As a single mom, needing to be self supporting, I've come to realize that I needed to increase my income instead of just finding ways to be more frugal. Here's some tips from a reader on how to increase your income.
Nowadays, everyone is feeling the pinch. We live in an expensive time, after all, and whether we like it or not, things aren’t going to get any cheaper. In fact, they’ll almost definitely become more pricey. People who want to improve their finances usually start by trimming their expenses, but cutting costs like this will only make a difference for so long. This is why you should start looking for ways to make money too. There are lots of ideas to choose from, many of which require very little effort. With that in mind, here are thirteen smart ways for you to boost your family income.
1. Take On Extra Hours
Every type of business has busy periods now and then. In retail, for example, the busiest time of year is the run-up to Christmas. During these periods, you should speak to your boss about taking on a few extra hours. Most are very grateful for the offer, as it means that the work gets completed on time, and they don’t have to waste time or money hiring and training temporary workers. Just make sure that you don’t work too many hours or you could burn out as a result.
2. Ask For A Raise
As an employee, it’s vital that you know your worth. There is sure to be an average wage or salary for the work that you do, and, if you’re not earning equal to or more than that figure, then you should mention it to your employer. Schedule a meeting with them where you can discuss the reasons why you deserve a raise and lay out your proposal. Make sure that you time your request well, preferably after you accomplish something big, and always dress to impress.
3. List That Spare Room
Spare rooms in the home can be used for a variety of purposes. While some people use them for storage, others turn them into a guest bedroom or games room. As useful as all of these ideas are, not one of them is going to earn you any extra money. In fact, it might even leave you paying more. For this reason, you should consider listing the space on a letting site, like Airbnb. If you live in a big city or popular tourist spot, this could become a real money spinner for you.
4. Invest In Real Estate
Although potentially lucrative, not everyone is comfortable with the idea of having strangers sleeping in their house on a regular basis, especially when they have children. If you’re of the same mind, you could always invest in real estate and have your guest sleeps in your new house instead. Real estate is a relatively low-risk investment that can easily generate a steady income. Just make sure that you take a good look at your finances before making any decisions.
5. Go Back To School
Education has the power to increase the earning potential of your career. As you go from a bachelor’s to a master’s and then to a doctorate, you will have the opportunity to secure higher and higher salaries. Because of this, you may want to consider going back to school. These days, there are many courses available online, like the Baylor MSN degree, allowing you to study at home. This gives students freedom and flexibility, making them ideal for workers and parents.
6. Change Your Bank Account
It’s no get-rich-quick scheme, but changing your bank account does boost your income, even if only by a few hundred dollars a year. To know whether or not to switch, you just need to take a look at the interest rate for your current savings account. The national average is less than 0.1% at the moment, which means that yours probably isn’t looking too good. A high-yield savings account would offer you a much better rate, allowing you to earn more interest on your money.
7. Find A Second Job
Although it isn’t ideal for everyone, working a second job is one way to ensure that you earn more money each month. If you work traditional nine to five hours during the week, then look for a position offering evening or weekend hours. Many restaurants, bars, and stores need just these sorts of employees to cover gaps in the schedules. Before you do this, however, you should check with your current boss. Some companies don’t allow their employees to work two jobs.
8. Switch Up Your Career
Some careers don’t offer as high an earning potential as others. While you shouldn’t choose a career just because of the potential financial benefits, if you’re currently in an industry that you don’t really like and doesn’t offer you the salary that you want, then consider switching things up. Although many people assume that changing careers is a rarity, it’s actually quite common. In fact, most people change their career paths multiple times throughout their life.
9. Clear Out The House
Nothing good ever comes from having clutter in the house. It makes the place look less attractive, gives dust and bacteria a place to hide, and also impacts your mental health, leaving you feeling stressed and worse. Getting rid of this junk, on the other hand, is highly beneficial. As well as making your home more organized, you can earn money by selling some of your unwanted belongings. You can do so by hosting a yard sale or listing items for sale online.
10. Sell What You Create
If you don’t have any unwanted items, then you could always create something to sell instead. Crafty hobbies, like knitting, painting, and photography all result in beautiful, one-of-a-kind products that many people out there are more than willing to pay for. If you don’t plan on keeping everything that you create, then you may as well make some money from them. From eBay to Etsy, there are plenty of estores to sell your art. You can also upload your photos to Shutterstock.
11. Teach A Skill Online
Everyone has something that they can teach to someone else. Perhaps you know another language or have experience working as a plumber. Whatever it is that you know about, you could share your knowledge online. There are many ways to go about this, from tutoring students over video chat to uploading tutorials and classes to YouTube. If you don’t want to face anyone, even through a screen, then you could blog about your skill instead or even write a book.
12. Tackle Your Growing Debts
Paying off your debts isn’t going to make you any more money, but it can boost your income. After all, the more debts you clear, the fewer bills you’ll have to pay each month. This means that you’ll be left with more money to do with whatever you want. Because of this, you need to take action against your growing debts and actively work to reduce them. Go through all of your bills to see what you owe and decide what to tackle first. Reducing your expenses makes this easier.
13. Shop With Rewards Cards
Even when you’re trying to save money, there will still be certain purchases that you need to make each month. Thankfully, these days, most stores offer their customers a rewards card. This allows you to collect points every time that you shop, which can later be exchanged for money off your shopping. You may even be offered special perks and discounts on your birthday. There are no downsides to this card, so there’s no reason to turn one down.
The world is a pricey place, but, with these tips, you should be able to boost your income.
See my disclaimer.
Nowadays, everyone is feeling the pinch. We live in an expensive time, after all, and whether we like it or not, things aren’t going to get any cheaper. In fact, they’ll almost definitely become more pricey. People who want to improve their finances usually start by trimming their expenses, but cutting costs like this will only make a difference for so long. This is why you should start looking for ways to make money too. There are lots of ideas to choose from, many of which require very little effort. With that in mind, here are thirteen smart ways for you to boost your family income.
 |
1. Take On Extra Hours
Every type of business has busy periods now and then. In retail, for example, the busiest time of year is the run-up to Christmas. During these periods, you should speak to your boss about taking on a few extra hours. Most are very grateful for the offer, as it means that the work gets completed on time, and they don’t have to waste time or money hiring and training temporary workers. Just make sure that you don’t work too many hours or you could burn out as a result.
2. Ask For A Raise
As an employee, it’s vital that you know your worth. There is sure to be an average wage or salary for the work that you do, and, if you’re not earning equal to or more than that figure, then you should mention it to your employer. Schedule a meeting with them where you can discuss the reasons why you deserve a raise and lay out your proposal. Make sure that you time your request well, preferably after you accomplish something big, and always dress to impress.
3. List That Spare Room
Spare rooms in the home can be used for a variety of purposes. While some people use them for storage, others turn them into a guest bedroom or games room. As useful as all of these ideas are, not one of them is going to earn you any extra money. In fact, it might even leave you paying more. For this reason, you should consider listing the space on a letting site, like Airbnb. If you live in a big city or popular tourist spot, this could become a real money spinner for you.
4. Invest In Real Estate
Although potentially lucrative, not everyone is comfortable with the idea of having strangers sleeping in their house on a regular basis, especially when they have children. If you’re of the same mind, you could always invest in real estate and have your guest sleeps in your new house instead. Real estate is a relatively low-risk investment that can easily generate a steady income. Just make sure that you take a good look at your finances before making any decisions.
5. Go Back To School
Education has the power to increase the earning potential of your career. As you go from a bachelor’s to a master’s and then to a doctorate, you will have the opportunity to secure higher and higher salaries. Because of this, you may want to consider going back to school. These days, there are many courses available online, like the Baylor MSN degree, allowing you to study at home. This gives students freedom and flexibility, making them ideal for workers and parents.
6. Change Your Bank Account
It’s no get-rich-quick scheme, but changing your bank account does boost your income, even if only by a few hundred dollars a year. To know whether or not to switch, you just need to take a look at the interest rate for your current savings account. The national average is less than 0.1% at the moment, which means that yours probably isn’t looking too good. A high-yield savings account would offer you a much better rate, allowing you to earn more interest on your money.
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Although it isn’t ideal for everyone, working a second job is one way to ensure that you earn more money each month. If you work traditional nine to five hours during the week, then look for a position offering evening or weekend hours. Many restaurants, bars, and stores need just these sorts of employees to cover gaps in the schedules. Before you do this, however, you should check with your current boss. Some companies don’t allow their employees to work two jobs.
8. Switch Up Your Career
Some careers don’t offer as high an earning potential as others. While you shouldn’t choose a career just because of the potential financial benefits, if you’re currently in an industry that you don’t really like and doesn’t offer you the salary that you want, then consider switching things up. Although many people assume that changing careers is a rarity, it’s actually quite common. In fact, most people change their career paths multiple times throughout their life.
9. Clear Out The House
Nothing good ever comes from having clutter in the house. It makes the place look less attractive, gives dust and bacteria a place to hide, and also impacts your mental health, leaving you feeling stressed and worse. Getting rid of this junk, on the other hand, is highly beneficial. As well as making your home more organized, you can earn money by selling some of your unwanted belongings. You can do so by hosting a yard sale or listing items for sale online.
10. Sell What You Create
If you don’t have any unwanted items, then you could always create something to sell instead. Crafty hobbies, like knitting, painting, and photography all result in beautiful, one-of-a-kind products that many people out there are more than willing to pay for. If you don’t plan on keeping everything that you create, then you may as well make some money from them. From eBay to Etsy, there are plenty of estores to sell your art. You can also upload your photos to Shutterstock.
11. Teach A Skill Online
Everyone has something that they can teach to someone else. Perhaps you know another language or have experience working as a plumber. Whatever it is that you know about, you could share your knowledge online. There are many ways to go about this, from tutoring students over video chat to uploading tutorials and classes to YouTube. If you don’t want to face anyone, even through a screen, then you could blog about your skill instead or even write a book.
12. Tackle Your Growing Debts
Paying off your debts isn’t going to make you any more money, but it can boost your income. After all, the more debts you clear, the fewer bills you’ll have to pay each month. This means that you’ll be left with more money to do with whatever you want. Because of this, you need to take action against your growing debts and actively work to reduce them. Go through all of your bills to see what you owe and decide what to tackle first. Reducing your expenses makes this easier.
 |
Even when you’re trying to save money, there will still be certain purchases that you need to make each month. Thankfully, these days, most stores offer their customers a rewards card. This allows you to collect points every time that you shop, which can later be exchanged for money off your shopping. You may even be offered special perks and discounts on your birthday. There are no downsides to this card, so there’s no reason to turn one down.
The world is a pricey place, but, with these tips, you should be able to boost your income.
See my disclaimer.