Around three million Canadians live below the low-income threshold and many more feel like they are just getting by with their income. These days, most people feel they could use more in their bank accounts each month to live a more comfortable and sustainable life. But figuring out how to increase your income can be a little tricky. With so many demands in life, finding the time to come up with a new plan can be almost impossible.
Luckily, we’re financial experts and have a lot of advice on the subject! Read this guide to find our top eight tips for increasing your income and having more freedom with your money. It’ll be worth all of the efforts you put in!
1. Negotiate a Raise
Before looking elsewhere as a way to increase your incoming funds, it’s a good idea to see if you can get that at your current job.
If you feel it’s appropriate, asking for a raise will allow you to see the increase without having to figure out an additional plan. A key to being successful in this quest is to show how you’re benefitting the company and how you’re going above and beyond your duties. It’s time to show off what you’ve been working so hard on and why you deserve more pay!
2. Spend More Wisely
It’s also a good idea to take a critical look at how you’re using the income you have as well. Sometimes there’s a harsh reality that you could be utilizing the funds you have in a much more responsible way and don’t actually need that increase.
Making a smart financial plan and sticking to it will help you feel confident about every dollar you spend. Instead of going for purchases and hoping for the best, you’ll know what you can and can’t afford. That’s a different kind of freedom that feels so good!
3. Start a Second Job
Once you’ve come to the conclusion that you really do need to figure out how to make more money, you can start by taking a look at the part-time jobs available near you. Even working just a few extra hours a week can give you that flexibility and stability you’re looking for. It’s also a good chance to dip your toes in a different industry you’re interested in.
Since this will be in addition to your main job, it’s important to find a job that’s enjoyable so you don’t burn out quickly.
4. Sell Unused Items
Everyone has some extra stuff hanging around their home that’s not getting used and probably never will. This is a golden opportunity for when you need some quick cash.
Selling your unwanted items has never been easier with all the different types of online yard sales, all you have to do is post some pictures and wait for the offers to come rolling in. You’ll make some extra spending money and clear out your space at the same time. It’s a win-win situation all around!
5. Make Investments
For more lasting results, income management experts always suggest making investments with your precious extra dollars.
It may take some time before you’re really able to cash in on these decisions but you have a greater chance of seeing a large return when you take your time. Even the smallest investment can make a big difference in your financial health and stability over the years.
The key to success in this endeavor is finding the right thing to invest in. Take your time as you do your research to find the most exciting prospect before diving in.
6. Pay Off Debts
Often, a large portion of a person’s income is dedicated to paying off debts which can control their financial life. It’s discouraging to make payments every month only to realize the amount owed isn’t changing much.
Buckling down and making a plan to get rid of your debt can make all the difference in how far your income goes. Freeing yourself from those obligations will be a huge success!
7. Turn Hobbies Into Cash
We all have things we love to do in our downtime, whether that be painting or perfecting our golf game. Wouldn’t those things be even more enjoyable if you were making money at the same time?
Many people have found great success turning their beloved hobbies into money-making opportunities. There’s a market for pretty much everything these days, so it just takes a little creativity to figure out a plan to cash in. But it’s important to consider how much it will cost you to determine whether it’ll be worth the initial investment.
8. Find a New Job
Unfortunately, sometime jobs just can’t offer what you need in terms of salary. When that’s the case it’s crucial to move on as soon as you can. The last thing you want is to waste years of your life hoping things will change when they never will.
As you’re finding a new job, be very informed about what the current pay standards are so you can make sure you’re being paid fairly. The more knowledge you have about this subject, the better you can advocate for yourself.
How to Increase Your Income Step by Step
Once you see there are many solutions for how to increase your income, your creativity can run wild finding just the right fit for your situation. A little bit of extra time and effort can completely transform your life, making it much less stressful!
While it’s great to improve your overall financial situation, sometimes you need more money in a pinch as fast as you can get it. For those emergency situations, it’s helpful to get a quick loan to get the services you need when you need them. No need to go through a lengthy process, get approved in a few hours with our unique system.
Our team has a wealth of knowledge and expertise to help you make the most of your financial situation. If you’re interested in learning more about our financing solutions, contact us today!
