I’ve volunteered my time as a financial coach quite a bit and one of the biggest problems I see people experience, aside from debt, is not having enough income. If this is you, have some hope, because there are some ways in which you can boost your income this next year. Keep in mind, you just have to be willing to invest some time and effort to do so.
Here are a few ideas to consider as we approach the New Year:
1. Start blogging.
I would be remiss if I didn’t mention blogging because I know it’s possible to earn extra income, or even full-time income with a good blog. It’s not easy, but it’s possible. It also takes time and is hardly going to produce income over night. But, if you’re willing to put forth the work, you can make it happen.
I recommend signing up for a blogging course before getting started just so you can get an understanding of some of the basics and save yourself the trouble from making a lot of rookie mistakes (check out BloggingYourPassion.com for great courses). You can also learn how top bloggers monetize their blogs.
Pick a topic or niche subject where you have some knowledge. But you have to have interest in your topic for your blog to last! Take your course and start making a list of topic ideas for articles. Finally, set a goal for yourself to have 15 articles by the end of January that you can start publishing come February.
A lot of people possess day job skills they can turn into freelance profits. Bloggers will often write for other blogs as freelance writers. Website developers also apply those skills to help website owners create enhancements to their sites.
Make a list of your skills and what you might be able to market. If you’re already being paid for those skills by your company, you can definitely use them to offer services to others. Check out sites like Odesk.com to apply to jobs and start getting yourself out there!
3. Ask for a raise.
When was the last time you received a raise? If you’ve added significant value to your organization and are a respected employee you might be in position to ask for a raise.
Make a list of your contributions highlighting the impact they’ve had on the company. See if you can tie savings or additional revenue to your contributions to show the monetary benefit to the company or department. Then, set some time with your boss to review your accomplishments and begin discussing the possibility of a raise (or even a bonus). The answer might be no right now, but you can always ask to revisit your accomplishments and the possibility of additional compensation quarterly.
Also, make sure the timing is right. It’s probably not a good idea to ask for a raise if the company has just made significant reductions in staff or other cost savings. Many companies are beginning a new fiscal year come January. Budgets typically aren’t as tight that time of year so it might be a good time to start having a meaningful conversation with your boss.
4. Work a part-time job.
Aside from freelance work you could also look for a part-time job that is more regular in terms of earnings. I like the idea of part-time work if you’re trying to save for a specific purpose, or perhaps pay off debt. Part-time work, while it has its sacrifices, can be a good way to get over a financial hump.
Look at it as a temporary project and try to set a timeline for when you might finish the job. You might consider a spring retail position, pizza delivery, mowing yards, hanging Christmas lights and so on. Keep in mind the sacrifices you’ll make in personal time and probably some extra fatigue as well. But again, using part-time work as a short-term endeavor can help generate extra cash.
There are many additional ways to boost your income in 2021. You just have to spend a little time planning. Since starting my blog almost 4 years ago, I’ve appreciated having some extra part-time money. I’m convinced boosting your income is a great way to get your finances in shape and eventually transition to being your own boss (if that’s your objective).