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Increase your income in 14 ways

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Everyone have at some point or another the feeling of being squeezed like a lemon. We’re making less than we spend or spending more than we make. Either way, we find ourselves in delicate an uncomfortable situation were we need to make changes. More money needs to come in your pocket but how? We’ve reviewed the best but not always easiest ways to increase your income.

The question is not which way is best for you but how many of these income increase avenue can you do? Here are 14 ways to increase your income.

 

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Ask for a Raise or a Promotion

Overworked and underpaid? Afraid to ask for a raise or that long-desired promotion? With the right tools and knowledge, you can learn how to negotiate your salary or ask for that promotion. Here’s how.

First put together a list of things you have achieved, goals you have met or ways you think you have contributed to your company. Once you have this list of positive points you’ve accomplished, work on building up your confidence. Most people assume they will not get a raise or worse yet do not ask because they lack the self-confidence to do so . If you can see the value of what you contribute to your company and the value of your work then you will be more willing to ask for a raise or promotion.

In addition to listing your accomplishments, find out what other people with a similar position to yours are actually earning. If you know what other people are earning for a similar position in your area, then you will know what would be a reasonable request for a pay increase. A good site to compare your salary to others is salary.com.

When is the right time to ask? If you have regular performance reviews and you receive positive feedback from your employer, that is the best time to ask. If you don’t have performance reviews then the end of the year is usually also a good time to go over a potential raise. If you’re on contract, a few weeks before your renewal is also a good time to start discussing a raise.

But remember there may never be a perfect time to talk about a raise so don’t be afraid to talk about it sooner than later. You will never know unless you try.

Next step: Learn how to ask for a raise or get a promotion (short course).

 

Change Job or Career

If you feel stuck with a less than decent salary for what you do then maybe it’s time for you to think about moving on. Do you like your work, your company or the industry your working in? If you answered no to all these questions it probably means it is time to find yourself a new type of job or even a new career.

If you answered yes to just one of these questions then maybe you simply need to change your employer and find a company offering a better salary, benefits and/or opportunities to grow. You may be stuck in a comfort zone where you know you are unhappy but your job and your environment are familiar to you.

Change can be scary but if you start researching potential opportunities ahead of time it will help reduce the stress and fear of moving on. Don’t quit your job just yet, but start looking for a job or career that is better suited for you.

Next step:  Write an oustanding resume, build relationships and succeed at interviews  (short courses).

 

Re-evaluate Your Living Expenses

Are you constantly living from pay check to pay check and wondering when your financial situation will change? Money awareness is the first step to empowerment and financial freedom.

The first goal should be to find out exactly what you are spending your money on. For one month write down and record every single thing you spend your money on. Your goal is to find out what you can cut out completely or reduce in your everyday living. You would be surprised at how cutting back on just a few things like a latte or a few restaurant meals a week will quickly add up the dollar signs in your bank account.

Next, look at your biggest expenses and try to find out how you can reduce them. If your family has two cars, can you sell one of them and have family members share rides with others? Can you move closer to your main destinations and take public transportation or ride your bike to and from work? With all expenses, there is almost always a way to reduce costs. It just takes the will and determination to do it.

 

Getting an Extra Part-Time Job

If you can handle more work-hours to your week then finding a part-time, temporary or seasonal job may be a good solution to supplement your income. Part-time work is typically any employment that offers 35 hours or less per week. Many companies offer more part-time job opportunities than full-time ones. Often, part-time employees are offered full-time positions. In addition to supplementing your income, a part-time job may offer a more flexible work schedule and may even include benefits such as health insurance and employee discounts.

If you are looking to explore different job types or have a specific financial goal in mind; such as to pay off a bill or save for a trip, then a temporary job might be a good option for you. You can find temporary work on your own but you may also choose to go through a temp agency. A temp agency will do an assessment of your skills beforehand in order to match you with a company that is looking for your education and abilities. In order to meet increased demand, many companies will hire additional employees during peak seasonal times.

Types of seasonal employment may include retail, tourism, leisure, construction, inventory or landscaping. Whether you choose part-time, temporary or seasonal work, you can be sure that you will be able to supplement your income and reach your financial goals.

 

Start a Business

If you have ever dreamed of being your own boss and building something that is yours, then starting your own business might be right for you. It is important to choose something you like, are good at or are passionate about. This will ensure that you will maintain a level of drive to keep you going.

If you have always wanted to start your own business but are not sure where to start, then here are 10 basic steps to help you begin your business:

1. Research the type of business you would like to start and develop a business plan.

2. Get business training, mentoring or find a business community to help you get started.

3. Choose a location for your business.

4. Find ways to fund your business.

5. Determine the legal structure of your business.

6. Register your business name.

7. Get a tax identification number.

8. Register your state and local taxes.

9. Obtain business licenses and permits.

10. Hire employees

 

Next step: Learn how to start your business (great short courses).

 

Start Your Own Part-Time Job From Home

You don’t need to quit your day job to start your own home business. All you need to start is investing 2 or 3 hours per day into it. What type of home business can you start?Here are a couple of ideas for starting your own home business:

– Turn your hobby or skills into extra income. For example, if you speak another language or play a musical instrument why not make extra money by teaching your skill to others. There is always someone that will be interested in learning a new skill or benefiting from your services.

– You can start freelancing online: writing, researching, answer online surveys ($25-$150/hour), secret shopper, etc.

– Do odd jobs: baby sitting, cleaning garages, mowing lawns, cleaning gutters, etc.

– Make things to sell: Are you creative or do you enjoy making things with your hands? You can make jewelry, pottery, paintings, clothing, etc.. The list is endless.

Next step: Learn how to work for yourself (short course).

 

Get a Degree or Professional Certification

Completing your unfinished degree or getting a professional certification is sometimes the only thing you need to increase your income. You don’t need to earn an MBA or a PhD to make more money. Sometime simply completing your bachelor’s degree or getting a certificate can open the doors to many more lucrative jobs or promotions.

Next step: Get your professional Certification and training at Ed2go (courses catalog)

 

Review Your Credit Card Statements

If you are paying your credit card bill every month without regularly reviewing your credit card statement, then you may be paying for many inaccurate or erroneous charges. It is important to check for such things as unauthorized charges, returns that not have not been credited to your account or fraudulent purchases.

Many credit card companies offer protection against fraudulent charges IF you notice the charges within a certain amount of time. By thoroughly and regularly reviewing your statements, you can end up saving money while protecting your credit at the same time.

 

Rent Your Parking Space

 

If you have a parking space or even more room than necessary in your drive way, renting this space can bring in a few hundred extra dollars a month.

 

Rent Out Storage Space

 

Do you have extra room in your house or garage that could be utilized? Do you have land or property that could fit an RV or provide parking for cars? If so, then you could easily make extra money by renting out unused empty space at your place.

There are some things to consider before doing this:

– You will need to determine the type of space you can provide and for how long.

– Next, you will need to contact your homeowner’s insurance to see if this type of rental will be covered on your insurance.

– You will also need to come up with some sort of legal binding contract. This will protect your privacy and safety. It is important to know exactly what will be stored in your space as not to allow illegal or potentially dangerous items on your property.

 

Sell Unwanted Items Via a Yard Sale, eBay, or Craigslist

 

Do you have items that you would like to sell? Using online classifieds such as eBay and Craigslist can be a very straightforward way of selling your belongings. Be wary of fraud and always use your common sense when using online sites.

Yard sales are a lot more work and take more preparation and advertising but can also be a good way to make a few extra dollars.

 

Rent Things You Don’t Use Often

 

If you have things you rarely use but you don‘t want to get rid of them, consider leasing them to other people. There are a few online sites such as: loanables.com, u.neighborrow.com or us.zilok.com that allows you post items you’re ready to lease. You can post pictures of your camera, your car, tools, games, etc. and name your asking price.

These sites will match you with people ready to rent your items. Depending on the site, the payment can be made in person or directly through the site and you can even ask for a security deposit.

 

Save Money By Renting Things You Don’t Need to Purchase

 

If you don‘t want to buy a car but would like to use one occasionally, then why not consider using a communal rental car or rent by the hour?

There are certain companies such as zip card.com that allows you to apply online and receive a card in the mail so that you can rent a car whenever you want or need to. There are different plans to choose from and include the cost of gas, insurance and mileage.

 

Seek Grants, Scholarships and Interest-Free Loans to Pay for College

 

It is not surprising that most college graduates today end up paying thousands in student loan interest. This can be a huge financial burden that can follow you for years to come. The average college graduate in 2010 has a debt of $21, 000 according to the Project on Student Debt.

Avoid taking out higher-interest loans and consider pre-college savings plans or apply for grants, scholarships or interest-free loans instead.. This valuable piece of advice can end up saving you thousands of dollars in the long run for college.

How many ways can you increase your income? This is not a definitive list but it should give you more idea to help you make more money in the short term while you’re feeling squeezed and in the longer term as well.