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While you certainly can save more by cutting down on your spending there’s another option that works better for many people and that’s to earn more. And by that we don’t mean hitting your boss up for a raise. There are literally dozens of ways to increase your earnings. For example, if you’re expert in math, writing or a foreign language you could become a tutor. We know of one recent graduate that’s knocking down an extra $1000 a month tutoring high school students in Calculus. How about those weekly yard and estate sales? This is where the old adage of “one man’s trash is another man’s treasure” definitely holds true. However, before you rush out and start buying stuff to put on eBay spend some time there in research so you’ll know what things are worth. Since it’s impossible to know what everything sells for, pick a category like antique china, model trains, coins or sports memorabilia and then learn all you can about it.
Of course, the simplest way to earn extra money is to get a part time job. Sure, they usually don’t pay much more than $10 an hour but if you could log just 20 hours a week that’s probably around $160 net or $640 a month. Work that second job for six months and you’d have $3840 to stick away in an online savings account or your IRA.
If you aren’t able to work a second job, there are still a number of ways to earn extra money without leaving home. Are you a reasonably good writer? There’s also money to earned writing articles for websites. There’s also extra money to be made serving as an online juror, taking surveys online or by becoming a blogger. In fact, you put your mind to it and do some simple research on the Internet you’ll probably find 25 or more ways to increase your earnings — and again without even leaving your home.