Recessionomics 101: How to Make Extra Money

(From the WSJ.com) Jennifer Winslow wanted to earn some extra cash without giving up the flexibility of working part time. An avid cook, she and a friend initially planned to cater meals for busy families. When that turned out to be too time consuming, she tried baking. More than five years later, she has a thriving bakery business in Winslow, Maine (her husband’s family has been in town a long time).

Now on her own, she supplies four restaurants with cakes and other sweets and makes desserts for individuals and weddings.

A growing number of Americans would like to follow Mrs. Winslow’s example. Job loss, tighter credit and a renewed appreciation for savings is persuading more people to cut expenses.

One of the best ways to earn extra cash is by creating a business using existing skills and interests, such as a gardening, art or photography.

But you can cut only so far. Two full years of recession have not left many unexamined family expenses. Meanwhile, prices — from gasoline to utilities to food — haven’t fallen. And incomes, if you still have one, aren’t exactly shooting through the roof. It’s time to make some money.

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