For most people, an income increase does not just happen by itself. No, it is going to take work, but in the end, you will be happy you made the effort. Here are a few ways that you can increase your income and make this a better year.
Make A Career Move
These days, employees are hard to come by for employers. You would think that this would mean that your company would do their best to retain their current employees, but this is not the case.
Most employers will hand out cost of living increases and count on the complacency of their workforce. They know that most people do not want to search for a new job and they count on that fact. This allows them to save the big money for new hires. Big sign up bonuses and starting salaries that might even be more than you make, for someone in the same position.
What this means is that if you want a big raise, you need to get out there and look for a position with another company. Move on to a new company and possibly see a 10 to 20 percent increase in pay compared to the meager 2 to 3 percent that your current employer is offering.
This applies to all types of jobs. You could be a cashier at a grocery store or a CPA at a huge firm. If you want to get paid more, your best bet is probably going to be to move on.
Finding that perfect new job is probably not going to be as hard as you think. If you are in a white collar job, dust off that resume and get it out there. Look on all of the job boards to see who is looking for your skills and don’t underestimate what a recruiter can do for you.
If you are in a blue collar profession, also check out the job boards. In addition though, you may need to hit the street and make some calls to see who is hiring. You know who the competitors to your present company are. Go apply, they’d probably love to have you.
Get A Side Job
If you love where you are at, think about getting a little side work. Just a few hours a week can make you thousands of dollars over the course of a year. 4 hours a week at just $15 an hour and you would bring in over $3000 in additional money in a year. Placed directly into an investment account, that can make a huge difference in regards to when and how you retire.
These days, there are side jobs available nearly everywhere. With a robust economy, employers are struggling to fill their open positions. In addition, they generally love part timers because they do not have to pay out benefits to them.
Take a look at the big box retailers like Walmart or Target, they are always in need and both of them are open extensive hours. That should allow you to pick up a shift at just about any hour.
Other options for part time work abound such as driving for Uber, delivering food for Grub Hub or even working online doing side jobs on Fiverr. You are only limited by your ambition because work is everywhere.
Cut Your Bills
I am going to be cheesy when I say it but, a dollar saved is a dollar earned. It is a well worn out expression but one that remains true to this very day. Every dollar that you save is a dollar in your bank account and most people waste “a lot” of money.
First and foremost, if you do not have a budget, make one. Don’t let this intimidate you, just write down all of your bills and include allotments for things like fuel and food. Be honest with how much you are actually spending, especially in the entertainment category.
Once you have an accurate budget, you can look at places to make cuts. It could be as simple as shopping for cheaper car insurance to something more involved like trading in your car for a cheaper vehicle.
Besides these big fixed bills, be sure to also look at all of the little things. That daily cup of coffee, for example, can really add up. At $4 a day, that is $120 a month or almost 1500 dollars over the course of a year. There are a lot of these little things that people waste money on. Trivial expenses that do not seem like a lot but that really add up over the course of a year.
Increasing your income is not a difficult thing, you just have to get up and take some action. If you are looking to make this a better year, financially speaking, put one or all of the tips above into effect. Try to save most of that additional money and you will be looing back on your decisions fondly by the end of the year.