7 Ways to Increase Income
Let's say you want to make more money each month. First, you must commit to 55. This is the number of hours per week you need to work to start earning more money. If 55 is unrealistic, try 50. If 50 is too much, start with 41. Basically, you need to invest more time in making money to get over the hump and build positive Financial FUEL.
Where to start:
- Your current job - Can you get additional shifts, and/or overtime? Your current job knows (and hopefully, trusts) you. It’s often easiest to get more work from people who are already paying you. Plus, you may not need to commute anywhere different.
- Employers of your spouse/partner, friends, and/or relatives - Again, you're looking for a few hours, shifts, or maybe projects. Your friends, family, or spouse/partner can ask around at work and see if there are any opportunities there for you. The idea is that someone who knows you can refer you, and that might increase your odds of getting those additional hours or shifts.
Where to go next:
You may need to look into “gigs” or side hustles for extra income. According to Forbes, more than one-third of U.S. workers are part of the gig economy.
- At-home side hustles - Sometimes it's easiest to add a side income stream if you're working from home:
- Transcription: Rev, Scribie, and TranscribeMe
- Virtual assistant: Zirtual and Upwork
- Proofreading: Upwork and Fiverr
- Completing online surveys: Swagbucks, Survey Junkie, and InboxDollars
- Teaching English: Skooli, VIPKid, and Qkids
- Driving and delivery side hustles - If working from home isn't for you, take a look at these:
Cashing in PTO: Paid time off (PTO) can be a great way to recharge. However, taking a lot of time off can lead to more spending and less earning. In the short term, you may need cash more than PTO. While tax consequences should be highlighted, their impact is often far less than the cost of recurring debt.
Education/skills training: Your ideal long-term solution is to earn higher wages. Multiple research studies show that higher education leads to higher wages and productivity. Tuition reimbursement programs or finding time to participate in free online education will allow you to work toward a permanent increase in income. Coursera, Udemy, Edx, and lynda.com can give you skills you need to compete for the long term.