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So, what does it mean to maintain a steady income, exactly?
Let’s break it down.
Your income is all the money you earn from various assets, whether that’s your salary from your job, or returns on your profitable investments.
Or preferably, both!
The goal of a truly keeping a steady income is to be prepared for whatever comes your way to help maintain your personal finance goals.
To put it simply: it’s a fast-track to reaching financial independence.
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How To Maintain A Steady Income in 7 Ways
It’s all about being focused on the future and meeting those long-term goals.
So, how can you do that?
Here are 7 different ways that you can start to maintain a stable, steady income.
1. Diversify your income
The first and arguably most important step is to have multiple sources of income to increase your cash flow.
While having a salary from a high-paying job is great, it’s not always going to be steady. For your own stability, it helps a lot to diversify.
That way, when you lose one source of income, you won’t have to dig into your savings to make ends meet.
Makes sense in theory, right? But how does it work in practice?
Actually, it’s easier than you might think to have multiple sources of income.
They don’t all need to be equal. In other words, a diverse income doesn’t necessarily mean having two jobs, or an expensive investment property, or a big investment portfolio.
Passive income ideas – or ways to earn money without actively working – are great ways to diversify your income.
It’s surprisingly easy to start earning, and there are plenty of options that require little or no investment at the start.
Even with small sources of extra income, you’ll be surprised how much more you can make.
Here are a few easy ways you can diversify your income right now:
Take on a part-time job
Is your schedule flexible?
Part-time work is generally defined as working less than 35 hours per week. Most of these jobs take up around 20 hours per week, or even less.
One of the coolest things about working part-time, other than the opportunity to earn another source of income, is that you can also get some important benefits from your employer. Benefits can help to lower your healthcare and dental costs, and boost your savings.
A side job is an awesome way to supplement your income while working toward your more important financial goals. It doesn’t have to be your dream job, but it can help you get there!
Become a freelancer
If you don’t have the freedom to add a part-time job to your schedule, consider working from home (or wherever) as a freelancer.
Freelance writers, photographers, and content creators get paid to work for various clients online. It’s pretty easy to get started, and can turn into a steady source of income.
Plus, as a freelancer you get to set your own schedule, and can work from anywhere in the world.
If you’re someone with a big commitment (like a student or stay-at-home parent) who can’t handle an in-person job right now, working remotely as a freelancer is a great choice.
Here’s how to get started: just make a profile on a freelance website like Fiverr or Upwork.
Explain your skills and specialty in your profile, then start applying to jobs. Writing articles is currently one of the most popular methods to make money online as a freelancer.
The more you work, the more positive reviews you will receive on your profile. That means you can start applying to better, higher-paying jobs.
Successful freelance work can be a reliable secondary source of income. The sooner you start, the quicker you’ll start saving up extra money.
Invest
I’ll get more into investing later on in this post, but it should definitely be mentioned as a great way to diversify your income.
An investment is anything that you put money into for a higher return later on. It could be a stock or bond, or something tangible, like a house or apartment.
Once your investment starts increasing in value, it becomes a source of income that’s both steady and passive.
The one problem with relying on investments as a way to maintain steady income is that they can be risky. Whatever you’re investing in, there’s not always a guarantee that you will make a good return.
That’s why it’s so important to make smart, safe investments.
Dividend paying stocks are also a great way to receive a little bit of extra income per month.
Take on odd jobs online
Finally, your extra sources of income don’t have to be anything major. Even earning just a few extra dollars every now and then will help.
Here are a few ideas:
- Online surveys are an easy way to make money from home. If you have just a little extra time in your day, you can fill out a few surveys and earn money. All you have to do is sign up for a trustworthy survey site. This job is particularly great for stay at home moms.
- You can also make some extra income online through posting an affiliate link or sponsored ads on your blog or social media page.
- Virtual assistants typically start out at a low hourly rate, but over time you can make up to $25 or more per hour. We recommend using sites like Upwork to get started.
- Start a YouTube channel. It’s most unlikely that you’ll become famous on the platform without a lot of work, but making a few YouTube videos could attract attention and help you get some advertising revenue or affiliate sales.
There are plenty of options out there. The key is to take on any opportunities that come your way — even if the earnings are small.
Every little payment can help you to grow and sustain your income in the long run!
Many people end up starting a part-time job online only to end up eventually forming their profession into a full-time company or online business.
2. Prioritize savings
Now you have multiple sources of steady income.
Great! Now, where is all of that cash going once you have it?
A major key to maintaining steady income is prioritizing savings over spending. No matter how much you’re making, it won’t be steady unless you let your wealth grow in savings.
When it comes to deciding whether to save or invest in new opportunities, saving should be your priority.
Here are a few easy tips to start saving. If you’re smart and careful, you can easily save up to $20,000 within one year.
Use the cash envelope method
For anyone who struggles with overspending, the cash envelope method is a great solution.
Here’s how it works: set budgets for your monthly spending. Determine how much you should be spending on groceries, nights out, entertainment, new clothes, etc., and set that amount of cash aside in an envelope. Once the envelope runs out, you’ve hit your spending limit for the month.
It might sound simple, but the cash envelope method is a really practical way to stop yourself from overspending and sustain your savings.
Open a savings account
If you don’t already have a savings account, you should definitely open one.
Unlike with your checking account, cash in your savings account won’t be reduced with monthly fees, and there’s no risk of accidentally spending it. Even better — your savings will actually collect interest.
You can open a savings account through your current bank or credit union, or shop around to find the best online banks with high-interest saving accounts for you.
Use money-saving tools
Alongside the cash envelope method and transferring money into your savings account, you should use all the tools available to help you save money.
Many debit and credit cards, for example, come with a feature that will round up and save your change on every purchase, so your savings automatically grow.
You can also make use of savings apps. There are tons out there, and a large number of them are totally free!
3. Pay off debts right away
Paying off your debts as soon as possible will pave the way toward a more steady financial future.
While it might be tempting to start making investments and putting everything into savings or retirement accounts right away, make sure you take care of your debts first — particularly in the case of student loan debt.
Struggling with credit card debt? Check out these easy ways to tackle your credit card debt.
Get those debts paid off as soon as possible, and then you can focus on the things that really matter: earning, investing, and saving.
4. Monetize your skills
Part of diversifying your income for more stability means finding new ways to increase your income.
Monetizing your skills means profiting off the things you enjoy, and are really good at. Even if it’s not your full-time job, you can make money while you grow and develop your talents.
For example, it’s easier to promote and sell your artwork today than ever before. Plenty of artists make a living by promoting themselves on social media, and earning through platforms like Patreon.
Likewise, a talented writer can easily make some extra income as a freelancer, or with their own blog.
Here are a few more ideas:
Sell your photography
Love taking photos? Don’t let that talent go to waste!
You can easily sell your work as stock photos to websites like Alamy, Shutterstock, or iStock. All you have to do is make an account with the website and prove that your photos meet their standards.
You won’t make a ton of money selling stock photos at first — but as you improve and build up an impressive portfolio, you’ll be able to sell to higher-paying clients.
Start a blog
Whatever your talents are, if you can blog about it, you can make a profit.
Starting a cooking, fitness, beauty, or travel blog can turn into an excellent source of income down the road.
You just need to gain enough followers, and can eventually start earning through sponsored posts and affiliate marketing. Take an affiliate marketing course to attain the necessary skills.
Most blogs don’t make a lot in their first year. But they can be a fun way to show off your skills, whatever they are. And the more you dedicate to your blog, the more attention it will get — soon you’ll be boosting your income with sponsors.
Starting a blog is one of the more steady passive income ideas. Once you get your blog up and running with a strong following, you won’t have to work on it nearly as much.
Although it probably won’t be completely passive, you can still bring in some steady cash each month without really doing much.
Not sure where to begin?
Many people have found our 5-Day Free Blogging Crash Course quite useful when learning to start a blog for the first time. We teach you how to set up a blog, write the perfect blog post and how to make money online via affiliate marketing.
This is by far one of my favorite ways to make money from home.
Provide services in your community
Monetizing your skills isn’t limited to online work. Many people provide practical services to friends, family, and neighbors.
Have a knack for haircutting or makeup? Or are you great with pets or kids? Or handy with repairs and home maintenance?
Posting ads for your services online, with platforms like Facebook or Craigslist, will help to get the word out. Taking on a little extra work every now and then is a great way to sustain your income — especially if it’s something you love to do.
5. Track your spending
You have to make sure you’re not spending more than you save.
Keeping track of your spending can be tough, especially at a busy time in your life. It’s easy to lose track and overspend on things like meals out, entertainment, and new clothes.
Fortunately, there are a few tools that will help. The EveryDollar App is an awesome budgeting tool that will monitor your spending for you, and keep you on track.
You can also do it yourself, just be keeping a personal record of your purchases on your phone or in a notebook.
It may seem like a little detail, but keeping track of your spending habits on a day-to-day basis will go a long way to help you stick to your savings.
Looking for some easy ways to avoid overspending? Here are a few tips:
Try meal planning
Did you know the average American household spends as much as $3,500 per year on fast-food, restaurants, and delivery?
That’s a lot of money that can be saved by planning your meals in advance.
Pick a day of the week when you have some free time, and cook a large batch of breakfasts or at-work lunches that can be stored and eaten over the week. That way, you won’t be caught off-guard without a meal and end up heading to a restaurant instead.
Meal planning will help you save time and money, as well as keeping you healthy by avoiding those last-minute fast-food meals!
Shop second-hand
Shopaholic? Consider switching to second-hand stores to get the clothes and home goods you need.
Shopping second-hand is good for your budget, and can be really fun. On top of that, it’s better for the environment. Check out your local thrift stores, yard sales, and online flea markets.
If you’re keeping track of your spending, you’ll see how much you save when buying things second-hand, as opposed to in malls and department stores.
Make holidays less materialistic
The holiday season can be tough on your wallet.
Save yourself the cash, and the stress, of all that holiday shopping by making your holidays less materialistic. Consider homemade gifts, setting a spending limit with your family and friends, or switching to a new tradition like a white elephant gift exchange.
Holidays should be about celebrating, not spending — you can stick to your savings by enjoying more and shopping less. It’s a win-win!
6. Take your work seriously
This might seem like an obvious one, but it’s really important.
Remember, maintaining a steady income isn’t just about earning, but continuing to grow your wealth. And to do that, you need to be dedicated.
Whatever you’re doing to increase and diversify your income, make sure you take it just as seriously as a full-time career. Put the time and energy into your blog, photos, service, etc., and you’ll start seeing rewards faster!
Of course, that doesn’t mean you have to be all business.
With a steady income, you’ll be able to take vacations, travel, enjoy the holidays, and do the things you want to do. It just means that you should take your money-making opportunities as seriously as possible to get to that point.
This especially applies to anyone who is trying to boost their income as a blogger or influencer online. If you want to gain a lot of followers (and eventually start earning through sponsored ads), you have to put in the effort.
7. Make safe investments
One of the best ways to create an ongoing income is by investing.
I talked about investments a little bit at the beginning of this post, but let’s get into more details now. An investment can be anything to get a good return later on.
That means that even your savings account or retirement account is an investment.
But some investments are a lot riskier than others.
If you have the extra money to make a risky investment, the payoff might be worth it. But when you’re focusing on creating and maintaining a steady income, you should stick to smart, safe investments.
Here are a few ways you can safely invest and receive a steady income.
401k retirement account
Investing in a 401k account now is one of the smartest ways to invest in your future and eventually retire at a young age.
What is a 401k, exactly?
A 401k is a qualified retirement plan sponsored by your employer. The money you invest in your 401k gathers interest over time, and you won’t have access to it until you reach retirement age.
Some plans are employer-match 401ks — that means that for every dollar you save, your employer will match it. That doubles your retirement savings!
If you’re traditionally employed through a company, ask about your 401k options. It’s never too early to start saving up for retirement, and this is one of the very best ways to invest your money.
Low-investment mutual funds
If you want to get involved in investing in the stock market, with minimal risk, you should consider investing in a mutual fund.
When you invest in a mutual fund, you’re not actually buying a stock or asset. You’re buying a portion of a fund, shared by a lot of other people. That fund is invested in multiple assets, spreading out the opportunities to earn and minimizing risks.
Some mutual funds require a high investment to start out. That’s why you should look to find low-investment mutual funds. Many people start by committing as little as $50 per month.
Investing in real estate
Think you need a ton of money to start investing in real estate? Think again.
Fundrise is an awesome investment app that lets you invest in your own portfolio of real estate projects.
All you have to do is make an account, put in your earning goals, and the system will help you select projects to invest in.
There’s no need to go out and buy your own rental property.
The minimum investment to get started with Fundrise is $500. This is definitely something you’ll want to do only if you’re feeling financially comfortable and have the money to spare.
That said, the risk is really low — you’ll get to watch your investment grow steadily, without much effort on your part.
Investing with a robo-advisor
Modern technology makes it a whole lot easier to make smart investment decisions than it used to be.
A robo-advisor is a digital platform that automatically makes investments for you. It’s like having a financial advisor directly in your pocket. It’s also cheap — with some apps, you can make investments as low as $5.
There are a ton of great robo-advisors out there, so feel free to shop around before you choose the platform that’s right for you.
8. Stick to your long-term goals
Setting financial goals for yourself is a crucial step in keeping income flowing in. It will help you to track your progress, and stay motivated.
Your goals don’t have to be huge. Little milestones like: “I want to finish paying off my student loans within the next six months,” or “I want to have $20,000 in savings by X amount of time” will help you to make progress.
You can keep track of those goals by writing them down, keeping a financial diary, or using a budgeting app. Whatever your tactic is for making goals, just make sure you stick to them!
To add to that, don’t worry if you can’t meet your goals.
Life happens, and factors like emergencies or unexpected charges can impact your finances.
The important thing is that you’re striving toward meeting your goals — even if you can’t get there like you originally planned.
9. Invest in your education
Finally, if you want to make and maintain a steady income, remember that knowledge is power.
Nationally, education level directly correlates with income. Someone with a college education has a better chance of earning more, saving more, and retiring early than someone with only a high school diploma.
But that doesn’t mean that a four-year college degree is the only path to success! Education can mean different things for everyone. The key is to continue learning and developing your professional skills, so that you can improve your income.
Here are a few affordable ways you can invest in your education for long-term success:
Community college classes
Many community colleges allow students to enroll and pay tuition on a class-by-class basis. You don’t need to take a full credit load to burden yourself.
Take a look at the courses offered by your local community college. Classes in tech, IT, business, foreign languages, etc. will open up more professional opportunities for you, and make you more hirable to employers.
Plus, community college classes can be a great place to meet new people and network for new job opportunities.
Online classes
Online classes are a great option for parents, remote workers, and busy professionals.
You can take online classes through an institution, like a four-year university or community college, or enroll in private courses.
Blogging, website development, marketing, and other profitable online skills can easily be taught through online courses. Tuition fees can vary, but if it brings you more profitable employment down the road, the investment is definitely worth it!
Just be careful to avoid scams when enrolling in online courses. Be sure to read reviews and talk to other people who have taken the course — make sure it’s legitimate and educational before you pay that tuition fee.
Private lessons
Want to improve a personal skill that you think you can monetize? There’s definitely a private tutor out there who can help you.
Cooking, photography, painting, writing, etc. are all skills that can be taught and improved through private lessons. Take a look at your community job boards and local social media to find the perfect opportunity for you.
Fees for private lessons are often lower than enrolling in an institution, and definitely worth it if you are going to use that skill to sustain your income in the future!
How Can I Make My Income Steady?
Having a few steady income streams is about more than just making money.
It’s about saving, making smart investments, and increasing your cash flow to reach your personal finance goals.
One of the most important steps is to diversify your income. And you don’t have to work a ton of hours or a large amount of money to do so.
For the lazy, a lot of methods on our list can be done online from your very own home.
Those extra income streams will keep you steady and stable.
Not only that, but maintaining a steady income gives you the chance to feel free through financial independence.
On top of that, pay off your debts, prioritize your savings, and stick to those long-term goals no matter what.
If you’re just looking for extra work, the methods on this list are also great for stay at home or single moms.
Looking for more tips on earning, saving, and investing? Check out this guide to becoming a self-made millionaire.
Remember to take yourself and your job opportunities seriously, and keep up with those savings! You’ll be earning and maintaining a steady income.
