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Cutting spending is a great start, but you can only cut so far before you’re down to the essentials. On the other hand, you can increase your income a lot more than you can cut spending.
Plus, there are many ways to add more to your monthly earnings.
This article will explore five ways to earn more income — whether you want to save more, pay down debt, or increase your lifestyle expenses.
Negotiating a raise is one of the easiest ways to boost your income. Research industry average salaries for your position. Look at similar job postings as well. Then, note the results and accomplishments you’ve brought the company.
Next, schedule a meeting with your boss to discuss the raise. Be friendly but firm and confident. Demonstrate your value to the company and your boss, using your research and accomplishments to strengthen your case.
If you get a “yes,” use a retirement calculator to see how your higher salary could impact your retirement savings. You could reduce contributions to keep more for personal use or increase your desired retirement lifestyle.
Even if you don’t receive a “yes,” you have planted the seed for future raise discussions.
If you don’t get a raise, apply for higher-paying jobs elsewhere. Update your resume to highlight your skills, experience, and accomplishments.
Apply through online job boards and tailor each application to the company and position. Apply for higher-level positions if you have the experience. Network on professional networking platforms — these could get you a foot in the door.
If you prefer your current company, leverage new offers in the raise negotiation. Some companies prefer to raise employee salaries instead of hiring new employees.
Decluttering your home can reduce stress and turn unused items into cash. Sell items online to access a wider customer pool.
Some companies buy certain items from you. For example, some sites buy tech products, like phones and handle much of the leg work for you, but you may earn less.
Meanwhile, other sites let you set up a storefront and sell. You can also use social media sites to list your items for sale. These give you more control over price but require more work. Make sure to take safety precautions.
This can start as simple decluttering. However, you could start a business buying items and selling them for more. This could turn into a steady side income.
The gig economy lets you earn by helping others with common tasks. You can build gig economy work into your schedule easily, and plenty of types of jobs are available.
Some gig economy opportunities include:
If you have a specialized skill, you can earn a solid side income freelancing. Some freelancing skills include:
Create a portfolio to demonstrate your work. Find clients on freelancing sites like and job boards.
Make sure freelance gigs don’t interfere with work. Read your employment contract to ensure no provisions prevent you from freelancing.
You can increase your income far more than you can cut your expenses. Plus, there are plenty of ways to earn more.
Start by negotiating a raise at work. Look for high-paying jobs elsewhere if your employer doesn’t raise your salary — if you do this beforehand, it could strengthen your case for a raise.
Outside of work, you can start by decluttering to earn cash cleaning and organizing your home. After that, consider freelancing if you have or are willing to learn certain in-demand skills. Alternatively, look into the gig economy if you want to earn on a flexible schedule.
Compare and contrast each method, then pick one or two that fit your needs and preferences so you can start earning more as soon as possible.
