It's spring. Yay! It's a time for warmer weather, longer days, lighter clothes, and an overall feeling of renewal and growth. Life is ahead, ready to be taken by the horns, and you're pumped and motivated. You're going to go out and get it literally. Then you grab your keys, throw on your sandals, and get your wallet….hmmm…that feels a little light. Bubble burst. Pop. Funds depleted.
There are several reasons why one might be low on cash reserves after the winter season. Maybe you took storing up on winter fat a little too seriously...waaaayy too much eating out. Maybe your winter clothing purchases were a little lofty. Boots and coats are a total necessity, BUT have a higher price tag then our lighter spring options. Maybe that heating bill killed you. You couldn't freeze to death after all. And maybe those days and nights being cooped up inside, lent themselves to a little more than usual online shopping. Whatever the reason, we are going to suggest how to add a little more weight to that wallet. It's all in the flow, the cash flow hustle.
1. Cleanse. One person’s junk is another’s treasure, right? So get in those closets, those garages, the attics, and those basements and cleanse. This can be the quickest way to a little more cash. You don't even have to actually host a yard sale. You can sell things online through Facebook, Craigslist, or even sites like Poshmark.
2. Sell yourself. We're not talking about lady of the night stuff. But seriously...hire yourself out. Even if you don't have a specialized skill like graphic design or photography that you can freelance, everyone can babysit, paint, grocery shop, or help someone move. You'd be surprised how many people are willing to hire someone for small things.
3. Tax planning. Yuck. Taxes. Tax season is upon us and not all of us are very thrilled, especially if you aren't looking at getting that big refund that will save your financial life. But there are changes you can make that could possibly help your current take home earnings. Way too many people use their tax withholding as a savings account that gives them a fat refund check. But you suffer throughout the year with a light take home pay. This is not a smart investment. It's not an investment at all! Speak to a Financial Advisor on your best strategy for tax planning. You might be surprised at how your overpayments are hurting you. You might be surprised on tax advantages that you're missing out on.
4. Ask for a raise. Some people never ask or negotiate for a raise. What's it going to hurt to ask? If you have proof of your productivity, increased workload, or tenure, why not present it to your supervisor? It may be a shot in the dark, but possibly not. Even a quarter raise is more money!
5. Hustle. This isn't one that most will want to hear because it's common sense, but not always so easy. If you work for yourself or have an hourly job with the opportunity for more hours or overtime, then simply hustle. Find more clients, push more sales, collaborate, beat the streets, pick up a shift, or sign up for overtime. Hustle and grinding like this may not always be worth it, but if you're looking to pick up extra earnings, you have to put in extra effort. And yes, it may even be time for a part time job.
As always, we recommend any changes to your cash flow hustle needs to be taken seriously. And by seriously, we mean speak with your Financial Advisor. We always recommend our go to guru, Amy Bouchie of New Horizons Financial Planning. Everyone’s financial scenario is unique, and it takes an expert to really get the most out of your cash flow hustle.