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).

income

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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