Usually, people who want to bolster their finances trim their expenses.
But cutting costs only goes so far. Unless you already make a lot of money and spend like a bon vivant, most people can’t eke out that much more from their budget by decreasing expenses. Plus, the more you retrench, the more your quality of life suffers. (It’s all relative, though — certainly some overspenders could actually improve their lives by tempering their expenditures.)
If you’re looking to increase your revenue streams, take heart: Opportunities to earn extra money abound for people at all levels of experience. While the gigs requiring more experience will pay more money, for those starting out, even the earnings of lower-paying jobs will add up over time.
That extra money can be put toward helping you pay down debt, boost your net worth or save for big goals, such as making the leap to freelance.
These ways of making extra money cover a wide range in terms of compensation and prestige. Check out the options to see what could work for you, keeping tabs on a projected per-hour rate so you can see what would be worth your time. The list is loosely arranged by 1. jobs requiring more skill or expertise, 2. gigs needing less and 3. things you can sell. And if you think of any good options I missed, please let me know in the comments.
1. Change jobs.
This is the best way to boost your earnings, as you have the most leverage at the moment that a company wants you but isn’t sure whether it can get you. Use that to your advantage in negotiations. Another benefit of getting a bump up when you switch jobs is that the percentage boost will be baked into all your future raises, elevating your lifetime earnings. Here’s how to negotiate your salary.
2. Request a raise.
Getting a raise is an excellent move because it doesn’t require you to trade more time for more money. You are putting in the same amount of time, but pulling a bigger paycheck. But, it’s always a bit tricky to ask for a raise when your company already has you at your current salary. You’ve got to make a strong argument you deserve the increase. Here are the top 10 mistakes to avoid when asking for a raise.
Freelancing is the next best thing to being paid more for your full-time work, because professional work always pays more than unskilled. To find opportunities, let former colleagues or other personal connections that you’re available for freelance gigs. (Here are some ideas on how LinkedIn could be useful for that.) Or, post on marketplaces particular to your field. For instance, Mediabistro, a journalism site …