I’ve come to the conclusion that I need to make more money in 2019. I always seem to have an ebb and flow when it comes to this topic. There are some years when it’s just not a primary focus. Then there are other times, including right now when it becomes financially important for me to readjust and get ahead a little bit.
I spent more money than I had anticipated in 2018. I did make more in 2018 than in the previous year. However, the increase in spending was larger than the increase in income. Furthermore, I have a few big expenses planned for this year. I need to get on track to make more money as soon as possible so that I won’t go into debt.
Getting Organized to Make More Money in 2019
The first thing I need to do is to get very organized about my finances. I’m typically very good at his. However, I lost track of some details in the past year. Therefore, I need to focus on knowing my overall financial picture. Luckily, there are so many easy ways to do this.
First, I updated my Mint account so that it reflects all of my current bank and credit accounts. I also used its available features to set budgets for every area of spending in my life. Plus I set some savings goals. Unfortunately, the picture doesn’t look great right now. Between the budget and goals, I’m actually earning less than I’m planning to spend. However, it gives me a clear idea of where I’m at. That’s the starting point for making changes.
Organizing Work with an Eye Toward Money
A related key part of having a clear financial picture is to get a clear understanding of my income. For some people, this is simple. However, as a freelancer, with jobs that change constantly, it’s not nearly so easy to figure out.
I do have a good sense of how much I’m making each month. I can predict that with fairly strong accuracy. However, if I want to make more money in 2019, then I need to get even clearer. Specifically, I plan to create a spreadsheet showing the following payment breakdown for each job:
- Per word
- Per article
- By the hour
- Total monthly
I’m paid differently by each client. For example, I know Client A pays me $25 per article. I also know Client B pays me $0.10 per word. However, I haven’t looked closely at how each job compares to the other. Figuring out the exact per word/article/hour and the monthly total should give me a solid idea of how each job compares.
This is important because I’m already pretty overloaded with work. Therefore, if I want to make more money in 2019, then I need to work smarter. I may have to eliminate some lower-paying jobs in order to accept ones that pay better. I can only do that if I clearly understand which jobs pay the least for my efforts.
Reduce Spending Immediately to Save Money in 2019
Since I’m spending too much right now, I need to reduce spending immediately. I will be cutting out all of the things that aren’t necessary. I don’t want to live this way forever. After all, there are some pricey indulgences that I absolutely do want in my life. (For example, regular massages are part of my personal health and wellness plan. I don’t want to give them up.)
However, I want to pare down to the basics until I do start to make more money. Hopefully, some of the things that I cut back on will turn out to be things that I don’t want anyway. Some of my immediate plans in this area include:
- Cancel almost all recurring subscriptions. I’ll keep my fresh farm food delivery. However, I will cancel magazines.
- Review all bills with an eye toward possible reductions. For example, check if there’s a better phone plan.
- Cut ten percent from each budget category each month. Therefore, I’ll spend less immediately and increase the savings monthly. I’ll review this quarterly in 2019.
Begin to Make More Money in 2019
Once I know where I stand with my money, I’m in a good position. By reducing costs, I reduce the immediate stress of overspending. Then I can really focus on the nitty-gritty of how to make more money this year.
As aforementioned, the first step is eliminating low-paying jobs. This will free up the time to accept higher-paying jobs in their place. However, I need to do this carefully. I want to have a few better jobs lined up before I cut anything out. A bird in the hand is better than two in the bush as they say.
More importantly, I really need to review my options for generating passive income. After all, my time is finite. I can only increase my income so much if my method is to do more work. I already have a lot of products and content. Therefore, I need to maximize my revenue streams for those existing materials.
Finally, by the end of the year, I want to branch out into at least one new way of earning money. I want to do something totally different from the writing work that I rely on for income. I think it’s good to try new things. It’s important to stretch yourself. More than that, I think changing things up like that helps generate new inspiration and ideas. Therefore, I might be able to come up with different creative ways to make more money in 2020 if I take a new kind of job in 2019.
Those are my plans for how to make more money this year. What are yours? Share in the comments to inspire others.
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