With the holidays in full swing, it can be tempting to overindulge, especially if you’re going through a divorce. You may want to spoil yourself or your children so that the sting of life changes don’t sting quite as bad.
The National Retail Federation is already predicting the average American will spend over $1000 on holiday shopping this year. It all feels good at the time but when the credit card bill arrives those feelings change if you can’t pay it off. You can avoid the hangover in January by figuring out what you owe and what you earn now. Getting a better grip on your finances can start with changing your relationship with money, cutting expenses and earning more.
If you’re in need of more cash, there are ways to make extra money after a divorce.
Make A Budget And Cut Costs
When you’re in need of more income, it may mean you have to cut some expenses. To have extra money after divorce, you may need to examine your spending and consider these ideas for saving:
- Cook at home
- Make your own coffee
- Buy generic
- Thrift shopping
- Use the library
Instead of dreading the changes, consider it a new challenge. You may find that your home cooking is better than many restaurants and thrift shopping can lead to many unique finds! A holiday budget can also be tackled before getting too far into your Christmas shopping.
Ask For A Raise
If you’ve been holding it together at work, despite the emotional challenges of divorce, your co-workers or boss may have no idea what you’ve been through. Sit down with your manager and explain that you will be taking on the household finances on your own and need extra money after your divorce. Ask if there is a room for you to take on more responsibility or, if it’s been a really long time since you’ve been given a raise, ask for one. If there’s no opportunity for a pay increase where you are, it may be time to consider making a move.
There are many opportunities to get a side job online. You may have an artistic eye that would be perfect as a graphic designer. Freelance writers are also in high demand. Other part-time online positions include Virtual Assistant, Customer Service, taking surveys, or bookkeeping.
Take Side Jobs Outside the Home
Driving for Uber or Lyft is one idea but you don’t have to haul people to earn extra money after your divorce. Uber Eats, GrubHub and DoorDash are also great ideas for a side job delivering food. TaskRabbit may have an opportunity for that appeals to you as a side job and extra work. Maybe your passion is caring for pets or children. Perhaps you’ve dabbled in photography and could make some extra cash taking family holiday photos. Baking is another popular side gig. With many of these ideas, you can make your own schedule.
Sell Your Stuff
You may be surprised at how much money you can earn by selling what you already have. With Facebook Marketplace, you can not only sell your stuff but also buy used items locally. There are also other ways to sell online such as LetGo, OfferUp as well as eBay and Craiglist. Many local communities are now offering Safe Exchange Zones for meeting people to complete the sale. Check with your local library or police department to see if there’s one in your area.
Before selling highly valuable items, such as jewelry, it’s a good idea to work with a company that specializes in estimating and selling for the best price. For instance, Worthy.com helps connect high-quality buyers with those looking to sell their wedding rings. You’ll get to see what buyers are paying, get your ring graded and have it sold for the best price.
Rent Out Your Home
Another option is to see how you can generate extra income from your home. One option for this would be to look for housemate who would pay rent each month or you could look to rent out a room for short periods of time that work for you through Airbnb or similarly. Clearly, you have to consider carefully the consequences of having another person living in your home and the impact that has on your privacy and security. This is doubly important if you have children at home who could be alone in the house with this person.
Another option that might work is to rent out your garage if you’re not using it. This avoids having another person in your house and may generate a passive income from storing your neighbors’ stuff.
You can treat yourself this holiday season by setting yourself up for a positive new year. Set your budget and find a way to stick to it so that in January, you can feel proud of the choices you’ve made.
Worthy is dedicated to providing sellers and buyers with that ultimate win-win. Every day they bring together buyers and sellers with their luxury auction marketplace. Worthy is led by the very best in the luxury goods market and they work together to bring you the fairest market value for your valuable items while providing stellar service driven by transparency, integrity, privacy and convenience.
Disclosure: I am an affiliate of Worthy which means that if you make a purchase/use their service, I will receive an affiliate commission at no additional cost to you.