Budgeting 101 – Know your income

Having gone through your expenses, it’s time to look at what you bring in – i.e. your income.

Most people would simply go looking for their payslips or their annual income statement and say, done! However, in my experience, I have spoken to enough colleagues/friends who have identified other current (although somewhat small) sources of incoming or potential sources of income (and they have been sitting on them).


Photo by Alexander Mils on Unsplash

I suggest you take a good look around you and think: Am I getting some additional income from something else that I am doing? Here are some examples of cases that I have seen:

  • A family member studied beauty therapy as a hobby and, sometimes, her friends ask her for a beauty treatment (against payment).
  • I sometimes sell stuff that I don’t use or need on Facebook Marketplace.
  • A colleague helps acquaintances with computer issues (against payment).
  • I breed tropical fish for a hobby and make some money from selling juvenile fish.
  • An extended family member plays in a band and they have started getting gigs.
  • I am investing passively in peer-to-peer lending platforms.
  • A friend really likes her cacti but sometimes it gets out of hand and she has to sell off some plants.
  • A colleague runs a well-known blog and is considering becoming an affiliate for a number of known brands.
  • An acquaintance told me that they are very disciplined with their credit card usage and always repay on time thus actually making some money from credit card company’s loyalty cash backs.
  • The list goes on and on…

What can I do?

My main point here is that there’s nothing wrong with having one source of income.  Keep in mind though there might be an opportunity somewhere in your house/mind/area that you might want to explore.  You may already be doing something and unknowingly, that extra income is funding your night-out with your friends or your hobby.

I am not suggesting that you go get another part-time job.  That is entirely up to you.  However, considering you are here because you consider yourself a Busy Human, you’re probably looking for an easier, passive way to make your money work for you.

More on that in upcoming posts!

– Busy Husband

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