6 Ways to Increase Your Income

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Are you looking to increase your income? I think we all are aren’t we? The great news is that everyone can do something that will ultimately increase their dollars each month. Take a look at the list below. If you implement just one of these strategies, I bet you can find yourself with a higher income in a relatively short period of time!

#1. Start a Side Hustle

Many of you are aware that this website is my side hustle. It provides me with a nice additional income to pay off bills, to put money into my savings account, or to invest! But, just because this works for me doesn’t mean that it’s right for everyone. So if a website isn’t for you, what side hustle could you do?

Luckily, I just wrote an article about this! 10 Great Side Jobs That Anyone Can Do. You could start your own car detailing business, lawn mowing business, or you could paint some houses. There are quite a variety of things that you would do to increase your income, and many of them might pay more per hour than your day job!

#2. Ask Your Boss For a Raise

This has been done by many people in all different walks of life. The key though, is not to come off as a charity case (ie. “I need the extra money to pay my bills”), but rather, you should point to all the projects that you have worked on that add value to the company. If possible, put a dollar amount on the work you have done in order to show your value to your place or employment. If you can prove your value, you should certainly receive that raise.

job offer#3. Look For a New Job

This isn’t an easy thing to do for most people. Once we get accustomed to working for a particular company and enjoy the companionship of those that work there, we are far less likely to leave. However, there may be a job out there that you like even better and it pays 20% more than you are earning now. Sure, it might be tough in those first few months, but if the company is a good one, then you will most likely make new friends just as you had in the past. Plus, that 20% increase would be pretty nice wouldn’t it?

If you are offered a new job and really want to stay in your current role, then you could revert back to option #2 above. Show your current company how much someone else believes you are worth. Be sure not to use it as a bargaining tool (nobody likes a gun pointed to their head), but by showing them your offer, perhaps it would free up a little bit more money for you in your current role.

#4. Work For a Promotion

There might not be a new job opening in your department right now, but people are always shifting around within an organization or taking jobs elsewhere. Take on more responsibilities today in order to be the obvious choice for that new job in the future. It might take 6 months or it might take 5 years, but believe me, your work will not be unrewarded.

#5. Reduce Your Expenses

Sure, everyone would love to have bigger checks come into their bank account, but sometimes life just doesn’t work out this way. Do you know what has the same effect though? Saving money. Let’s think about it. All the money in your bank account has already been taxed by the government. So, your $1,000 earnings is actually $660 once it finally makes an appearance in your account. This means that every dollar you save is actually worth way more than a dollar. It is worth more like $1.50. So, if you find a way to save $1,000 a year, it is exactly the same as adding $1,500 to your income!

(Related article: A Dollar Saved is Two Dollars Earned)

So, in order to have a positive effect on your bank account, you need to start exploring your expenses. Are you spending too much each month on food? Could you do without your cable? When is the last time you compared your insurance costs with other companies? Pay careful attention to your expenses and you could dramatically increase your cash flow each month.

#6. Educate Yourself for Future Gains

Taking classes often involves an increase to your expenses, but if you do it right then you should quickly expect a higher income. If you have a college degree, maybe it would benefit you to start taking classes toward your MBA. Or, maybe you could take some classes in order to achieve a certain certification. The more education you have, the more knowledge you have to offer, and therefore the more valuable you are to your company. If they benefit from your knowledge, then you should certainly be in line for an increased income.

Are you looking to increase your income? Which of these options works best for you?

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6 comments to 6 Ways to Increase Your Income

  • Good points Sir. The bluehost ad up top is a clear example of a side hustle #1. My favorite is #5 because that IS me. A penny saved is a penny earned. Also it is my weakness in the past to spend too much money with little control over myself. So now i take extra precaution for that. How to retire a millionaire if your spending way above your means. Writing down my expenses vs my income helps in controlling my impulse buying. Would it be better to self study instead of paying for a class/training?
    Jeff @Project Ikonz recently posted..March net worth update

    • I like #5 as well. By itself, it probably won’t make anyone rich, but without it you won’t hold onto any riches, no matter how much money you make. 😉 thanks for the comment Jeff.

  • I especially like #2 and the comment about adding value. My wife and I recently bought a business out of financial trouble and when it comes to discussing compensation with employees, it is all about value. I don’t mind paying top dollar for superior production, efficiency, and innovation. In that case, we all can win: customers, employers and employees.
    JT recently posted..Make a Grand Per Month Painting Houses

    • Very true JT. If your employee earns you $50 an hour with their efforts, you should have no problem bumping up their hourly pay from $15 to $20. They will be incredibly happy and might even create more value with their future work!

  • I am doing all of these things, and have so far been pretty successful. I am working for a promotion and actually have an interview for one next week. I side hustle and have been for years, and I’ve recently been trying to learn more about investing and passive income. I’ve been able to make a good amount of passive income at this point. The only thing I can’t do is ask for a raise – we are on very specific steps, and I get an increase every year on the pay grid, but we can’t jump steps.

    Great tips!

    • Thank you for the comment Daisy. That’s awesome that you are doing almost all of these things to earn some additional money! I am right there with you and definitely plan to increase my income this year.

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