It’s easy to start worrying when a recession hits. When the whole country struggles financially it could make you wonder if your personal finances will be safe. In addition, with the rising costs of living, you may already have needed a boost to your income.
Is it possible to boost your income during a recession? It’s not impossible. There are a few things you could do to improve the prospect of your finances this year. Take a look.
Self-Publish a Book
If you have a book idea, now is the time to get writing. It can take a while to write and edit an entire book but once you have, the self-publishing process is fairly easy. It’s also very cost-effective. You can self-publish for little to nothing when the self-publishing agency takes a percentage of your sales.
The most difficult part of this process is getting people to buy your book. You’ll need to market your book yourself but thanks to the wonders of social media, you can do that for free too.
New Job
When was the last time you had a pay rise? If you’re only just surviving on your wage, it could be time for you to ask your employer for a pay rise. If your pay rise is refused, you may need to consider getting a better paid job or an additional job.
Did you know that 75% of job seekers are fearful of a recession? Unemployment is at record highs but it doesn’t mean there won’t be a job out there for you. Keep looking at opportunities to see what pops up.
Rent Out Something You Own
Renting is a great way to make some extra money during a recession and it saves other people money too. Whether you own property you can rent out, land, sports equipment or much more, it can boost your income. For instance, someone may want to borrow snow skis instead of purchasing them for a skiing vacation.
If you have any money set aside, investing in self-storage units is a great option. More and more people are seeing the advantages to renting storage space for a variety of uses, including businesses.
Sell What You No Longer Need
If you’ve accumulated many possessions over the years, you’ve probably got many items that you no longer use or need. Items of value can be sold for good prices to private customers. Even old devices like phones, tablets, and laptops can help to boost your savings.
Items like jewelry and watches can always be sold, even when you can’t find a private buyer. However, you may end up with less money than you would like for the item so it’s important to consider whether you really want to sell it.
Savings Account
If you’re lucky enough to be able to add to your savings during a recession, be sure to have a savings account that works for you. Your savings can make you money if you manage them in the right way.
