Ways to Increase Income and Expenses

To Increase Income

• If you are getting a tax refund each year, consider increasing the number of exemptions you are claiming on your W-4 form at work. This will give you more take-home pay. However, be sure that this will not result in an end-of-year tax debt.
  
  
• Older children or an unemployed spouse may be willing to work, even on a temporary basis, to help during the transition. Part-time jobs can also provide the extra income needed to make ends meet.



• Check on government benefits, such as VA, Work First, food stamps, Medicaid, if you feel you may be eligible.
  
  Turn your unwanted clothing or “treasures” into additional income by holding a yard sale or taking items to a consignment store.
• Collecting aluminum cans for recycling could add from $20-$75 a month to your income (depending on how ambitious you are in your collection efforts.
  
  
• Review cash values in life insurance for possible emergency funds.

To Reduce Expenses

• Review your grocery store purchases – especially in the luxury or non-food items.
  
  
• Reduce the number of times you eat out and dine at more economical restaurants.
  
  
• Packing lunches for school and work is a real money saver – but watch out for the trap of buying too many convenience foods to pack. These can actually cost more than a school lunch!
  
  
• Review your phone service. Are there “add-on” services, such as call waiting, call forwarding, etc., that could be discontinued to save
  money?
  
  
• Eliminate or reduce your long-distance calls. Make sure your
  long-distance plan is the best deal for the calls you make. Contact your long-distance carrier for promotional deals that can mean lower per minute rates, free minutes, or even cash to keep you from switching.
  
  
  
• An extra room or basement could be rented out to a college student.
  
  
  
• Review your energy use. Are lights on when no one is in the room?
  
  
  
• Consider reducing the thermostat (in winter) or increasing (in summer) to save money on utilities.
  
  
• Look for low- or no-cost entertainment. Videos can be checked out FREE from the local library. The parkway is right in our backyard!
  
  
• Review your cable bill. Is the amount you are spending for premium
  channels really worth it? Many people find (based on the amount of time they actually watch their movie channels) that basic cable is cheaper, even when they rent the movies they want to see when they want to see them.
  
  
• Shop consignment sales or yard sales for children (and even adult)
  clothing.
  
  
• Request generic drugs – ask your doctor if a true equivalent is available. Shop for prescriptions by calling and checking prices. Also, ask if your health care provider has free samples!
  
  
• Involve your family. Explain the situation to your children, and get them to help with economizing! Kids can often be part of the money problem, until they understand what you are up against, then they can be a big help!
  
  
• Review your hobbies, clubs, magazine subscriptions, and memberships. Consider cancelling those you don’t use or cannot afford.
  
  
• Eliminate low value insurance such as accidental death, or collision
  insurance on an old vehicle.
  
  

Back to Resources    Home