{"id":17077,"date":"2024-08-05T14:27:08","date_gmt":"2024-08-05T19:27:08","guid":{"rendered":"https:\/\/www.bbinsurance.com\/?post_type=insight&p=17077"},"modified":"2024-08-05T14:27:08","modified_gmt":"2024-08-05T19:27:08","slug":"little-ways-to-make-a-big-impact-on-your-bank-account-in-a-short-time-frame","status":"publish","type":"insight","link":"https:\/\/www.bbrown.com\/us\/insight\/little-ways-to-make-a-big-impact-on-your-bank-account-in-a-short-time-frame\/","title":{"rendered":"Little Ways to Make a Big Impact on Your Bank Account in a Short Time Frame"},"content":{"rendered":"
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Little Ways to Make a Big Impact on Your Bank Account in a Short Time Frame<\/strong>
\nby\u00a0Andy Watts, Executive Vice President & Chief Financial Officer at Brown & Brown Insurance<\/em><\/p>\n<\/div>\n<\/div>\n<\/div>\n

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Life has gotten expensive. Home repairs. Car maintenance. Your mortgage. You name it\u2026<\/p>\n

On average, homeowners spent $13,667<\/a><\/span> on improvement, maintenance and emergency repairs in 2023. Don\u2019t forget fuel and maintenance for the car, which costs $25.76\/mile on average<\/a><\/span>.<\/p>\n

Unfortunately, many people are caught off guard when an unexpected expenditure occurs. Finding creative ways to supplement your income while simultaneously cutting back on unnecessary expenses can be the right formula to mitigate the shock of unexpected expenses when they arise \u2014 and they will arise!<\/p>\n

Struggling to find ways to increase your income?<\/strong><\/p>\n

Here are three ways to earn some additional cash:<\/p>\n

1.\u00a0\u00a0\u00a0\u00a0 Turn hobbies into income.<\/strong><\/p>\n

We all have a passion that can be harnessed. How can you generate income from that hobby and create a mini job for yourself in your spare time? Having a side hustle is more common than you may think. An estimated 39% of Americans<\/span><\/a> currently have a side hustle or extra job and earn approximately $810 per month from it.<\/p>\n

There are so many ways you can do that! We have a full-time teammate who also runs a balloon business on the side; I have a friend who\u2019s a classical musician who earns a few thousand dollars each month from advertisers by posting personal videos of him playing piano and singing on YouTube.<\/p>\n

2.\u00a0\u00a0\u00a0\u00a0 Work overtime.<\/strong><\/p>\n

Can you work overtime at your job? Many employers offer overtime pay for working extra hours. This includes many jobs, such as police officers, pharmacists, nurses, retail, delivery, and most union jobs. Some positions pay incrementally higher rates \u2014 even double the hourly rate \u2014 for overtime. Other companies will offer paid time off if you work extra hours. This can free you up to work another job as you will have more flexibility. It\u2019s also federal law<\/a><\/span>, which mandates at least one-and-a-half times a person\u2019s regular wages when working overtime. Determine how much extra income you could earn if you worked an additional day per week at your day job. How much would you make?<\/em> It adds up.<\/p>\n

3.\u00a0\u00a0\u00a0\u00a0 Get a second job.<\/strong><\/p>\n

Holding multiple jobs is a great way to earn additional income, and the practice has increased in the United States in recent years, with 5.3% of jobholders reporting having multiple jobs<\/a><\/span>. Pet sitting, babysitting, tutoring, virtual assistance, and food delivery are just a few examples of part-time jobs that can provide supplemental income. If you\u2019re tech-savvy, consider influencer marketing, participate in market studies, create an online course, or even consider becoming a third-party reseller for Amazon.<\/p>\n

How do you manage expenses? Are you managing them closely?<\/strong><\/p>\n

Earning additional income is just one way to manage your expenses. Taking time to assess your current spending habits<\/span><\/a> is another. Knowing where and how you spend money is essential to staying on budget and curbing spending. Do you know all of your discretionary spending?<\/em><\/p>\n

Here are a few ways to cut everyday expenses and increase your available cash:<\/p>\n