Are you trying to earn more money and want to know how to increase your income? 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! Let's get into how to earn extra income easily.
8 Ways how to increase your income
Here are 8 uncomplicated and simple tips you can implement starting today to boost income easily:
1. Ask for a raise or bonus
When was the last time you asked for a raise at work? Or are you just waiting to be given one? Asking for a raise is a great approach for how to increase your income easily.
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 work 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. Learn how to use Linkedin to find a better-paying job with our completely free course!
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 for jobs. You could also consider getting some certifications or taking courses that could help you increase your salary.
Sites like Udemy or Skillshare are great places to start. Finding a better-paying job is a smart way when it comes to how to increase your income while advancing your career!
3. Get a part-time job
A part-time job if your schedule permits is a really great way to boost income. 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 side hustle
Starting a side hustle is how to increase your income while building a business. 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 home and sell your stuff
We live in a day and age where we are prone to acquiring more stuff than 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. Decluttering and selling your items is how to increase your income quickly while cleaning up your home!
6. Cut expenses wherever possible
It's surprising how much money you can waste on sneaky expenses such as unused subscriptions, wasted food, high utility bills, etc. Find ways to cut your budget and lower expenses to boost income quickly.
For instance, try these tricks for lowering your electric bill, shop around for cheaper insurance, and meal prep so you don't grab take-out when you don't feel like cooking.
If you are spending $50 a week eating out that adds up to $2,600 in just a year! That's money for your emergency fund or a fun family vacation somewhere. Cutting expenses is a savvy way how to earn extra income!
7. Make money from your hobbies
Making money from your hobbies is how to increase your income while having fun! If you enjoy crafting you can sell those adorable items you make on sites like Etsy. Or if you have a green thumb you can sell flowers and plants at a local farmer's market.
Whatever your passion is more than likely you can make money from it! Using the hobbies you love doing is a great way to boost income quickly.
8. Create passive income
Passive income is how to earn extra income continuously. The best thing about passive income is after the initial set-up or work you continue to earn from it.
For example, investing in the stock market, earning royalties from a published book, and rental properties are all ways to make passive income.
It's a good idea to understand the difference between active vs passive income. So active income is where you "actively" work a side hustle or job but passive income is where you earn long after the work is completed.
Use these tips to increase your income quickly
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.
Prioritize putting a plan in place in advance to pay off your debt, save more money, increase your investments, and towards your other goals.
Get started today and enroll in our completely free "Build a solid foundation" bundle! Also, tune in to the Clever Girls Know podcast and YouTube channel for top financial tips to help you build wealth!