You’re looking for ways to increase your income.
Perhaps you have (what seems like) a mountain of debt.
Maybe you have children about to attend college and you want to help them pay. Perhaps you are living paycheck-to-paycheck and feel just a little more income would allow you to save.
Maybe you’re not happy with your current lifestyle.
Or you’ve done you budget a million times a million different ways and you are always in the negative.
It doesn’t matter what the reason is for wanting to increase your income. I doubt any of us would back away from the chance at earning more.
Let me help you start brainstorming ways you can increase your income.
Ask For A Raise To Increase Your Income
Asking for a raise to increase your income may sound like a no-brainer, but hear me out.
Even if you feel as though you have received an annual increase or you’ve topped out, do some research.
Search for your exact position online and see what the salary range is.
As long as other companies are asking for more or close to what you are currently making, I suggest asking for an increase from your employer. Show them the other similar positions that are offering more for starting pay.
If your salary is higher than other postings for the same position, I would use a different strategy. Make a list of everything you’ve done to save your company money. What else have you done beyond the call of duty? Why would your company want to keep you as an employee, even if they have to pay you more than someone else in the same position?
In addition to asking for a salary increase, think of other benefits you could ask for in order to increase your take home pay. Would your employer consider covering your medical insurance instead of flat out giving you an increase? They may jump on that idea instead of increasing your salary. Either way, you are increasing the amount of money you are taking home.
Change your perspective and look at it from your employer’s point of view. Remember to be confident with your facts when you approach your employer.
I would also suggest doing some research on available benefits that your company (and others) may offer.
Ask For A Promotion
Even if you haven’t been in your current position for very long, asking for a promotion is never out of the question.
I’ve promoted people after they were in a position for six months because they showed me how outstanding they were.
Again, have your facts together. Ask yourself some key questions and make a list that is ready to present.
Such as:
- What have you contributed to your current position?
- What could you improve for the company if you were placed somewhere else?
- Do you have an exciting vision for another department?
- Are you ready to tackle something more difficult?
- Are you dedicated to improving a department that no one wants to touch?
- Have you increased your skillset and you believe that taking on something different would be valuable to the company?
- Is there a new project you would be excited to lead?
Never be afraid to ask for more. I wish more people at my company would step up and come to me with ideas, suggestions, or requests to take on something new or different.
Above all, do not allow an opportunity to pass you by.
On the flip side, asking for a promotion too often could take on a reverse effect and get annoying to some people, so don’t ask once a month.
Quit Your Job
This may sound like I am telling you to do the opposite of increasing your income.
However, it is possible that you have maxed out your earnings or growth potential at your current employer. Or perhaps you are not receiving the annual increases or bonuses that you would expect at your current position.
Unquestionably, large increases can come from landing a new position at a different company.
Don’t be afraid to branch out and explore your options. Always remember to do what is best for you. The company is going to certainly do what’s best for the company.
If you’ve tried for an increase or a job promotion and have been turned down, I would suggest looking for something new.
Change Your Income Tax Withholdings
If you’re receiving a massive check for federal income tax at the end of the year, rethinking this may be wise.
You’re collecting 0% interest on that money. If you have credit card debt or any other debt with a high interest rate, that debt is continuously growing.
You could be applying your tax overpayment to current debt. You also could be putting that money into an interest bearing account and earning even more.
I’ve known many people throughout the years that have told me that they like getting a check at the first of every year for overpayments. Who doesn’t like receiving a large check?
However, this was money that was always yours and you could have had it earlier.
The IRS has a great tax withholding estimator here if you would like to rethink how much is being deducted from your paychecks.
Seek A Second Job To Increase Your Income
No one wants to have a second job forever. With that being said, it may be in your best interest to temporarily have one in order to eliminate debt and get back on track.
There are some negative aspects to this that you should consider:
- Time with family.
- Being burnt out.
- First (and most important) job suffering.
- You begin to depend on the money from the second job.
When I say second job, I am not talking about hobbies you turn into cash or other “out of the box” ways to earn income. By all means, create some side hustles that bring you in extra cash and work for yourself.
When I say second job, what I am referring to is working for someone else with set hours.
I would suggest leaving a second job as a last resort. Any of the other solutions on this list would, in my opinion, be a better solve for increasing your income.
However, if your goal is to eliminate debt quickly and you have formed a clear game plan, I’m all for temporarily working a second job.
Change Your Spending Habits
An easy way to give yourself an increase is to stop spending so much.
Do you currently have a budget that you are following? If not, it’s time to make one.
If you’re living day-to-day without knowing how much you are spending on wants and necessities, it’s likely you are spending more than you are bringing in.
Step one is to keep yourself in check. You are absolutely not placing yourself in chains. Instead, you should think of it as holding yourself accountable.
A budget can change your life. Start there.
Know the percentages that you are spending on each category. Housing should be 30% or less of your take home pay. Is your food budget 15% or less? This could be a huge eye opener.
If you have a budget, but are still looking to increase your income, make sure your budget is realistic. Reevaluate your spending habits and make sure that you are keeping track of where every dollar is going.
Turn A Hobby Into Cash To Increase Your Income
Do you have a talent or something that you love to create or do in your spare time? Could you turn this into a side hobby that makes you some cash?
I like writing, researching, and giving advice. As a result, I started this website.
Is there a website of your own that you could start? Are you fantastic at making vinyl shirts and could possibly create a side business selling them?
Think of anything that you enjoy doing and research how you could create an income stream from your beloved hobby.
On a personal note, I was thinking about how I want to change the outside of my house. I feel like I need more curb appeal. I need someone to give me advice. A quick search online resulted in an endless amount of consultants.
Find something you love, you’re great at, and turn it into cash.
Rent Something
I’m sure you’ve heard that there’s such an endless amount of money to be made by investing in real estate and renting out your properties.
Think of this, but on a smaller scale. Could you rent out a room in your home?
Do you have an extra vehicle you could rent? What about garage space? Do you have land you could rent?
Do you have anything that people would pay to use for a portion of time? Like perhaps a swimming pool or a golf cart.
Could you rent out your services? Think tutoring or lessons with an instrument or a sport.
This pairs well with turning your hobby into an income stream . Most likely what you’re good at, you also love.
Final Thoughts
I will say that when you make more money, you often spend more.
Make sure you create a budget that you are happy with that also covers emergencies and savings.
Unlocking more cash doesn’t necessarily mean earning more per hour. It may involve looking at your current spending habits.
I’m all for finding something that you love and turning it into your full time job. A lot of the ideas that I have shared could be completed simultaneously.
Find what you’re most interested in and do what you feel is best for you personally. Good luck!
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