It’s common to wish that you had more money. However, few of us actually do something about it.
When it comes to a frugal lifestyle, the default mode is to figure out where you can cut back. Unfortunately, there is only so much you can cut from your budget. If you want to be more effective in getting more money over time, you need to earn more.
But how can you earn more money? The good news is that you can turn wasted time into money by earning extra income.
Have You Been Wasting Time?
Chances are that you waste several hours each week. I’m not talking about quality time spent with your kids, or an hour spent unwinding from the rigors of the day. I’m talking about the time you spend watching TV or surfing the Internet or looking at Facebook or Pinterest.
According to the latest Time Use Survey from the Bureau of Labor Statistics, the average American over the age of 15 spends almost three hours each day watching TV. On top of that, the average American spends about 26 minutes using the computer for leisure every day.
Chances are that you have more than 20 hours a week just being wasted, bringing you no profit. While there is no need to be productive all the time, and while you certainly don’t want to be working all the time, there is no reason not to take some of your wasted time and turn it into money.
Keep a time diary for a week or two, just to get an idea of how you have been spending your time. Identify times when you are unproductive. At some point, you move from unwinding and re-focusing to wasting your time just to be entertained (and perhaps you aren’t even really all that entertained). Once you identify those time wasters, you can begin turning that wasted time into money.
Ways to Use Your Time More Profitably
After you figure out that you do have time to make extra income or improve yourself in a way that results in more money, it’s time to decide what you can do to use your time profitably. Here are a few ideas:
- Start a side business: If you have an idea of something you can sell, whether it’s a product or a service, you can start a side business to earn extra money. Work on your side business in your spare time, turning the time you waste into time you are earning money.
- Learn about investing: You don’t have to be involved with a side gig to earn extra money with your wasted time. Take that time you are spending on entertainment, and instead turn it to more profitable educational pursuits. Learn about investing, and how to put your money to work for you. Then, research income investments that can help you earn more money over time.
- Improve your education or skills: You can also use your wasted time to improve your skills and education. If you need a certification to get a raise, use your wasted time for classes and study. You can receive a raise and/or promotion if you take your time and use it to improve yourself.
You don’t have to use your time only for TV and Internet. Take an hour so of down time each day, then spend quality time with your family, and then turn the rest of the time to profitable actions that can result in a better financial situation.
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