10 Ways to Increase Your Income This Year

Everybody wants more money, and with prices rising for almost everything and labor shortages squeezing the job market, now is a great time to boost your income.

With online platforms opening new doors to make a buck, there are also more ways than ever to pad your cash flow. Keep reading to see 10 ways to boost your income this year.

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If you currently have a job, one of the best ways to increase your income is to negotiate a raise. Before you make the request, get your pitch together. Make a list of your accomplishments, and know how you've added value for your employer.

If your company has raised prices recently, that could be a good reason to ask for a raise, or if your salary hasn't gone up in a few years, it's worth pointing that out as well.

Considering that we're in the midst of the "Great Resignation" with labor shortages rife across the economy, it's a great time to your leverage your power as an employee.

ALSO READ: How to Negotiate a Raise in 2022

If a raise is out of the question, you may want to consider increasing your workload. Take an extra shift if one's available, or get some overtime hours, which will really accelerate your income.

Even if you're on a salary, there may be some other tasks you can take on that will pay extra, so ask your employer if there's any additional work available.

Like requesting a raise, it can't hurt to ask, and if your employer is struggling with the labor market, there's probably ample opportunity to pick some extra hours.

If you've maximized your earnings potential at your current job, and feel you can earn more, you might want to look for a new job.

Research what you can make elsewhere and then test the waters by sending out applications. It's a great time to be in the job market, so you may be able to get a substantial increase in your salary.

You could also pick up a part-time position. If you work a nine-to-five job, you may have time on the weekend or at night, where you can work a few extra hours. Considering the labor market, now's a great time to pick up a part-time job, whether that's working in retail, doing manual labor, or something like child care. There are plenty of options out there. Depending on your skill set, you might be able to find a lucrative opportunity, especially in the current job market.

If you have an extra room in your home, renting it out on a vacation rental website like Airbnb or VRBO can be an easy way to make a few bucks, especially if you live in a desirable area. With the omicron variant of the coronavirus still sweeping the nation, that could be a rural area as well, not just cities.

If you don't have a room to spare, you might want to consider renting out your place for a weekend or a few days if you're going away to visit friends or family. For an easy, relatively labor-free way to make supplemental income, listing your place on a site like Airbnb is hard to beat.

ALSO READ: 3 Reasons Vacation Rentals Will Be Big in 2022

If putting your place on Airbnb isn't an option for you, you might want to think about renting out your car. If you have an extra set of wheels or you don't need to use your primary vehicle for the day, you can make a few bucks renting your car out on Turo.

Rentals range roughly from $30 to $200, giving you another labor-free opportunity to make some cash if you're able to give up access to your car for a few hours.

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Presented by Motley Fool Stock Advisor
We hear it over and over from investors, “I wish I had bought Amazon or Netflix when they were first recommended by The Motley Fool. I’d be sitting on a gold mine!" It's true, but we think these 5 other stocks are screaming buys. And you can buy them now for less than $49 a share! Click here to learn how you can grab a copy of “5 Growth Stocks Under $49” for FREE for a limited time only.

Getting a side hustle can be one of the best ways to make some extra cash. Unlike a job, with a side hustle you're your own boss. A side hustle could be anything from babysitting to mowing lawns to dog walking or doing other odd jobs. It could also mean driving a car for Uber or Lyft, doing deliveries for DoorDash, or starting an Etsy shop if you're crafty.

If you're feeling unsatisfied with your current job, starting a side hustle can be a good way to experiment with a new idea. If it's successful, it could lead to full-time work.

Most of us probably have more stuff than we need, and some of it might be valuable. The clothing resale market, for instance, is taking off with sites like TheRealReal, Poshmark, and ThredUp competing for your dollars.

If you have a closet full of clothes you don't really wear, think about listing them on one of the sites above or selling them on eBay. Another is to take them to a consignment shop in your area. If you find you enjoy doing this, you might want to visit local thrift shops or estate sales to see if you find any merchandise you can flip

You could also consider selling things like jewelry or furniture.

ALSO READ: Investing in Apparel Stocks

If you have a skill like translating, writing, graphic design, or coding, freelancing can be a great way to increase your income.

Freelance marketplaces like Fiverr and Upwork offer a wide range of opportunities for all sorts of work, generally done in front of computer. Like starting a side hustle, freelancing can be a good way to experiment with a different line of work if you're looking for a new career path. These platforms also make it easy to get started. Hundreds of jobs are posted, and you can bid on any one.

If you're unemployed or have a flexible schedule, one unique option for making some cash is working as an extra for TV and movies, also known as doing background work.

Film and TV productions often need hundreds of people in the background for crowded scenes in restaurants or outside. It could be a thrill to be on set for a day, and you get paid.

If you live in the Los Angeles and New York areas, there are likely to be a number of productions looking for extras. Even if you live near another city, it's worth looking into.

To get started, get in touch with a local casting agency to see what opportunities are available in your area.

If you like writing and have a particular expertise or an interest in an area like food, the arts, or home improvement, starting a blog could be a lucrative idea.

If you can get some page views, with the help search engine optimization and social media, you can make money selling ads on the posts and with affiliate marketing links, which connect to products available on e-commerce sites like Amazon. With affiliate marketing links, you get a small commission every time somebody buys something from that link.

Similarly, posting videos on Alphabet's YouTube that demonstrate technical skills like home-improvement tasks or DIY auto or bike repair can bring an extra cash through ads as well.

5 Stocks Under $49
Presented by Motley Fool Stock Advisor
We hear it over and over from investors, “I wish I had bought Amazon or Netflix when they were first recommended by The Motley Fool. I’d be sitting on a gold mine!" It's true, but we think these 5 other stocks are screaming buys. And you can buy them now for less than $49 a share! Click here to learn how you can grab a copy of “5 Growth Stocks Under $49” for FREE for a limited time only.

Increasing your income might require you to get out of your comfort zone. After all, asking for a raise can be a nerve-racking task, as can starting a side hustle or posting a new blog entry.

However, now is a great time to look for new ways to make money. Consumer demand is up, meaning there are plenty of people looking for help with things like child care and home maintenance, and the labor shortage means it's a great time to negotiate a raise or find new work. Don't be afraid to go out and test the market.

Suzanne Frey, an executive at Alphabet, is a member of The Motley Fool’s board of directors. John Mackey, CEO of Whole Foods Market, an Amazon subsidiary, is a member of The Motley Fool’s board of directors. Jeremy Bowman owns Airbnb, Inc., Amazon, and Etsy. The Motley Fool owns and recommends Airbnb, Inc., Alphabet (A shares), Amazon, DoorDash, Inc., Etsy, Fiverr International, Poshmark, Inc., and ThredUp Inc. The Motley Fool recommends Alphabet (C shares), Uber Technologies, Upwork, and eBay and recommends the following options: short January 2022 $82.50 calls on eBay. The Motley Fool has a disclosure policy.