How to Put Your Financial Plan Into Action: Raising Extra Money
Creating a financial plan is a struggle in its own right. There are all kinds of things you need to save for, and it’s not always clear which ones you should prioritize. Even once you’ve decided on your savings goals, you have to decide how you’re going to get there. Do you invest in a mutual fund, bonds, or riskier, less traditional financial instruments? There aren’t always easy answers when it comes to money.
You should be proud of finally putting your plan together, whether your goals involve getting out of debt, saving for a down payment, or finally getting started with retirement planning.
In order to kick your plan into high gear, you may need a bit of extra cash. These are just some of the ways you can put your financial plan into action, whether you need a quick cash injection or a steady stream of new revenue.
#1 Selling Old Valuables
Depending on your financial circumstances, a quick boost to your financial situation can make a big difference. It can give you the flexibility to pay off debt or start investing so that your money can start to grow.
Old gold and silver jewellery, coins, or heirlooms are high-value items that can really generate some income. Gold jewellery may not seem like much, but the with price of gold breaking out in 2024, the metal is more valuable than ever.
When you’re thinking about selling jewellery, find a bullion buyer who can pay top dollar for precious metals. They’ll often give you better deals for your jewellery than pawn shops or second-hand sellers. Check out places like Muzeum to find out how they’ll evaluate your jewellery and how much you can earn.
#2 Use Your Skills to Freelance
Earning extra money on the side can be a great way to supplement your income. Think about what skills you have that you could monetize. It might be professional skills that you use in your day job, an artistic talent, or something you can do in your spare time, such as driving an Uber or picking up gigs with TaskRabbit.
There are tons of different websites and apps tailored to different skills. See what freelancing sites are out there and find the right platform for the type of skills you have to offer.
#3 Switch Companies
It can be a bit counterintuitive, but staying with one company for too long can actually be bad for your earning potential, especially once you reach the ceiling of promotions that you can get.
Companies start to take your expertise and your stabilizing presence for granted, but your skills and experience may be more valued elsewhere. Even a lateral shift in terms of position can come with an increase in your salary. Start interviewing for available positions and plan your career shift so that your paycheck doesn’t skip a beat.
The downside means you will have to make new relationships, get out of your comfort zone, and fit in with the new company’s culture, but it can be a move that pushes you toward newfound financial success.
There are plenty of other ways you can increase your income, either long- or short-term. Sometimes, all it takes is a bit of inspiration to get started with your financial plan.
