Last post I talked about cashflow being king. And if your wondering thats all great and everything but where do i find cashflow well this evenings post will give you some ideas and also hopefully get your mind kick started into thinking of others specific to your own special situation.
So increasing cashflow comes down to really 2 things in principle either increase your earnings/income or cut down on your expenses/costs or in a perfect scenario both. So lets look at these two options a little more in depth.
So up first we have income/earnings so potential avenues to explore to increase your earning potential are the following but certainly not limited too these either…..
1) Take that promotion at work that you felt you were ready for but were afraid of change.
2) Do you have a hobby or interest currently outside of your regular job/career that could be leveraged for extra income?
3) Is there something you have always wanted to learn but never took the plunge to try it? Take the leap try it you never know it could be your next chance for extra side income or who knows you might find it is your true calling and have it replace your current job/career.
The next method to free up cash of course is to cut down expenses this list could be rather extensive depending on a person’s situation. So I will list some that I have personal experience with and also others that friends/colleagues have mentioned to me. But would like to add this method for some things is really going to require you to buckle down and maybe at times put aside convenience to gain a little more cash flow. So as with all things it really will come down to how bad you want to have extra cash flow versus current quality/standard of life but don’t confuse quality of life with waste in life.
1) Cell phone plans look at your plan do you really need as big a plan as you have or is there excess data/mins every month left unused?
2) Home Internet plans how much data do you use a month do you really need as big a data plan as you have?
3) Cable/Satellite Plans how many of the huge amounts of channels do you actually watch or do you find yourself really only watching 3-4 channels for the things you are interested in or entertain you?
4) Driving to work can you carpool with a co-worker or friend that has same work schedule as you?
5) Eating out/ groceries cooking at home more with in home socializing/parties way more cost effective and can be fun.
Before getting this one post looking like a novel I will end it here but more what I hope you get out of it is to engage your brain, and get thinking about your own current situation and places where you can free up cash flow versus watching it disappear in an online payment or cheque in the mail. I would also love to hear each and every one of you and what you found for ways to cut down expenses.
I will sign off with that for this post and wish you all a fun/exciting time in finding ways to free up some cash flow.
