8 Tips to Increase Cash Flow while You’re in a Job Search
The rate of inflation has risen about 4.2% since last year. If you were thinking about getting a new job, you wouldn’t be alone. 4 million people have changed jobs within the past year, if not for a lifestyle more in alignment with their values since the pandemic, but out of pure necessity. Cook for Harvard Business Review writes employees between 30 and 45 years old have had the greatest increase in resignation rates, with an average increase of more than 20% between 2020 and 2021. They’re calling it “The Great Resignation”. I’m calling it The Great Awakening or simply – people getting common sense about the lifestyle that they want and getting enough courage to go for it!
Alas, new jobs don’t come at the wave of a magic wand. The average job search takes 60-90 days from application to job offer. But what are you supposed to do when you got bills you need to pay NOW? You might be looking to save a little (or a lot) between now and then to get by or you might be looking to make more money on the side while you wait? Why not both?
Here’s some ways that you can cut costs while you’re waiting for that phone call or email:
Hair & Nails
Average price: Hair $100, Manicure $25-40, Pedicure $35-60
Monthly expense at 2x per month: Hair $200, Manicure $50-80, Pedicure $70-120
Yearly expense: Hair $2,400, Manicure $600-960, Pedicure $840-1,440
Solution – DIY
I do my own hair and nails. It’s become a mindfulness activity for me. What started out as a financial necessity is now a sacred self-care practice. My mind and my bank account are more at peace as a result.
Buying Coffee
Average price: $4-6
Monthly expense at 5x per week: $80-120
Yearly expense: $960-1,440
Solution – Make your own
I’m naturally a sleepy girl. #Introvertproblems I go back and forth with needing caffeine, but when I need it then I stick to instant coffee and almond milk. Sure, a latte or Frappuccino would make me happier, but having more money to invest in other things that I love gives me joy.
Buying Lunch
Average price: $11
Monthly expense at 5x per week: $220
Yearly expense: $2,640
Solution – Meal Prep
I’m not wild about cooking, but I’m crazy about saving money. I usually cook two times per week. I make something for lunch and something for dinner, because I’m a woman that needs variety in my life. I have a smoothie and egg dish routine for breakfast, which I also prep for each morning. It helps me maintain my diet and health. I keep extra cash and ditch extra pounds. It’s a win-win.
Retail Shopping
Average price: Shirt $30-80, Pants $50-70, Dress $20-100, Shoes $80-150
Monthly expense at 1x per week: Shirt $120-320, Pants $200-280, Dress $80-400, Shoes $320-600
Yearly expense: Shirt $1,440-3,840, Pants $2,400-3,360, Dress $960-1,200, Shoes $3,840-7,200
Solution - Shop on Sale, especially seasonal or during the holiday’s
This is my confession: Shopping for clothes is my Achilles’ heel. Your girl LOVES to look good! I just bought six turtlenecks from Banana Republic Factory for $16 each, originally $34.99! That’s a STEAL! And I’ve made peace within my soul about it… Your thing might be video games, make-up, or specialty foods from Trader Joe’s, but those random shopping binges are costing you. I randomly put myself on shopping restrictions to give myself financial sanity. It will be better to shop in or out of season (depending on your vice) when you’re in mind to make a purchase. For example, it’s cheaper to buy in season for groceries, but out of season for fashion. Now that it’s winter, all the fall/winter clothes are going on sale, because clothes retailers are preparing for their spring collections. I ain’t mad at it! When I see something random that I want or need, I put it into a wishlist, and then keep my eye on it until it goes on sale. I recently put a houndstooth blazer and pencil skirt from Ann Taylor in my wishlist on my online account for the next time I’m ready to treat myself. Look here, I’m “stuntin’ like my daddy” on a budget!
These areas of cutting expenses are costly one unto themselves, but things can really get crazy when you add them together! Just imagine, if you buy coffee, lunch, and regularly get your hair done each month, then that’s hundreds of dollars your spending! I’m not suggested you sacrifice everything that makes your heart flutter. It’s a pandemic for Christ’s sake! You need a little joy in your daily life somewhere and some of these things may be essential practices for your self-care. You might want to consider treating yourself to one, and then see what others you can cut in your lifestyle to save yourself some cash. That means you’ll have to really ask yourself tough questions about which ones you are willing to sacrifice, even if only for a little while.
Lots of financial gurus will tell you that cutting back expenses is enough to balance your budget. But, I live in the real world - I work in the field of education. There’s only so much money that I can make within my position, and cutting costs doesn’t cut it for me all the time, especially when life inevitably happens with unexpected expenses. I used to feel a bit down and frustrated about this reality, but I recently read We Should All be Millionaires by Rachel Rodgers. She really helped me to shift my perspective about why cutting back in my finances doesn’t work for meeting financial needs and goals all the time as a woman of color. When I reflected on my own financial journey, I realized that I’ve had to get in my bag to create more financial stability in my life, and I bet so do you!
Here are some ways you can increase your income while waiting on that phone call or email:
Sell Unused Items
I bet you have money all around you, and you don’t even know it. I told my dad for years that he should do a garage sale, and he played it off. Once, he finally did it, he made $500! Literally, just by collecting the random stuff around his house he was walking passed every day, but not using! You might have books, clothes, appliances, toys or WHATEVER lying around your house that someone is willing to pay you for it. Sell it! Sell it TODAY! And bring in those RACKS!
Start a Side Hustle
I’m a strong believer that everyone has talent. You might be taking your skill for cooking, making crafts, or even writing (like me!) for granted, but if you monetize it then things could pay off for you– literally! Whether you create a product or provide a service, then starting a side hustle could be your path to financial freedom. You don’t need a website or even registered business name to start. Just leverage your social media pages and market by word of mouth. That’s how I got started! Don’t overwhelm yourself with the pressure of “starting a business” or “becoming an entrepreneur”. It doesn’t have to scale into a full-time business! You can keep this as a passive revenue stream to bring in extra cash when you need it. I mean, who doesn’t need extra cash these days? We all do! That’s why you’re reading this article!
Investing
Your money can grow by investing it into the stock market. You don’t want to jump right into this suggestion though, because making the wrong move could make you loose money. Investing your money will work for you with a little education and/or the guidance of a financial adviser. Check out my article with Chelsea Ransom-Cooper for resources. Taking a manageable amount of money in your budget (such as the money you’re saving from the suggestions in the first section *cough*) and investing it will make your money grow and can even earn you regular cash through stock dividends. CHA-CHING!
Ask for a Raise or Promotion
You’re probably not getting paid what you’re worth, which is why you want a new job. But why ask for a raise or promotion when you’re looking for a new job anyway? Well, WHY NOT?! You could be unhappy with your pay for the simple fact that you haven’t asked for a raise or promotion! If you’re happy with the actual work that you do and how you do it, but you’re simply not happy with how much money that you make or would like a new challenge with advanced responsibilities, then asking for a raise or promotion could save you the energy and time of a job transition to a new employer. Even if you do feel like you just need a change from your current job, then asking for a raise and getting it can also benefit you while you’re waiting for the next thing! Quantify your worth and then schedule that meeting with your supervisor.
Cutting back AND getting in your bag at the same time is REALLY where it’s at! Once the job comes calling, that’s even more money that you could be saving and/or investing to put yourself in an even better position. So don’t wait for that dream job to level up your lifestyle. Level up NOW! You’ll be building confidence for a better you. That’s the dream you really want. Go get it!