Five Ways to Boost Your Income This Year

on Topics: Personal Finance

Five Ways to Boost Your Income This Year

If you are struggling to make ends meet or just want to have a little more cash on hand, you probably have heard of all of the many ways you can cut your spending. While cutting back on expenses is valuable, why not increase your income, too? Read on for five simple and completely do-able ways to boost your income this year!

1. Take Advantage of Your Workplace Benefits

If you work for a company, review all of your workplace benefits and take full advantage of the perks your company has to offer. From huge financial benefits such as a 401(k) employer match to small treats like free popcorn in the kitchen, all of these benefits can add up. By taking advantage of some or all of these benefits, you can end up saving thousands of dollars a year. 

2. Set Aside a Small Amount of Money Every Week to Invest

Get into the habit of saving a certain amount every week or from every paycheck. Start with whatever amount you can (no amount is too small) to get yourself into the habit of saving. If you do not yet have an emergency fund, put all of these savings into that account.

Once you do have a sufficient emergency fund, commit to investing this money. There are never any guarantees that your investments will grow, but history tells us that investing creates a real possibility that your money will increase without you having to do anything at all. Sit back and see how your income from investments increases over time, both from the amount you have set aside and the growth of the market.

3. Ask for a Raise

Your pay likely increases every year, but that’s often not enough to keep up with inflation and the rising cost of living. Instead of settling for whatever pay increase (or stagnation) your company is offering, meet with your boss to discuss your salary. Come prepared to the meeting with information on industry salary standards for your position, as well as highlights of your skills and experience, to make your case for why you believe you deserve a raise.

 4. Apply for a New Job

If you do not want to negotiate a higher salary, or are not successful at it, there is always the option of applying for a new job. Whether it is a job in your current industry and with another company, or in an entirely new field, consider applying for a new position.

Do not count yourself out for something that might seem out of your league. Put yourself out there and be confident in your skills. Ask for what you want, too, when it comes to negotiating your salary and benefits. The hiring process is the best time to lock in a new starting salary and negotiate benefits. 

5. Start a Side Hustle

It seems like everyone has a side hustle and there’s no reason why you cannot start one, too. If you already have a hobby, figure out how you can monetize it. Could you sell your photography or crafts on Etsy? Create an e-book and launch a course to share your experience and advice with other new moms? The possibilities are virtually endless.

If a new business sounds daunting, there are so many options out there to make some extra income from a side hustle. From driving Uber at night or on the weekends to renting your extra room out on Airbnb, get creative in how you can sell your services or things to make some extra income.

Boost Your Income and Decrease Your Debt

If you are in debt and need more relief than this extra income can provide, you have options. Contact a debt relief company to discuss how their debt consolidation programs can help you reduce your debt and increase your savings. A solid guide to debt consolidation can help you find ways to build wealth, no matter how much you owe.

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