During a recession, it is important to get your creative juices flowing to be able to come up with ways to increase your income. This is not an easy situation and thinking outside the box will definitely help you to make a step towards the right direction.
How to increase your income during a recession
Turn your hobby into a job
Now may be the right time to earn some money by doing something you really love. Perhaps you have been waiting for such an opportunity for years, but never dared to actually go through with it, because you lacked motivation. Looking for ways to increase your income during a recession, might be just the chance you were looking for. If you know how to build up websites, you can start offering your services to friends and neighbours, who in turn will recommend you to others. If you are good at cooking, you can start your own catering business or join forces with an equally talented friend of yours.
If you have a flair for writing, now it is the time to start acting on it. With many online freelance writing jobs, it is quite possible to find something that interest you. Just make sure that you have compared prices to see how much you should charge. Offering a slightly lower price than your competitors do might get your foot in the door more quickly, but be careful: Never sell yourself short. If you offer to work for peanuts, then your potential customers will probably think that your work is not of good quality and as a result, they will not pick you.
Do the jobs others do not do
Another great way to increase your income during a recession, is by doing the jobs that others do not do, either because they do not want to, or because they do not have the time. Mowing the lawn, washing the dishes, organizing file cabinets, scraping floors and helping kids with their homework are some of those jobs that can earn you some steady cash. If, over the course of time your services are high in demand, then you can start raising your rates.
Become a problem solver
If you know the solution to a problem, now it is the time to take advantage of it to increase your income. Knowing how to fix a computer, can help your friends and neighbours and your pocket as well. If you are good at plumbing, then you can help your neighbours every time a problems arises and earn some money out of it.
Invest
Pick a secure company in an industry that has not been affected by the recession to invest your money. Conduct a thorough research before making your final decision. After you make your choice, invest on a regular basis. Divide your stocks throughout the year and avoid buying too many at once. This is because during a recession stocks are likely to decline in price, so it is wise to wait until you find the best deal for you.
Another thing you can do, is choose companies that keep retaining their dividend yield. You can easily find which those companies are, by checking the stock price: If the stock price has declined, that means that the dividend yield will have increased. Specifically, you should check for companies with dividend yield which surpasses 4%. What is important to note, is that you should not put all your eggs in one basket. Select stocks from different sectors, to broaden your horizons and protect your pocket. If you select stocks only from one sector, if that particular sector gets affected by the economic recession, then you will lose everything.
Learning how to increase your income during a recession is a challenge, that can change your life for the better, if handled well.