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.
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?
My name is Derek, and I have my Bachelors Degree in Finance from Grand Valley State University. After graduation, I was not able to find a job that fully utilized my degree, but I still had a passion for Finance! So, I decided to focus my passion in the stock market. I studied Cash Flows, Balance Sheets, and Income Statements, put some money into the market and saw a good return on my investment. As satisfying as this was, I still felt that something was missing. I have a passion for Finance, but I also have a passion for people. If you have a willingness to learn, I will continue to teach.