August 13, 2024

How to Increase Your Income: 10 Simple Ways

Feeling stuck in a financial rut? The good news is you don’t have to get a new high-paying job or find new ways to build your funds. Learning how to increase your income in other ways could be the key to unlocking your financial goals.

If you’re saving up for a big purchase, working to pay off debt, or simply looking for more financial freedom, there are plenty of ways to grow your income — no matter the current situation. From starting a side hustle to negotiating a raise at work, a little resourcefulness and strategic action can go a long way.

Let’s explore some of the most effective ways to increase your income and achieve your financial goals.

10 creative ways to increase your income

From getting a raise to tax considerations, here are 10 creative tips for making more money:

1. Ask for a raise

You don’t have to get a new job to make more money. If you excel at work, take the initiative and ask for a raise. Research salary benchmarks for your role and industry — along with inflation rates for your area — to present a compelling case to your employer. Highlight your achievements and value to the company. The worst they could say is “No.”

Example: After working at his company for two years and consistently surpassing his sales targets, Rafael scheduled a meeting with his boss to discuss a raise. He presented his accomplishments and negotiated a 10% salary increase.

2. Turn your passions into profits

Use your professional skills by offering freelance services on platforms like Upwork or Fiverr. From writing and editing to web development and virtual assistance, there’s a wide range of services in demand. And the more experience you have, the more you can make.

Example: Sofia, a talented graphic designer, started taking on freelance projects in her free time. She earned an extra $1,500 per month, which she used to build her rainy day fund and save for a down payment on a house.

3. Rent out extra space

If you have an extra room in your home, consider renting it out on platforms like Airbnb or Vrbo. This can provide a steady stream of passive income, especially if you live near a popular tourist destination.

Example: Nala lived in a two-bedroom apartment in a city with a high cost of living. To offset her expenses, she rented out her spare room on Airbnb, earning an average of $800 per month — even after hiring cleaners.

4. Share your knowledge

Share your knowledge and skills by teaching others. This could involve tutoring students, offering music lessons, or leading workshops in your area of expertise. It’s a great option because it can work around your existing schedule.

Example: Omar, a skilled guitarist, started offering private music lessons in the evenings. He charged $50 per hour and taught 10 students per week, earning an extra $2,000 per month.

5. Turn clutter into cash

If you need to know how to get extra money fast, a good place to start is selling items you no longer need. Host a yard sale, list items on online marketplaces like Facebook Marketplace or eBay, or sell gently used clothing on platforms like Poshmark or ThredUp. There’s a good chance you own at least a few items to offload.

Example: Rachel went through her closet and found several designer bags and shoes she rarely wore. She listed them on Poshmark and earned over $1,000 in just a couple of weeks.

6. Invest

Put your money to work by investing in stocks that pay regular dividends. While this strategy requires some upfront capital and comes with risks, it can provide a passive income stream over time. Just don’t invest any money you can’t afford to lose.

Example: Mark invested $1,000 in a portfolio of dividend-paying stocks with an average yield of 6%. He earned $60 over the course of a year, which he reinvested to grow his portfolio further.

7. Participate in focus groups

Share your opinions and earn money for your time by participating in paid focus groups and online surveys. Companies and market research firms often seek consumer insights and are willing to pay for thoughtful feedback. You could also look for paid medical trials in your area.

Example: Aaliyah signed up for a market research platform and participated in several online focus groups. She earned an extra $100 per month on average, which she used to pay for her monthly gym membership and streaming subscriptions.

8. Monetize your vehicle

If you own a car, consider using it to earn some extra cash with side gigs. Sign up to be a driver for ride-sharing services like Uber or Lyft, or rent out your car on platforms like Turo when you’re not using it. You could also deliver food with apps like Doordash and Instacart.

Example: Daniel, a college student with a flexible schedule, started driving for Uber in his free time. He earned an average of $300 per week, which helped him cover his living expenses and save for a study abroad trip.

9. Offer pet-sitting services

If you're an animal lover, consider offering pet-sitting services in your local area. Many pet owners are willing to pay for someone to take care of their furry friends while they're away at work or on vacation. And one big perk is if you love to travel, many clients abroad let you stay in their homes for free.

Example: Fatima, a freelance writer who works from home, started offering pet-sitting services to her neighbors. She charged $30 per day and watched two dogs per week, earning an extra $240 per month.

10. Optimize your tax withholdings

If you’ve been wondering how to get more money in your take-home pay, start with your taxes. Take advantage of any credits and deductions you qualify for. Review your withholdings and adjust them throughout the year to make sure you’re not overpaying. Just be cautious not to underpay, as this could result in extra payments during tax season.

Example: Samantha realized she was getting a large tax refund every year. After some calculations, she discovered that by adjusting her withholdings, she could increase her take-home pay by $200 per month.

4 benefits of extra sources of income

Having multiple income streams can give you a sense of financial stability and empowerment. It also equips you to handle future expenses, work toward your financial goals, and enjoy greater peace of mind.

Here are some key benefits of increasing your income:

1. Reduces financial stress. Extra income can act as a buffer against financial hardships, helping you feel more in control of your money. It’s especially helpful for building an emergency fund so you can handle anything that comes your way.

2. Accelerates debt repayment. With more funds coming in, you can make larger payments on your debts and loans to save on interest and become debt-free faster.

3. Boosts savings and investments. Direct extra money toward your savings goals, like building up a rainy day fund, saving for a down payment, or investing for the future.

4. Provides greater financial freedom. With more discretionary income, you have more choices in how you spend and save your money. This leads to a greater sense of financial freedom and flexibility.

Access your wages anytime with EarnIn

Don’t let the timing of your payday limit your access to your own money. With EarnIn, you can access your hard-earned cash whenever you need it most.

EarnIn’s innovative tools empower you on your financial journey. Access your earned wages before payday with the Cash Out tool to give yourself an every day financial safety net. You can get up to $150/day and up to $750/pay period — all with no credit checks, no interest, and no mandatory fees.

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Please note, the material collected in this post is for informational purposes only and is not intended to be relied upon as or construed as advice regarding any specific circumstances. Nor is it an endorsement of any organization or services.

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