Whether it’s because of the proximity to your home or you like the stability your workplace offers, there’s a variety of reasons why you chose your current job. However, the positions where we are comfortable are sometimes not enough to meet our financial needs. Very often, we settle into a job that works for us but leaves us needing a little bit more financially.
On the other hand, some people cannot risk quitting their jobs and losing income while they are searching for a new one. And if you need more cash relatively quickly, embarking on a job hunt that could potentially take months may not be a great option.
Whatever your reason is, if you want to increase your income, you do not necessarily have to quit your job. There are several ways you boost your income without losing the stability that your current job offers. Read on to learn about just a few.
1. Ask for a Raise
Let’s get the most obvious solution out of the way first. If you need more money and you do not want to switch jobs, the first thing you should do is consider asking for a raise, assuming you have been at your company long enough.
Of course, you cannot ask for a raise out of the blue. If you want to be successful, you should plan ahead and come up with a negotiation plan.
Negotiating a raise involves a few different steps. First, you need to make sure you are able to present your accomplishments in the best light possible. You can do this by reminding your supervisors of your impact as a member of the team who is vital to the company’s success.
When you feel like you have done enough to negotiate a raise, you can send a salary negotiation email to your boss or the human resources manager. Make sure that it is written professionally while highlighting your skills.
2. Apply for a Promotion
Getting a promotion at your current jobs means you may have more responsibilities but it also comes with a lot of perks, mainly a salary increase. Of course, it is way harder to get a promotion than simply asking for a raise, since there would usually need to be a position already open at your company.
If your company is hiring for a position you are well-suited for, though, then consider applying. This can be your chance to get promoted quickly, as long as you outshine other candidates for the job.
Most companies offer promotions to their employees who think will be a perfect fit for the job. But for smaller companies and startups, you might be able to get a promotion by simply asking your boss. Owners of small businesses often do a lot of daily work in their business, and by offering to help them manage the tasks in exchange for a promotion, you have a higher chance of boosting your income.
3. Start Freelancing
The beauty of freelancing is that you have full control over your time. You can do this as your side job without hindering your full-time job. Freelancing is an easy part-time job that you can do in your own time, and you usually only have to take on as much work as you want. Plus, there are many different industries you can freelance in.
If you have talent in writing, video editing or designing, there are a lot of companies who would be interested in your services.
You can also offer freelancing services that are related to your current job, as the experience you have can be enticing to a lot of clients. However, make sure that your freelancing projects will not conflict with your current job.
Some companies do not like their employees working outside the company, particularly for their competitors. In the most extreme cases, your company may even have had you sign a non-compete agreement before onboarding you. Therefore, make sure to look at your contract before you freelance using your current job’s skills.
4. Invest Your Money
Okay, this might not seem like a great way to make extra money if you are looking for fast cash. However, if you have a lot in savings and want to make money long-term, you should consider putting it toward stocks, bonds or other investments.
It might feel risky, but there are ways to invest in the stock market where you can rest assured that your investments are relatively safe.
This is one of the many ways to generate a passive income, and you can do it even if you have a regular full-time job.
An alternative would be putting your money in a high-yield savings account. While this will not give you as high of a long-term return as buying into an index fund would, it is still a great way to generate passive income without doing anything. High-yield savings accounts and certificates of deposit are guaranteed ways to increase your savings passively.
5. Start a Side Business
Speaking of investing your money in long-term returns, you may be able to boost your income by starting a low-maintenance side business that you can run from your house. It does not have to be a fancy one — even selling plants on Etsy can generate some extra cash.
You can begin by starting a side business doing something you already love to do. If you have a knack for arts and crafts, for example, you can create attractive home decor pieces and sell them on eBay, Etsy or other online platforms.
The great thing about starting a side business is that you have plenty of options. Some ventures, such as a T-shirt printing business, may require special equipment and have slightly higher upfront costs. But there are many others that you can start with relatively little money.
What you can do to increase your income depends on you. If your day job does fill up most of your days, then you can start freelancing on weekends or even driving for a rideshare company. On the other hand, if you have no extra time to spare, you can focus on investing your money on either the stock market or friends and families. Finally, if you want to avoid working longer hours and do not want to tie up any of your money in stocks or equipment, then you can simply ask for a promotion at your current job.
Whatever method you choose, just be sure to carefully weigh the pros and cons, and always make sure you have a household budget handy so you can decide how far you want to commit to any one idea.