30 Best & Hidden Ways: How To Increase Your Income in 2024
How to Boost Your Income: Short & Long Term
In this article, I’m not going to tell you to take a $2 survey. Or use a $5 coupon to save on a box of cookies. In fact, I’m tired of this advice.
Society tells you to scrimp, save, and hoard. But while saving is important, it’s only one aspect of wealth. In fact, it’s not even the biggest one.
Knowing how to increase your income is the biggest life boost you can give yourself.
If you look at all of the wealthiest people in the world, this holds true. Mark Cuban, Barbara Corcoran, and Oprah Winfrey didn’t get rich because they pinched pennies mercilessly. Instead, they learned how to earn money and create value.
Furthermore, studies show that women are more likely to get a college education and a higher degree. But are still paid (20-22%) less than men at every education level (Economic Policy Institute). Knowing how to earn more is even more important!
Despite what society tells you, there are things you can do NOW to boost your income at any gender, education level, and age. So, let’s ignore the standard for the moment, and build your big beautiful nest egg.
Make Earning More A Top Priority
Increase your income for more freedom, less stress, and mountains of stability. Plus, an income boost also helps you meet your financial goals 10x faster.
*Use the income increase calculator at the bottom of this post to see how even a few hundred dollars a month changes your income over time. It might shock you!
How To Increase Your Job Income Without Working More Hours
As a mom, I don’t have more hours. What I need are ways to boost income without working to the bone. (Because many are already doing that to survive.)
Therefore, the first income-boosting strategies are ways to maximize the time you are already at work.
1. Utilize The Perks You Get At Work
Many employers offer valuable services and discounts that go unnoticed. Look for opportunities in gym memberships, childcare, car services, restaurants, or even discounted utility and phone plans.
By using the discounts that are already offered, you’ll be lowering your expenses and boosting your income.
2. Ask For A Raise, Promotion, or Bonus
While this takes getting out of your comfort zone, it’s also the most impactful way to boost your income.
The first rule in life: If you never go after what you want, you’ll never have it.
– Anonymous
In order to advance, you have to be able to advocate for yourself. When speaking up for a raise or promotion, it’s important to prepare a strong case.
Highlight:
- Your contributions, responsibilities, and achievements. Include data if you have it. How have you added value to the business? Prove that you are already working at a higher level.
- What you would do in the new position (if it’s for a promotion). How will you improve and innovate at this new level?
- Who your successor could be in your current position. Outline a plan to develop that person into your role.
Also, you may need to plant the seed and give it time to grow. Moving up in your company is often a series of conversations.
Ask your supervisor for advice and feedback on how to get to the next level. Then, show them that you are taking their words to heart. Demonstrate that you are devoted to excellence and willing to learn what it takes.
3. Utilize and Negotiate Your Benefits
Aside from salary, benefits make a huge impact on the amount of money and life satisfaction you see from work. Advocate for what leads to a higher quality of life for you.
Benefits include:
- number of vacation and sick days
- flexible working hours
- working from home part or full-time
- health insurance improvements
- HSA or FSA accounts for medical expenses
- travel stipends
- tuition reimbursement
- child care assistance
If you have an HR department, it may be worth scheduling a meeting to find out more about what your company provides and if any of them are flexible to negotiation.
4. Check Your Tax Withholdings
A tax refund feels nice, but it’s also letting the government keep your hard-earned money for free.
So, to get a bigger paycheck now, see if your withholdings need to be changed. You will still be responsible for paying taxes at the end of the year (or quarter), but this one simple change will allow you to put more of your money to work for you.
5. Become a Networking Pro
“It’s not about what you know. It’s about who you know.”
That adage rings as true today as ever before. Establishing strong relationships is a significant move to boosting your income in the long run. How can you do this?
- Attend networking events and conferences. Participate in online forums.
- Ask someone you work with out to lunch every week (or sit at the cafeteria or outside)
- Before you leave the office, take a moment to ask someone an open-ended question.
- Turn on your video if you work virtually (faces connect people!)
- Join industry-specific organizations to connect with like-minded people outside of your company.
6. Find an Excellent Mentor
Mentorship is a well-known way to improve your life AND increase your income.
Seek out professionals you admire, and ask them if you can buy them a cup of coffee. If it goes well and your goals line up, ask if you could do it again, or schedule a time before they leave.
Mentors can give you new perspectives and even introductions. They also help you see where you need to improve and develop new skills. As much as possible, look for ways to help them as well, so that the relationship feels mutually beneficial.
*Mentorships don’t always have to be in person. I’ve advanced my business tremendously by being on the email list of thoughtful industry leaders.
7. Be So Good They Can’t Ignore You
Income follows impact. The more impact you provide to the business, the more your income will naturally grow. How can you achieve this?
- Set and Hit Growth-Focused Goals: Set goals that force you to reach, but that also add direct value to the business. These goals will help you improve your performance until your contribution is hard to miss.
- Look For Problems To Solve: Brainstorm and suggest creative, innovative solutions to challenges the business is facing.
Related: Examples of Good Work Ethic
8. Take Advantage of Retirement Matches
*Free money alert!
If your business offers a company 401k match, and you aren’t contributing enough in your retirement to meet it, then you’re letting free money slip through your fingers.
What’s a 401k match? Many businesses match the 401k retirement contribution of their employees up to a certain amount. For example, if you contribute $400 to your 401k, they will add another $400 to it too.
9. Participate in Profit-Sharing Programs
If your company offers profit-sharing or performance-based bonuses, ensure you are eligible and maximize your efforts to participate in them.
10. Ask For & Pay For Help
As a female entrepreneur, my income has raised in proportion to how much I let go of “doing it all.” Why? Because extra household and family responsibilities make it incredibly difficult to focus on income.
Getting help is an investment that allows you to ramp up your income-generating efforts, and far outweighs the initial time and money spent.
- Have a conversation with your partner. Make sure everyone in your family is pitching in.
- Teach your kids to be self-reliant.
- Ask your friends or relatives for help. Reciprocate or pay when you can so that the act is mutually beneficial.
- Pay someone to mow your law. Or for something else that eats up your time and sanity.
11. Claim business expenses on your taxes
If you are self-employed or own a side hustle, you may be missing out on tax write-offs. Talk with an accountant or do a little research to see what expenses you can use. Things like:
- equipment or office supplies
- internet
- work meeting food
- travel
- marketing
You might be surprised! Claiming all legitimate business expenses accurately could help you increase your income.
Other Ways to Boost Your Income At Work
Next, read other excellent ways to make more money. Yes, these will require you to carve out the time. But the rewards are also exponential in the long run.
12. Always Be Learning
Learning is the highest leverage tool you have to increase your income.
Invest in workshops, conferences, and your own personal development. Read and stay informed about your industry. Practice your public speaking. These things build over time and make you a more valuable teammate, employee, and boss.
13. Obtain Professional Certifications
Professional certifications showcase your dedication and skill set. Whether it’s for a specific domain or general knowledge in your industry, these help you stand out. In turn, it also helps you demand a higher salary.
14. Go Back To School
Invest in an MBA or Master’s degree in your domain. By doing so, you can qualify for a new career or a higher salary in the job you have.
Caution: Research your field to make sure that a higher degree is necessary for your goals. In some industries, it may not be worth the cost.
15. Become More Giving Oriented
In the Book Give and Take, social psychologist Adam Grant digs into why givers excel in the workplace. In large part, it’s because when you do good for others they support you in return. This plays out immediately or years later, but it’s a prime example of how good karma comes back around!
Here are easy ways to give more at work:
- Nominate others for awards
- Leave excellent reviews on Linkedin or other network sites
- Provide a testimonial or case study for someone
- Ask for advice (this gives others an opportunity to share and feel heard)
- Become a mentor
- Give away something for free (a tool, resource, inside knowledge)
- Write notes of appreciation and give gifts to show others you care
16. Take on Extra Work
Next, volunteer for an extra responsibility or project to show your dedication. Make sure that it aligns with your strengths and also contributes to the company’s success.
Need money now? Working overtime will also boost your income, but this may not be a good long-term solution.
17. Improve Communication Skills
Effective communication is vital for any job.
So, work to clearly convey your ideas, listen actively, and interact well with colleagues and clients. To do this, you can ask others for feedback on how you communicate. Listen and use the suggestions they give.
18. Change Jobs
Sometimes, the job you are in has no way to advance. It’s time for a change and a better-paying job.
When you do switch jobs, consider the benefits package that each company offers. Health insurance, the retirement plan, and other benefits make a huge difference to your bottom line!
Pro Tip: Apply even if you don’t meet every single requirement. It’s ok to reach a little above your station! Have faith that you are an excellent learner who will figure it out.
19. Change Careers
In some cases, your career no longer fits.
Lifestyle, interests, and salary requirements change over time. Though it is a major adjustment, changing your career can be a very effective way to boost your income.
How to Boost Your Income Outside of Work
Next, your job salary isn’t the only way to increase your income. These strategies also work marvelously.
20. Pay Off Debt
If you have a lot of debt, this is by far the most beneficial way to boost your bottom line. Let’s say you pay $500 a month on your student loans. Pay off this debt and you’ve now given yourself a $ 6,000-a-year pay raise. (And that’s not even including interest on that loan.)
21. Rent Out What You Already Own
Rent your home space, your car, or your storage space if you can. But also, don’t forget about equipment: large tools, camera gear, or even a parking space if you live in an urban area.
22. Declutter And Sell
If your home is typical, you should find a lot of items to sell! Take kids’ stuff to a consignment store, have a garage sale, or sell on Facebook marketplace.
While this isn’t a long-term income strategy, it’s a great way to make an extra $300 or 500 dollars while you clean out your home.
Related: Free Declutter Checklist & Decluttering 30 Day Challenge
23. Resell Items
Treasures can be found in the most unlikely of places.
You can flip and resell anything: lawnmowers, furniture, and vintage collectibles all go for great prices.
24. Start a Side Hustle, Business, or Part-Time Job
Make extra cash through Uber, Lyft, or DoorDash by providing rides or delivering food. You can also babysit, pet sit, and work seasonally on weeknights or weekends. These types of jobs are great if you need a flexible schedule and are looking to do something outside of your main job.
They can also be wonderful for propelling you out of debt fast!
25. Try Freelance
Freelance work is great if you already have a skill set that others need. Often, you decide your work hours and workload.
Online tutoring, writing, digital products, coaching, and consulting are all online examples. Check Upwork or Fiverr to start.
26. Start a Passive Income
Next, passive income takes time to build but provides you with income for years to come. There’s not much better when it comes to reaching your long term financial goals.
Here are great examples:
- Teach a course online (record once, have revenue for years)
- Invest in dividend stocks or real estate
- Write a book or a song (see royalties for years)
- Engage in affiliate marketing
Related: Best Passive Income Streams For Students (or Beginners)
27. Make Money From Your Hobby
Turn your hobbies into money-making opportunities. It’s a great way to expand on passions you already have!
For example, if you enjoy photography, you can sell your photos online through stock photo websites.
28. Invest To Increase Income
Investing in yourself, your business, and assets are the best ways to increase your income outside of your job. You should always be looking for ways to do so!
For Stock Market Investing, Consider:
- spreading out your portfolio so that your money is in investments across sectors, industries, and asset classes.
- buying dividend-paying stocks for regular income. These companies distribute a part of their earnings to shareholders.
- practicing dollar-cost averaging. Timing the markets is notoriously difficult. But if you put a set amount of money into the market each month, regardless of market conditions, you will buy more shares at low prices and fewer when prices are higher.
For Real Estate Investing, Consider:
- Rental Properties: Research the local market and run the numbers to make sure the potential rental income covers your monthly expenses and repair costs.
- Real Estate Investment Trusts: If you don’t want to deal with physical properties, you can also invest in REITs. These are companies that own income-producing properties, like apartments, offices, and malls.
29. Boost Income By Spending Less
Now that we’ve exhausted all of the ways to bring in more cash, let’s explore the other end. Your spending.
Money leaks are small, insidious little buggers that drain your cash flow without giving you much benefit. Most often, you’ve forgotten about them because they’re hard to notice.
Let’s plug those leaks! Start by reviewing your monthly expenses.
- Cancel subscriptions you no longer use. (Apple and Amazon can be sneaky!)
- Do you need 5 tv streaming services at once?
- Meal plan so you dine out less frequently (this will save your health too!)
- Negotiate with a service provider (or switch plans or providers)
- Switch grocery stores.
Above all, consider making changes that help you save money and live better too. Improving your quality of life and bottom line don’t have to be mutually exclusive.
Related: Most Creative Ways to Save Money
30. Have a Plan To Boost Your Income
Finally,
The flow of life rewards action.
So, determine your specific financial goals, make your targets manageable, and then outline how you will achieve them. Pick 1-5 ideas from this list, and fill out our free financial commitment card to get help following through.
Try Our Income Increase Calculator!
Check out our income-boosting calculator to run your future scenarios:
For example, let’s say you make $4,000 a month, and you’d like to increase your income by just $200 a month. By making this small tweak, you’ll have $12,000 dollars more in 5 years. That’s a great chunk of money for a college education or a trip to Europe!
What’s Next?
It takes time and effort to increase your income. You’ll have to advocate, ask questions, and take action. But think about the type of person you will become through this process as well. How cool that you will be the one who was brave enough to go after your dreams!
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