Boost your

Boost your income

How to improve your finances by making more money

People often talk about the many ways you can save money in order to improve your financial situation, but that’s not always enough. You can scrimp and save forever, but if you barely have enough income to cover your expenses, you’re never going to get ahead.

That’s why anyone who is really serious about improving their finances — whether it’s paying off existing debt, saving for retirement or building a financial cushion should an emergency arise — also needs to consider how they can simply make more money.

8 ways to make more money

1. Ask for a raise

It’s too obvious, right? You have a job, and you do good work, but you’re just not making enough money to get ahead. But don’t just go to your boss and tell him or her you need more money because you don’t make enough. Instead, make a list of exactly why you deserve a raise. You delivered on that project ahead of time and under budget. You volunteered to take on additional tasks while a co-worker was on sick leave. You landed that big account. Whatever the reasons, write them down so you can present a business case for why you need a raise.  

2. Change jobs

It’s not always easy to part ways with a role you love, but if you aren’t being paid fairly or if there’s another field in which you’re qualified that will pay you more, it may be time to consider your options. That’s how this guy was able to pay off more than $45,000 in student loans in just one year.

3. Don’t forget your employer 401(k) match

If you aren’t already taking advantage of your employer’s 401(k), now’s the time, especially if your employer provides matching contributions. While you won’t see this money in your regular paychecks, it will contribute to your overall bottom line by boosting your retirement savings.

4. Get a degree

If your work requires a degree or advanced study for you to move into a more senior role with better pay, talk to your employer about going back to school. You may even be able to get your job to help cover part of your tuition expenses.

5. Ask for more hours

If you’re an hourly worker, see if your boss will approve additional hours, or even overtime hours. Filling shifts on weekends, holidays and overnights — times when it’s harder to find staffing — can put some extra money in your pocket.

6. Find a side hustle

If your boss won’t give you more hours that doesn’t mean you can’t work more and earn more. There are tons of jobs available these days that don’t require set hours — you can grocery shop for people, take care of their pets or children, drive them to and from the airport, deliver them food, etc. And if you have a craft or hobby, you can sell your wares on sites like Etsy. Or play in a band for tips. Follow your interests and bring in more cash at the same time.

7. Start your own business

Taking the side hustle one step further: If you have a vision, it may be time to act on it. You don’t have to give up your day job to get started, either. By spending your extra hours working on your own business project, you’re investing in your future. And maybe one day you’ll be able to focus solely on your own business and work for yourself.

8. Invest in passive income streams

Owning rental homes or commercial real estate is usually what people think of when they think of passive income streams, but there are less expensive options that don’t require a mortgage. You can own and operate an ATM, vending machines or scooters. Do you have expertise in a certain field? You can even create a blog or YouTube channel that allows you to share your knowledge while reaping the financial benefits of the related ad stream.

Helpful tools

Assess your debt – Helps you answer the question, “Do I have too much debt?”

Debt settlement agreement – Build the contract for your settlement documenting the criteria you negotiate with your creditor.

Debt consolidation calculator – Assess if debt consolidation is a viable option for you.

Credit card payment calculator – Discover how long it will take to pay off your current credit card balance.