8 Ways to Boost Your Income

With less credit available and the economy taking a nose dive, more people are using their savings to supplement their diminishing incomes. In fact, 58% of Young adults are tapping into their reserves to keep their lifestyles afloat.

The most alarming aspect of this developing trend is that most Americans, young and old, do not have much savings in the first place. Making early withdrawals from long-term savings accounts, such as 401k and IRAs can also be very expensive and reduces the benefits of compounded returns.

If you are a young person looking to save money and build or hold on to whatever remaining savings you have, we have 8 ideas to cut costs and save your money.

1. Sell Your Junk: Using tools such as Ebay and Craigslist, it is easier than ever to sell old items that you no longer use. And with gold prices reaching record highs, it's a fantastic time to sell old jewelry.

You can also sell old tech junk, such as computers, printers and audio equipment. For example, Cellforcash.com pays up to $100 for used cell phones, depending on the model. And Hewlett-Packard offers a trade-in program that allows you to trade your old computer or another device for cash -- even if they are not HP products.

2. Get a Job: This may seem like a no-brainer, but in these times of record unemployment, simply finding a job might be the answer to many of your cash woes. Or for those who are already working, getting a second job can alleviate a great deal of cash stress.

Craigslist features hundreds of ads for part-time or short-term gigs, such as stuffing envelopes or helping out with seasonal work.Whether you are employed or in-between jobs, finding a second job is a great way to boost your income.

3. Sell Your Skills: If you have a unique, hard-to-find skill, such as music, art or technical know-how, you might considers teaching or freelancing to supplement your income. Music lessons, tutoring or teaching foreign languages are great ways to earn extra revenue in your spare time.

4. Re-Adjust Your Rent: If are currently living alone, finding a roommate or subletting a room in your house is a great way to bring in extra cash. You might consider renting out other spaces as well, like garage apartments or back guest houses.

Another option is to consider apartment management. Some apartment complexes will offer free rent in exchange for maintaining the facility or helping tenants out with day-to-day problems. You can usually find these opportunities in help wanted classified adds.

5. Claim unclaimed assets: There is a wealth of unclaimed assets out there, in the form of lost bank accounts, misplaced bonds and securities, unchased dividend checks and unclamined life-insurance benefits. Check the free site MissingMoney.com to see if any of the money belongs to you. You can also check Unclaimedassets.com to find assets held by the Federal government, including unchased social security checks, tex refunds and lost pensions.

6. Adjust you Tax Withholding: If you received a tax refund last year and your yearly gross income has not changed, you are paying too much in taxes. Use Kiplinger's Calculator to determine what your correct withholding amount should be. You will need to modify your W-4 with your employer to change your number of exemptions.

7. Get Paid for Stuff You Do Anyway: Most poeple have credit and debit cards tha tgive them rewards and chas bank when you make purchases. Start taking advantage of these benefits when buying everyday necessities. Just make sure you pay off your balances each month so you don't accrue interest charges.

Also, make sure that you're getting as much interest from your savings accounts as possible. Many high-yield online savings accounts are offering as much as 3% these days.

8. Hit Up Mom and Dad: As childish as this might sound, this is often the best way to save money. Moving back in with mom and dad, especially if they live in the same city, for a short period of time is a sure-fire way to increase your cash reserves.

There is also the option of directly asking to borrow money. If you choose this option, you should make it as professional and buinsess-like as possible, such as borrowing money to take a class or pay off debts. Your request should also immediately be followed by your explanation of how you intend to pay it back. You could even offer to pay interest and set it up as a publicly administered loan through CircleLending.com.