Increasing your income allows you to pay off your debts faster, save more and invest more. It can greatly accelerate the time it takes for you to accomplish your financial goals much more so than if you were just solely focused on reducing your expenses.
However, when it comes to ways to increase your income, a lot of people think it’s complicated. But the truth is that it really doesn’t have to be! Here are 5 uncomplicated and simple tips you can implement starting today to give your income that much-needed boost:
Boost your income to make more money
1. Ask for a raise or bonus
When was the last time you ask for a raise at work? Or are you just waiting to be given one? Asking for a raise is a great way to increase your income. But you want to make sure you do it right.
When planning to ask your boss for a raise, it's important that you prepare to have the conversation. Document your accomplishments and accolades at work. Be sure to highlight specific metrics and outcomes to showcase how your contributions and skillset have positively helped the company meet its objectives. Essentially, you'll need to be your own hype person in order to make your case.
If an immediate raise is not possible, don't give up. You can ask your boss what it will take for you to get that next raise or bonus. Again, use your past performance history to highlight your track record and then work with your boss to set performance goals for a future raise.
2. Get a better paying job
is a raise not in the cards right now? Was the raise you received just not enough? It might be time to dust off your resume and your Linkedin profile and start looking for a better paying job.
You can use a website like Glassdoor to research salaries based on your location to help you get a good idea of what you should be paid before you apply to jobs.
3. Get a part-time job
A part-time job is a great way to give your income a boost. Especially if a raise or a higher paying job are not immediately available. Your part-time job doesn’t have to be anything fancy and it also doesn’t have to be permanent.
You can decide to work part-time for a specific timeframe or until you meet a particular financial goal. It’s all about focusing on what you want to accomplish by using a part-time job to help you accelerate your timeline.
When it comes to working part-time, it's very important that you are mindful of how you spend the extra money you are earning. The last thing you want is to take extra time away from your rest or your family to work more hours and then have the money slip through your fingers. Be sure to plan for this income in your budget.
4. Start a low-cost start hustle
Starting a side hustle is another great way to bring in extra cash. Basically, it allows you to monetize what you are good at or monetize something you have an interest in. Your side hustle could be something you set up during the evening after work or on weekends.
Some popular industries to start a side hustle include:
- Fitness, health, and wellness e.g. healthy lifestyle, meal planning, personal training, coaching
- Beauty and fashion e.g. product reviews, styling
- Technology support e.g. social media management, graphic design, website building
- Blogging e.g. blogging consistently on a niche topic and leveraging affiliate links and partnerships
- Photography e.g. weddings, corporate events, parties, lifestyle sessions
- Food e.g. catering, baking, teaching classes, creating practical videos
Keep in mind that when it comes to growing your side hustle to profitability, you are going to need to be patient. You might also need to learn specific business skills like creating a business plan, marketing, and business finances.
5. Declutter your kitchen, closets, electronics...and sell
We live in the day and age where we are prone to acquiring more stuff that we really need. As a result, we sometimes end up with more than we really need and a bunch of unused stuff cluttering our homes.
If you are feeling this way, decluttering is a great idea. You can let go of things that you no longer need but still have value and earn some extra income. This money can have a huge impact on achieving your financial goals. Places where you can sell quickly and easily include Facebook Marketplace, Etsy, Poshmark, and eBay.
A great decluttering approach is the Kon Mari method by Marie Kondo. It's widely popular and tons of people have had success with using it.
As you take the extra steps to increase your income, be sure that you set the right intentions for your additional earnings. You don't want to waste your time or the increased income you earn, especially after working so hard for that money.