If you can, eliminate the cost of a mortgage or rent by keeping a house or a dog, Browne recommends.
Find a secondary activity
“Once you’ve gone over your expenses, focus on making more money. There’s not much you can do to reduce expenses,” says Travers.
When you’re at the computer, Browne recommends things like online surveys and testing new websites as quick ways to generate a little extra income. And while they only get you an extra $20 or $30, it all adds up.
Apps like Airtasker, which allow users to offer services like groceries, transportation, or moving assistance, can also be helpful.
Travers suggests other side activities such as online transcription work, virtual assistance, market research and mystery shopping, which she says can benefit mothers.
If you’re not sure where to start with a side hustle, think about what you’re passionate about and what your skills are, suggests Fiverr’s Woolrych. “There are over 550 service categories on Fiverr. You’d be surprised how easily any service can be turned into income.
Taking on additional freelance work in a field you already work in is another way to generate a little extra income. Molly Benjamin is the founder of Ladies Finance Club, a community of more than 55,000 women who organize workshops and meetings on personal finance. She says a member works for a company as a graphic designer and has taken on additional freelance work.
Negotiate a salary increase
“The best way to increase your income is to ask for a raise. If you haven’t gotten a raise in a year, it’s definitely worth asking,” says Benjamin.
Molly worked with PepTalkHer, an organization aimed at solving gender equality in the workplace. She shares some advice from her founder Meggie Palmer.
“It’s important to do some research and ideas to back you up if you want to negotiate a raise.” One way to make sure you have a complete list of your accomplishments when you approach your supervisor is to make a habit of writing down three things you did each week on a Friday afternoon.
Depending on the nature of your boss, she also suggests giving him a “high-level overview” of what you’ve done and your upcoming priorities fortnightly or monthly. When it comes to your salary negotiation, it will be difficult for your boss to question your work.
Use a store extension
Shopping or cashback sites can be an easy way to earn a little extra income when shopping online. And while they may look like a scam, Browne and Benjamin say they’re a little-known goldmine and have received thousands of dollars back on their purchases over the years.
These services work like a browser extension, which notifies you when you arrive at an eligible site (companies like Dan Murphy’s and The Iconic participate in some of these websites). A percentage of each purchase is returned to you, in exchange for your browsing data. While some people may be uncomfortable with this, “you’re giving them data anyway, so you might just get paid for it,” Browne reasons.
Do you have a mortgage? Ask for a rate drop
With interest rates rising, Browne says she’s helping people go to their bank and ask for a reduction on their rate. “A lot of people don’t realize you’re actually allowed to do this,” she says. Recently, a client was able to negotiate a 1% cut after spending an hour on the phone with his bank.
“If you have more than 20% equity and haven’t requested a reduction in the past 12 months, you have a good chance of getting one.”
Another client, she says, was knocked down on her first phone call. They went to a mortgage broker and asked for a better deal. Their bank found out and ended up matching the lower rate.
“You just have to be persistent and move if they don’t want to move.”
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