these ideas can help you answer inflation and give you some more breathing room in your budget.
#1 Selling Jewellery & Precious Metals Heirlooms
When you have old jewellery lying around or heirlooms made from precious metals that you don’t feel attached to, you have a great source of extra income on your hands. Precious metals like silver and gold always have a buyer. Making the most money you can from them is all about finding the right one.
First, take a look at what you have. Gold and silver jewellery, tea sets, silverware, and other heirlooms should all have a hallmark printed somewhere on them. The hallmark should tell you how many karats the piece has or what percent of gold or silver the piece is made from.
Once you have this information, you can sell your jewellery or heirlooms to a business that buys gold and silver. This includes bullion buyers, jewellers, collectors, coin shops, and others. Businesses like Muzeum purchase precious metal in all of its forms, including silverware, tea sets, watches, and other items. They are one of Canada’s best-known precious metal buyers, offering both in-person purchases and mail-in services.
Jewellery doesn’t have to be in good condition to get a great price. Unless it’s vintage, antique, or from a high-end designer, the value usually lies in its precious metal content. Find a buyer who will pay top price for gold or silver, and you should be set.
#2 Take Your Passion to the Next Level
Do you have a hobby or a passion for an art form that you’ve always practiced for yourself but never taken to the next level? Now could be the time to upgrade your skills and start earning money on the side doing what you love.
There’s a large market online for skills like photography, art, design, copywriting, and other skills. There are tons of marketplaces where you can sell photography or art, as well as marketplaces where you can freelance with any other skill.
Are you a crafter, woodworker, potter, or embroiderer? If your passion lies in making things rather than a skillset that provides a service, you can always sell your wares online to add extra money to your budget.
The great thing about monetizing a passion is that it gives you the perfect excuse to devote more of your spare time to something you love. It’s an opportunity to earn extra money, challenge yourself, and hone your craft.
#3 Find a New Job
Unsatisfied with what your current job is paying you? Raises in the cost-of-living remain the exception rather than the rule in many workplaces, and one of the best ways to increase your own earning power is often to hop from one company to another rather than pin your hopes on a big raise. That’s spurred large numbers of workers to start the job hunt rather than wait around.
Fortunately, the unemployment rate is at historic lows, and many companies and organizations are finding it hard to fill positions. As staff shortages put pressure on companies to raise wages, new hires can leverage their availability for a better offer. The time is right for those seeking better compensation to jump ship and find sustainably higher wages. Even cash-strapped companies may be willing to offer other benefits, such as more time off or other perks.
#4 List Your Spare Bedroom on Airbnb
Do you have more space than you use in your home or apartment? Airbnb can be a great way to turn extra room into added revenue.
With the cost of rent rising everywhere in North America, many people are considering downsizing to save a bit of cash. Meanwhile, many homeowners are eyeing rising mortgage rates and wondering how they’re going to be able to keep up with their payments.
With just a little bit of investment, you can turn that spare bedroom into a money-maker with Airbnb or another short-term rental app. You will have to think about investing a bit of money into making the room seem appealing and turning it into a functional bedroom, but once you’re up and running, you can quickly turn unused space into a great source of extra income.
#5 Offer Your Services as a Virtual Assistant
Are you the kind of person who thrives on inbox zero? Do you have experience managing calendars, meetings, and schedules? Are you always the one organizing trips in your friends’ group chats? You might have what it takes to find work as a virtual assistant.
Virtual assistants provide remote support to small businesses and individuals with admin work, communications, scheduling, presentations, accounting, reports, and all kinds of tasks that businesses and entrepreneurs don’t have time for themselves.
If you have experience in business admin, project management, recruitment, accounting, or even social media for business, there may be a virtual assistance role out there for you. Plenty of small businesses are turning to virtual assistants to get extra work done, and it’s a role you can take on from home.
Find a flexible arrangement that allows you to work around your full-time job, parenting responsibilities, or other responsibilities, and you can easily add extra income to your budget.
Inflation has everyone concerned about their budget and how to make ends meet. These five ideas can help you add to your income and keep up with the rapidly rising cost of living. Don’t let inflation hold you back! Find creative ways to put more money in your pocket, whether it’s a one-time thing or you need a sustainable source of extra cash.
