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Life: The Sequel - Step 6

3 Easy Ways to Have More Money

So you’re doing everything right – you’re tracking your spending, you’re paying down your student debt, and you’re making a genuine effort to save a bit. But, you’ve got a gap between what you want to have in the bank account, and what you actually have. What gives?

Well let’s take a step back. Earlier, we had you look deep within yourself and find your financial identity. If you’ve already addressed any money pitfalls you might have, now we can look at other, less obvious ways to simply have more money. We’ve identified 3 for you to think about – we got clever and started them all with “R” so they’re easy to remember!

RAISE your income.
 Are you waiting for your dream career to get started? Are you holding onto a job that you had throughout school? Take a look at what you’re earning right now and see if you can find something that pays more. If you’re still looking for employment, consider getting part-time work that will tide you over financially, while giving you flexibility to get to interviews. If you’re working at something fun and familiar, maybe now is the time to branch out and find a job that uses your skills and builds your career while RAISING your income.

RE-THINK how you spend.
 For the average Canadian, expenses such as cable, phone, hydro and transportation can take up a big chunk of money every month. Now is a good time to take a close look at everyday costs to see if there are ways to pay less. For example, are you in the right mobile plan? Could you be cutting down on driving, or buying monthly transit passes instead of paying as you go? Also, if your rent is draining your account every month, would you consider moving in with a roommate or two?

RE-PURPOSE your stuff.
 One of the easiest ways students can earn some extra cash is to sell the stuff they don’t need any more – especially text books from completed courses. Now is a good time to go through your bookshelves (or boxes under your bed) and get out the books you’re willing to part with. Check with your school bookstore to see what they’re willing to take, or post your saleables online to sell direct to other students. While you’re at it, see if there is anything else you can sell – such as an iPod or tablet that’s a couple of generations old, or clothes or gear that you no longer use. It all adds up, and you may find that your purging exercise turns into a nice little profit that gives you the breathing room you need.

Tips to give yourself an extra financial boost
  • If you pay your own utilities right now, find out the on-peak and off-peak times for energy consumption. Try to do things like laundry and running the dishwasher during off-peak hours.
  • Why not ask for a better deal? Whether it’s the phone company or the parking lot you use at work, find out if there’s any wiggle room on cost. The worst they can say is no. There may be bundling or package deals available that could save you a lot!
  • Scour supermarket flyers, online deal sites or group offers to save money on everyday purchases.
"If you’ve already addressed any money pitfalls you might have, now we can look at other, less obvious ways to simply have more money."