Five Ways to Boost your Income

Broadly speaking there are two ways to improve your financial position – reduce your outgoings or increase your income. Let’s focus on the latter and see if you can boost the money coming in.

1. Ask your boss for a raise. This is one of the simplest and best ways of increasing your income but many people never try it. Ask for a meeting with your manager. Be polite and respectful. Point out the contribution that you are making and then ask if you can have a raise. What is the worst that can happen? He or she says no. But at least they now know that you want a raise and you can now ask a great follow-up question – ‘What do I have to do to get a raise?’. This will give you some useful pointers. Sometimes it works immediately and sometimes it takes a while before your pay goes up.

2. Move for a higher paid job. If option 1 does not work then you should consider option 2. Are there other positions you could apply for that pay better? Keep on the lookout and every so often apply for another job. Whether or not you are successful in your application the experience will be educational. If you are blocked or unhappy in your current role then plan a career move to a different place where you can earn more money.

3. Rent out a room. If you have an apartment or house then consider taking in a lodger. It will generate a worthwhile monthly income. You lose some privacy but you may gain a companion as well as a tenant. However always keep the money part of the arrangement on a businesslike basis.

4. Sell on eBay. Look around at your clutter. I’ll bet there is stuff there that you never use and that you could sell on eBay or other auction sites. Why not turn your unused items into cash? Lots of people do it and they enjoy the process so why not try it?

5. Take a second job. Could you do some part-time or freelance work? Perhaps as a photographer, writer, model, mystery shopper, baby-sitter, barman, tutor or coach? Can you develop a skill or hobby into a service that you can sell?

The world belongs to people who get up and act; not to those who just complain about things. If you want to be better off then take some actions to boost your income.

See also

Improve your Personal Finance with these 5 Tips

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