Whether you want to save up for the vacation of a lifetime or give yourself a savings buffer, having a little extra money coming in is always a welcome prospect. Whatever your current employment situation, there are plenty of ways to increase your income, and a little creativity can go a long way.
Ask Your Employer
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If you are in regular employment and haven’t had a raise recently, then ask for one. For some, that might seem like a daunting prospect, but if you choose the right time and make your case eloquently, then even a “no” isn’t necessarily a bad thing. You can use this as a starting point to negotiate more flexible working, a promotion, or other benefits.
If you are self-employed, then you have more scope to give yourself a pay rise by increasing your rates. Unlike employment, where there are sometimes incremental pay rises at set points in the year, freelancers need to decide when clients will be most likely to accept an increase in your fees. Speak to them when you have just met a really tight deadline, exceeded their expectations, or shown yourself to be an invaluable asset to their team.
Make Your Money Work for You
If you have a little cash put aside, then you could use it to generate an additional income as a day trader with a little time, effort, and research. But what is day trading? It’s a short-term form of investment where you buy securities and sell them within the same day, making your money from the small increases in the stock’s value.
Day trading can be a lucrative sideline for those who have done their research and learned how to identify potentially profitable opportunities, but discipline is important. You will need to devise a strategy and stick to it in order to succeed.
Cut Unnecessary Outgoings
If you want to free up some cash, then you might find you have some expenses which can be cut. Take a look at all your monthly and yearly outgoings to see where you could save. Shopping around for deals on your auto and home insurance, your phone plan, and even your grocery shopping can make your money go further, and you could end up with spare cash each month for minimal effort.
What you do with this will depend on how much time you want to spend growing your capital — you can put your excess into the highest interest savings account available for a small increase on your initial investment, or you can choose more labor-intensive investment options if you have a little time to spend finding the rights ones and managing your portfolio.
There are a number of ways to make your household income go further, whether that’s increasing what’s coming in, reducing what’s going out, or squeezing a little more out of every cent you spend to get the most out of your hard-earned cash. Combine all three methods to build your savings and take a step closer to financial independence.