Tips to Increase Your Monthly Income

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money

Determining the best way to increase your income requires a bit of strategy, such as reducing your spending and increasing the amount of cash you are bringing in. The good news is that with the gig economy, it is easy to make some extra cash.

Get a Better Paying Job

Side hustling can increase your income, but an even better option might be to get a job that pays better, since it’s still your main source of income. Look for professional development opportunities in your field, and consider getting a degree to broaden your job opportunities. While school can be expensive, you may want to consider using a scholarship to cover some or all of the costs of your education. This can make things much more affordable.

Do More from Home

From exercise to work, getting to your job and the gym takes time and the costs can add up. Commuting costs can come from gas, the subway, getting food, and even the extra time, which could be devoted to doing a side hustle. Ask your boss if you would be able to work from home part or all of the time. There are apps that allow you to collaborate with coworkers, and you may find your productivity increases. You can then get a side hustle to earn extra money online during the times you would normally be commuting. Exercise can also be cheaper when done at home and staying in shape will help you have a better quality of life overall. Of course, getting a membership to your local gym can be expensive. Getting there can also cost money if you can’t walk or bike there. Instead, consider staying in shape by working out at home, going out for brisk walks, biking, and doing bodyweight exercises.

Rent Out Extra Space

If you have a room or other area you are not using, get creative and rent it out. The most popular is to rent it to those looking for a place to spend a few nights, but you can get creative. There are also sites where you can store other people’s belongings in exchange for a monthly fee. You will likely need to allow them to access the space whenever they want, so you may consider converting part of an outdoor shed or garage for these purposes. 

Consider Working More

Working extra hours is a great way to boost your income paycheck by paycheck, although you will need to check if your boss will allow you to work overtime or not. You do not need to put more hours in to get a better paycheck, however. You may have the option of working on holidays or weekends. Some employers offer time and a half or even double for working on holidays. You don’t even need to let it get in the way of your enjoying the holiday, as you might be able to work a half day or celebrate the holiday another time. Of course, not every industry will allow you to do this, but it could be worth asking about.