Renewed Focus: Increasing Income

I took a pretty substantial pay cut a couple of months ago and the numbers have caught up to me. I have been working tirelessly to get more side income coming in. My work has already paid off a bit and I am beginning to breathe a little easier. Here are the steps I took:

  • Became more proactive in finding side work through friends and family
  • Rented out my spare bedroom a week ago for the next few months to a friend in need
  • Grocery sale stockpiling is now starting to pay back!
  • Going out a lot less and being the "cheapskate" when I do go out
  • Utilized more groupons, coupons, and other deals to preserve some sliver of a social life
I am also bringing my emergency fund back down to $1000.00 USD and using the rest to pay down my debts. With a lower steady income my monthly debt service payments sting a lot more. Doing this eradicates 75% of one of my credit card balances! With a potential bonus and more rental income I can have this one paid off soon and work on the last one!

What savings I do have left I have shifted to the highest interest possible between a 7% savings account ($500 maximum, fully funded) at my credit union and some existing CD's that have not come due yet. This has become my emergency fund for now.

I have very little in the way of expenses left that I can cut. I am as low as I can go without making life miserable for myself. I am still working hard to get more alternative income via more focus groups, more computer repairs, and anything else I can do to get ahead. I am trying my best to be patient and stick with it!