What would an extra $1000 per month do for you? Could you pay down debt? Save for a goal? Build an emergency fund? It might seem impossible to find an extra $1000 per month, but by following the steps in this article you can find yourself with the extra money you need.
- Decide on your purpose for wanting to have an additional $1000 per month. Just deciding that "it would be nice" is not enough. You need to be specific. Decide on a purpose for the extra money and write it down.
- Order you monthly expenses from largest to smallest. Housing, car payments, and food will likely be at the top. And don't forget about taxes. Continue to move down the lineclothing, entertainment, utilitiesuntil you have all of your monthly expenses listed.
- Starting at the top of the list you created in step one, make a list of the ways you can save money in each category. By starting at the top of the list you will be targeting the largest expense categories where there is the most potential for savings. On your list of ways to save should be difficult things (selling a car for a less expensive one) to easy things (buying generic brands of groceries).
- As you create the list in step two, put a dollar figure by each way of saving money that you identify. Choose which ways of saving you are committed to carrying out and total the amount of monthly savings.
- Subtract the total you came up with in step three from $1000. The remainder is the amount of additional income you need to bring in each month. Make of list of the various ways you could bring in this income. Possibilities include taking a part-time job, more hours at your regular job, selling on eBay, or writing for eHow. Choose which of these ways of generating additional income that you'll undertake.
- Begin carrying out both the method of savings and the method of earnings that you've identified and committed to. Track your progress and apply the extra $1000 per month toward the goal you chose in step one.