Whether you’ve recently started working or you’re someone with 20 years of experience working in the corporate sector, you must have suffered due to the covid-19 pandemic. The worst part of the story is that the recession is still going strong and the suffering continues.
Yes, I cannot guarantee you a raise anytime soon, but what I can do is share with you a few effective tips to increase your income this year. Are you ready? If yes, here’s how you can boost your income:
Clear Out the Pending Bills
First and foremost, you need to clear out the pending bills and pluck out this hindrance from your way towards financial stability. Do you have any outstanding debts? If yes, first and foremost, you need to pay them off.
In order to grow financially, one needs to take a fresh start and it’s not possible with debts and pending bills. Get a debt management plan like IVA or a debt consolidation loan and get rid of such stumbling blocks immediately.
Ask for a Promotion
After that, when you know there’s no more debt hanging on your head, start working on improving your existing condition. Ask for a promotion if you’ve been working for a year or more and are a great employee. It’s your right and there’s nothing wrong with it.
In case that’s not possible, you can ask for a raise instead. Many companies have a policy of giving a 10% raise every year. If that’s not the case with your company, you should be bold enough to ask for it yourself.
Modify Your Tax Withholdings
Most people struggle with income tax as a major chunk of their income goes to it every month. It not only disturbs your monthly budget but also stops you from growing financially. In case you’re a victim of income tax as well, you must get it adjusted.
Adjusting the tax withheld from your monthly salary will bring you a bigger cheque. A bigger check means more money. However, every state has its own laws; hence, you must consult a professional for this.
Create a Passive Income
One way to increase your monthly income without putting much effort or doing another job is by creating a passive income. You can create a passive income for yourself through starting an Instagram blog or a YouTube channel.
If you’re interested in fashion, the best way is to create an Instagram blog. Start posting new trends and photos and in less than no time, you’ll get paid collaboration projects. The other option is to create a YouTube channel.
If you like cooking, you can make a food blog, too, or simply share your recipes with others through YouTube. On the other hand, if you’re a frequent traveler, you can make travel vlogs and upload them on your channel. It will start earning you a good amount in just a few months.
Start a Side Business
Doing two jobs may not be possible for you, especially if you work 9 to 5. A 9 to 5 job doesn’t mean that you step in the office at 9 and leave at 5. It conveniently takes around 9 to 10 hours of your day. Not to mention, the energy it drains, leaving you incapable of working on anything else.
Hence, one smart way to earn more is by setting up a side business. The best part is, not every side business requires investment on your part. You can become a freelance photographer as a side business. You can take on wedding or birthday events happening on the weekends and make some quick cash.
Not very difficult. Is it? Just consider the steps mentioned above and keep yourself on the right track. Good luck, guys!