6 Ways to Boost Your Income

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If you don't make enough money to reach your financial goals, here are six steps that you can take to boost your income.

If you don't have enough income, it can be challenging to reach your financial goals. The good news is there are ways to boost your income, which can give you greater confidence and allow you to reach your money goals sooner. Here are six ways you can boost your income:

1. Get a side hustle

Side hustles offer an excellent opportunity for people to increase their income. You can continue to work your regular job and put forth as much time and effort as you want into a side hustle. For some, that may be very part-time. For others, it may result in a more significant time commitment. The good news is you have a lot of options when choosing a side hustle.

Here are some examples of side hustles:

  • Sell extra items around your home
  • Tutor
  • Babysit or dogsit
  • Deliver food through food delivery apps
  • Become a driver for rideshare apps like Uber or Lyft

Want to learn more? We recently discussed some side hustles you can start this summer.

2. Ask for a raise or promotion

If you like the company you work for but aren't happy with the income you bring in, you may want to consider asking for a raise or promotion. This can be an excellent way to boost your income. When doing this, be prepared to show your employer what you bring to the table, how your efforts have helped the company grow, and why you deserve a raise or promotion. You should also carefully research salaries for people in your position.

If you ask for or apply for a promotion, be aware that you may need to be ready to take on additional or new responsibilities. If you're prepared to put in the work, a new role may help you reach your income goals while also improving your skills. Talk about a win-win situation.

3. Rent out a room in your home

If you own your home and have plenty of extra room, you may want to think about getting a roommate. Renting out a spare bedroom is a great way to boost your income. Plus, it can be nice to have someone around to spend time with you.

If you're a renter, make sure this is okay to do first. You may need to get the additional person added to your lease. But if your rent is very high and you're struggling to pay it alone, this can be a good way to lower your monthly rental costs. It could also make it possible for you to add extra funds to your savings account.

4. Go back to school

You may feel stuck in your current work situation because of your education level. Going back to school may be an option to consider. Pursuing a career program that is in demand or that offers better financial stability is your best bet. It may take some time before you see the benefits and financial reward of going back to school, but it can be beneficial in many cases.

5. Be willing to learn a new skill

Even if you don't go back to school, you can't go wrong with learning new skills. Life is a learning experience and the more you learn and grow, the better prepared you will be for more situations. By leveling up your skills, you can make yourself stand out as a better applicant for new job opportunities. This can also help you start a small business.

Here are some ideas:

  • Take an online course (many of these programs are self-paced)
  • Read content and watch videos to learn more about the skill you're interested in
  • Ask a friend or family member to help you learn a skill that they have
  • Practice -- the more you do something, the better you'll be

If you like to learn and are willing to put in the effort and step outside your comfort level, developing a new skill can ultimately make you more money.

6. Review your benefits

You may be paying for workplace benefits that you're not using. While benefits are a nice perk to any job, not all benefits make sense for everyone. If you haven't reviewed your employee benefits in a long time, now is the time to do it.

If you decline benefits that you don't need, that can lessen your total deductions and increase your paycheck amount. For example, if you're automatically enrolled in your company's health insurance program but are using your spouse's employer-provided health insurance, it doesn't make sense to pay into your employer's healthcare benefits. Canceling your employer's healthcare coverage could free up more money for other expenses.

Another reason to review your employee benefits is to see if there are any perks that you aren't yet using that you could enroll in to increase your income. For example, if you're paying for your own gym membership, but your employer provides a free monthly fitness membership or provides a fitness center at your workplace, you could use this perk instead, cancel your own membership, and add a boost to your paycheck in the process.

If you're not happy with your current income, there are options available to bring in more money. An income increase can help you save more money, pay for big purchases, and improve your whole financial situation. Get creative and be willing to use some of your free time to earn more. And if you need help sorting out other financial concerns, check out our personal finance resources.

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