Unless you haven’t been exposed to the stock market at all in the past few years, or were a very lucky prognosticator and put your money into low-risk investments at exactly the right time, you have probably experienced some loss of net worth, or assets over the last year or so. Not to mention the real estate market, which has taken quite a beating in that time period as well.

But if the money you had in the stock market was for retirement and you are not retiring for a while, your standard of living probably did not decrease just because of the massive drop in the stock market. By the same token, if you still have a job and are gainfully employed, unless you try to sell your house, you won’t really feel the effects of the drop in housing prices.

The fact is, you may be fortunate enough that the massive drops in the stock market and real estate markets have not affected your current standard of living at all.

What can affect your lifestyle, however, is a job loss or a reduction of your income. As long as you are able to work and earn income, you have the ability to have control over your standard of living. While  you may not have the ability to “name” your salary, you can take steps to increase your income by improving your education, performing well at your job, or even developing alternative income streams.

There several different aspects to consider  when protecting your ability to earn income:

• Your health, both mental and physical- Do you try to keep yourself healthy, both mentally and physically?
• Your attitude towards your job- Do you have a positive attitude at work, or do you complain all of the time?
• Your performance- Are you trying to do your best, or just enough to “get by”? Are you marketing yourself at work to maximize your earnings?
• Developing multiple income streams- Do you rely on a single source of income, or are you trying to develop multiple income sources?

If you are not taking care of yourself and trying to perform to the best of your abilities, now is a really good time to start. Protecting yourself and your job should be a priority, as that is your ability to earn income. Even if you don’t care for your current job or employer, it is a good idea to perform to the best of your abilities while you look for a better job.

Starting to look at ways to earn additional income from alternative sources is important as well. If you have multiple income streams, the loss of one may not hurt as bad, if you have several and collectively they add up to a significant percentage of your primary income stream.

Have you taken steps to protect and preserve your ability to earn income? What are they?

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There are never enough hours in the day, or at least that’s how the saying goes. I don’t know about you, but the older I get, it really does seem like time goes by faster as well. It seems like summer just started, and here we are at the beginning of fall.

The sad fact of the matter is, if we want more time in our day to devote to saving money by comparison shopping, looking for great deals, or even better, making more money, we have to get things done in a more efficient manner as well as eliminate some of the “time sucks” from our lives. I have been trying hard lately to free up more time to spend money wisely, make more money, and spend with my family. By getting things done, so to speak, in a timely fashion, i no longer have to sacrifice my family time, or resort to convenience shopping or purchases at the last minute. This applies to both work and chores or activities around the house, as well.

Here are some ways to free up more time out of your day as well as work more efficiently and effectively. Time is money, after all!

Create More Time

1. Turn off the television- I really used to enjoy “vegging out” in front of the TV at night after the kids go to bed. After all, everyone needs a little down time, right? Lately though, I have been doing writing for this blog, reading, and other activities.

2. Get your news on the go- I am a big fan of the newspaper, I have been a daily reader since I was a teenager and feel strange if I do not skim the whole paper on a daily basis. Do I learn anything new? Probably nothing I do not hear on the radio or read elsewhere on the internet. In fact, most of the news is probably “yesterday’s news” by the time I read it in the paper. Lately, I have been skimming certain areas of the paper (mostly local info., and the money section, of course) and saving a little time by not reading the whole paper every day.

3. Listen to audio books/podcasts- Recently, due to receiving an MP3 player as a gift, I have begun to download podcasts to listen to while I am driving, waiting, or sometimes even while working. I have even experimented with a few audiobooks, and although the results are mixed as far as I am concerned-because I don’t always have time on a regular basis to listen to a whole book.

4. Bring your lunch to work- Instead of taking an hour every day to go out to lunch, save time and money by bringing your luch to work. It’s pretty easy to eat in 15 to 20 minutes at your desk, and you can run errands or do other things (including work) with the remainder of your lunch hour.

Manage your time more effectively

5. Time yourself- Learn to do things more efficiently. Time yourself, and give yourself “deadlines” to complete tasks. By setting time based goals, you will get things done quicker and more efficiently.

6. Create lists- While I am not a strict follower of the Getting Things Done system, a simple “To-Do List” created on your computer, a piece of paper, or a small notebook can help you keep track of things that need to be done, so you are not scrambling later.

7. Avoid time wasters- Everyone has there own “time wasters”, or things we do instead of doing something productive. Whether it is that morning lap around the office to chit-chat with everyone at work, or things you do at home which have become a habit but aren’t really accomplishing anything, try to identify and eliminate them and get more meaningful things done. Time wasters can be people, too. It could be a co-worker or even a neighbor. This doesn’t mean you have to be rude and short with them, just realize that they could be cutting in to time you could be doing other things.

8. Do the unpleasant or difficult tasks first- Get the one task you keep putting off on a daily basis or the most important task done first, and follow up with the easier ones after. This keeps you from doing a lot of inconsequential tasks first that probably could be put off, and having to steal time from elsewhere to get the important things done later.

9. Fight procrastination- When you find yourself drifting off or getting distracted, or you are procrastinating starting something, fight it and get started. The sooner you can get something started and eventually finished, the more free time you will end up having.

10. Schedule your day- While I am not super strict with my daily schedule, as my career progresses and I find my free time that is not consumed by meetings becoming less and less, I find scheduling my own time allows me to accomplish things in a timely fashion, allowing me more time when a “crisis” needs my attention.

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Just like the current credit crisis, which is causing a lack of cash flow from banks and lending institutions to other banks as well as the general public, we can experience our own cash flow problems when we spend too much money and don’t pay attention to our finances closely enough. Living paycheck to paycheck is an example of this, as well as times when your bank account is almost empty, or even worse, is empty, right before payday. Unfortunately for us regular people (I’m not going to use the term Joe sixpack here- and definitely not Joe the plumber!), when we get ourselves into a financial bind or have cash flow problems, frequently there is no one there who is going to bail us out of our own personal economic crisis. So how do you reverse the trend and start getting cash flowing if you need it quickly? How do you bail yourself out of a financial meltdown?

Raise Cash

Sell some stuff- Sell your things on Craigslist or Ebay, or hold a garage sale. This could cover a whole variety of items, such as furniture, cars, books, dvds, cds, etc.

Cash in your loose change- The last time I brought change to a bank, I had over $150 in change.
While this obviously may not solve all of your problems, it could help you get out of a jam.

Cash in savings bonds- Do you have savings bonds sitting around, or other non-retirement investments? If you are really in a bind, cash them in to help yourself out.

Borrow from a relative- Even though it can hurt your pride, borrowing from a relative can be a way to get yourself out of a jam.

Learn from your mistakes

Reduce Spending- In order to get your cash flow on the positive side, you have to cut back on expenditures. Consider trimming where you can. For a list of ways to cut back on expenses, check out these articles:

35 Ways to Kick Start Your Debt Snowball

30 Ways To Save on Your Grocery Shopping and Food Bill

30 Ways To Stretch and Maximize Your Dollar

Budget- While budget can be a “loaded” word, a budget is a great tool for keeping your spending in line. Create a budget, and stick to it.

Pay down debt- After you increase your cash flow, take that extra money and pay down debt.

Save, Save, Save- Don’t forget to put something away. Build your emergency fund, and plan for future purchases or expenditures in advance.Don’t forget to contribute to your 401k or other retirement plan!

Increase income and/or cash flow

Get a part-time job- With the holidays coming up (although it will probably be a weak year for retailers given the state of the economy) it will soon be the best time of the year to get a part-time job in the evenings or on the weekends. Companies like Fed Ex and UPS also hire during the holiday season to handle the increase in shipping volume.

Start a side business, work overtime (if available), or moonlight- Do you have a talent you can turn into cash, a hobby or something else you like to do? Can you work extra hours at your regular job? Can you find someone else to work for on the side? Increasing your income is the surest way to raise extra cash when you need it.

Looking to get a raise at work? Try some of these tips:

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With the advent of the cell phone, computer, and internet, anyone can start a small, part-time business these days. You can get a website or blog up and running in a matter of days, provide services over the internet, or sell a product or item all over the world on eBay. You can also go old-school and sell products, services, or knowledge in your local community. Starting a part-time side business can be a great way to supplement your current income, dip your toes into entrepreneurship, or to begin your journey towards becoming self-employed. Whether you are entering the field of e-commerce, moonlighting at what you do during your day job, selling on eBay, performing website design, or mowing lawns in your home town, there are several keys which can greatly increase your chances of creating a lasting, enjoyable, and profitable business.

Do something you are passionate about or at least enjoy

What are you really passionate about? Do you have hobbies? Can you turn them into a money making opportunity? Even if you are not passionate about something, you have to at least enjoy it enough to be willing to trade your time and energy for the money it provides. I know several guys who mow a few lawns on the weekends for extra spending cash even though they have full time jobs that pay them pretty well. Why do they do it? Because they actually enjoy it, to some degree, getting outside and getting a little exercise-or at least enjoy it enough for the money they make doing it.

Don’t wait for the perfect time

The perfect time will always be sometime in the future. Go ahead and start now. You will never have enough time if you wait until next year, or until your kids are a little older, or until you finish up that big project at work. A lot of people become successful at a business by just starting and working at it.

Create a plan

Starting a business or part time venture without a plan is akin to taking a long trip without a map (or I guess a GPS unit in this day and age). How many hours a week do you want to work? How much money do you want to make per month? What are your goals 6 months, 1 year, and 5 years down the road? These questions, and ones like them, need to be answered to provide you guidance with your venture.

Be prepared to work

Lofty goals are nice, but don’t expect to make a lot of money without putting in long hours and hard work. It can happen, but it doesn’t happen enough for it to be very likely. The majority of the time, being successful is directly related to the amount of time and energy you put in to a project.

Start small but think big

Starting small is great, you can start off working part-time, at your convenience. But don’t forget to think big. If you want to expand your part-time venture into a full-time one, you have to set goals with the big picture in mind. When the amount of work gets too much for you to handle by yourself, consider bring in another person or part-time help to assist you.

Don’t Forget to Market

No matter how small your business or service is, or how good or useful it is, you still need to market it to others. Make up business cards, print flyers, use word of mouth, or the internet to tell others about your business. Ever notice how much large, established companies market with commercials, ads, etc? There is a reason for it.

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Teens are always looking for extra spending money; and the one thing they usually have in the summer is time. So instead of having them sit in the house all summer on the internet or text-messaging, get them out of the house and put them to work!

Seriously though, encouraging your teen or child to start earning money and saving some of their earnings is a great way to lead them down the path of financial responsibility as well as learning to take personal responsibility.

Here are 15 ways your teen can make extra money this summer:

Washing & detailing cars- A task that a lot of people don’t like to do; but everyone wants a clean car inside and out.

Babysitting- The old standard.

Household chores for others- Especially for elderly neighbors, or someone just too busy looking for a little help with cleaning, etc.

Pet sitting- Most people would rather leave their pets at home than board them when they go on vacation.

House sitting/watching- I used to do this one also for a couple of neighbors when they went out of town, taking in their mail, watering plants, etc.

Dog walking- Offer your services to neighbors who work long hours but want their pets to get some exercise.

Minor home improvement- Like painting, house washing, etc.

Cutting grass/yard work- I used to mow lawns myself when I was a teen, and it paid pretty well back then. Teens can also do gardening, raking leaves, etc. Many people don’t really like to do this themselves, but grass grows like crazy in the summer.

Lifeguard-The YMCA and country clubs are always busy during the summer months. if you have a pool, give swimming lessons to younger children.

Summer camp counselor- Another great seasonal job for teens.

Daycare centers- These usually have higher enrollments during the summer as well and are looking for part-time help-perfect for teenagers.

Tutoring- Many parents are looking to give their kids an “edge” or additional contact time in certain school subjects during the summer.

Computer lessons/help- Let’s face it, most teens are a lot more computer literate and web-savvy than adults. Why not pass the knowledge along to others and make a little money in the meantime?

Sell things on Ebay- Old CD’s, movies, video games, and books are just a few things that can still be sold used for money.

Or have them get a part-time job at a restaurant, the mall, or even a fast-food joint.

Alternatively, you can pay your teen to do work for you, either for many of the ideas above; or for extra chores or projects you have been putting off and can’t find time to do yourself.

If they start earning money, it is great time to teach them about saving and investing a portion of what they have earned. Suggest to them that they save certain percentage, and open a high-interest savings account for them.

If they are saving up for a big purchase, try out smartypig.com as a way to track their savings toward their goal.

Setting up their own online savings account, such as ING Direct, is a good idea too.

Many of these ideas can translate into something they can do with their free time during the school year as well, as long as they are keeping up their grades.

Any other suggestions for ways for teens to make money?

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