I’ve spoken a bit about cutting down on expenses, creating a budget and saving which is a great first step in getting your financial act together. But, sometimes, what you currently have isn’t enough to help cover all your expenses or even get you to the financial goals you have set aside for yourself. A few months ago, the instafam and I had a good chat on ways to increase income and some people shared ways they increase their income, all of which have worked so far. PS: if you are on instagram, on Wednesdays, we talk about our money stories, this is great space for as people get to share their thoughts and opinions surrounding certain money topics; the results are anonymous. (Follow @awahshasha).
Now to the main purpose of this post, are you trying to increase your income, here are some ways you can:
- Get another job: This could be a new full time role or a part time role (in addition to your FT role). If you have free time and are looking to make some extra cash, you can consider getting a second job.
- Start a side hustle: This could be in your field or in a completely different field or maybe something you like doing such as making hair, cooking or taking pictures.
- Turn your passion into a business (if it is profitable): This is pretty similar to the second tip. What’s one thing you like doing and are really good at? If you love photography or making clothes or cooking, you could consider turning this into a business in addition to working your full time job.
- Improve your current skillset: For this, think of skills (and experiences) people in the same field as you have that make them more valuable in the workforce and work on getting the desirable skills/ experience needed. For example, if you work in finance, you could take a course in data analytics or work on becoming a certified finance analyst.
- A career or industry switch: If you feel you have reached the peak of your career and don’t see any way you can grow anymore in that industry or job, you could consider switching to an industry or career path that provides more growth options. An industry or career switch doesn’t have to be a complete switch. Say you are an electric engineer and you realize there are more growth opportunities in software engineering at the moment and an opportunity to make more money there (and be more fulfilled) , you could consider switching to software engineering.
- Get a masters or higher certification (Higher education): This is probably the most expensive option on this list; going back to school. For example, an MBA is set to increase your salary by 39%.
- Passive investments or investments in assets that yield returns: Some investments could be investments in dividend producing stocks, rental property, etc.
Need some extra cash in the meantime, here are some quick ways you can at the moment:
- Drive an uber
- Fill out online surveys
- Sell your clothes or thing you no longer need online
- Use credit cards that provide cash back
- Shop using cashback websites
- Teach English
- Become a tutor
- Edit photos and videos for people
- Teach online courses
- Affiliate marketing
- Start a blog
- Become a personal trainer
- Rent out space in your home you do not use (Airbnb)
Where to find Freelance jobs online
From our community (ways people increased their income)
- Switched jobs, promotions
- Got a freelance role to my full time role, and it’s not working out badly
- Switched industries. It worked.
- Work 2 jobs, invest, be entrepreneurial. I’m doing all theses yet a student and a mom of 1 (way to go Mama)
- Teaching extra classes! Yup! My account dey smile (translation: my account is happy)
- Lots of personal development to take advantage of opportunities in my work place
- Broaden my skill set then switched jobs. Seems to work
- Switched industries.
For me, I went back to school and got a certification in my profession. That’s it from me. Again, remember, don’t let anyone shame you for working hard. Your future self would thank you for this. What’s one thing you did that helped you increase your income? Share in the comment.
PS: If you are not on instagram and want to share your money story anonymously, click on the link here to share your story.