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Whether you’re an industry veteran with decades of experience or a recent graduate who’s just starting a career, you’re probably interested in earning more cash. Who wouldn’t be happy to have a way to supplement their income?
Finding additional income streams can help you put your skills to use and become a more agile working professional. Moreover, this extra income can be put into savings or asset investments that can help you secure your future.
What exactly is the best way for you to increase your income? Clearly “the best” method will vary from person to person. In this article, we explore 11 creative ways to consider for increasing your income. Use the links to jump to any parts that interest you most.
The use of the word “income” in this article isn’t confined to a fixed salary. Income can be any amount of money that you frequently earn through active (like part-time jobs and side hustles) or passive (like appreciating investments and renting out assets) methods. Income also may not always come in regularly. For example, freelance gigs help you get paid frequently, but the intervals between payments might differ from time to time.
1. Ask for a raise
Many working professionals find themselves stuck working jobs that don’t pay them well enough, leaving them feeling unsatisfied and overworked. Why does this happen? Often employees simply don’t ask for a raise at the right time.
If you think the compensation for your services doesn’t accurately reflect your contribution to the company, asking for a raise might be a good idea.
Do some research to know when to push for a raise to keep moving forward in your professional career. You should keep close track of what the average salary for your job title is and try to negotiate with your employer accordingly. The end of a contract term is generally the best time to negotiate for a raise.
2. Search for a higher-paying job
Sometimes asking for a raise doesn’t yield the desired results. If you’re stuck at a full-time job that doesn’t pay nearly as well as you’d like it to, a raise may not be enough. In these situations, it’s sometimes best to improve your skills and look for higher-paying jobs that can help you achieve your financial goals faster.
Online courses through distance learning sites like Coursera and Udemy can help you gain relevant skills and certifications from the world’s leading universities. With these credentials on your resume, you can start applying for new jobs where your skills are valued much more, with appropriate compensation.
3. Look for ways you can cut your expenses
Cutting expenses where possible can add to your savings. Start by tracking your personal finances using an app like Mint. Try to cut out luxury expenses (like eating at expensive restaurants, shopping for clothes you don’t really need, and racking up credit card expenses). Work systematically on reducing the more significant expenses.
The goal should be to replace your larger expenses with more viable options that can help you save money in the long run. For example, try to carpool with a friend or colleague and skip regular Uber or Lyft rides to save a little extra money.
4. Automate your savings
Cutting your expenses can help you manage your money better, but it’s only the first step toward maximizing your savings. Any money you save each month should be automatically credited to a separate savings account you can use for future investments.
You can also set your bank account to automatic debit, where a small portion of what you earn each month is directly transferred to your savings account. If you plan to do this for the long term, you may also be able to enroll in your employer’s 401(k) program or an individual retirement account (IRA). These programs help you automate your retirement savings and also offer additional incentives and tax benefits.
5. Sell used items online
Many of the items you already own but use infrequently can be sold online. You may need to invest a little to get them repaired, refurbished, or repainted to sell them at higher prices.
Sites like eBay, Craigslist, and Poshmark allow users to sell used items such as books, jewelry, and vehicles. Try to sell used clothes through thrift or consignment stores. Since consumers have been flocking toward sustainable fashion in large numbers, you may be able to capitalize on this growing trend.
Brands such as Vestiaire Collective even give customers the option to buy and sell second-hand luxury goods from leading retail brands, including Hermes and Gucci.
6. Pursue side gigs
Side gigs are a tried and tested way of adding to your monthly income. Look for part-time jobs that pay on a contract basis or choose to freelance in your spare time. Side gigs can help you get industry experience with a skill you possess but have not been able to put to use in your full-time job. Consider looking at websites like Craigslist, Nextdoor, and TaskRabbit, for example.
Monetizing skills like event planning, packing and moving support, and driving can help you earn extra cash. Pursuing these interests may open alternate career options as well.
7. Use Upwork to source gigs
Freelance gigs are a great way to put your spare time to use and earn money on the side. Unlike regular jobs, freelance gigs allow you to decide when to work to suit your personal convenience. You can get paid on an hourly or project basis. Upwork is the world’s leading marketplace for trained professionals offering freelance services.
Clients look to Upwork to hire freelancers for a variety of reasons. For starters, Upwork has one of the largest talent pools of freelancers. Engaging freelancers is a great way to increase diversity and reduce company risk.
If you are able to showcase an impressive portfolio on Upwork, you can begin to secure work, possibly leading to high-paying gigs. Many valuable side skills, from UI (user interface) design to translation services, can be monetized using Upwork.
8. Invest a portion of your budget
Smart investments are the key to generating a stable supplementary source of income. After you’ve met your basic budget needs, try to set aside a sizable portion of your monthly salary for the purpose of investing it in various assets. You can choose to make both long- and short-term investments. Systematic investment plans (SIPs) and bonds are long-term investment options that you might explore.
Once you become proficient in investing, you may want to expand your portfolio with more specialized assets, such as cryptocurrency, debt funding, and real estate investments. These investments can help you diversify your portfolio, possibly making it eligible for tax benefits and other incentives.
9. Start a side business
Starting a small business as a part of your side hustle is an excellent way of supplementing your earnings. Many side businesses have found great success lately owing to social media marketing and a consumer shift toward authentic, homegrown brands.
Consider seeking assistance from organizations in your community that help fund and manage small startups. Some American banks also offer lucrative interest rates on loans for innovative entrepreneurial ventures.
You need to highlight your business’s authentic products and capitalize on the power of social media marketing. Small, community-centered businesses may find great success on sites like Instagram, Facebook, Amazon, and Etsy if marketed well.
If you can supply quality products to your customers on a consistent basis, your side business can be profitable in the long run.
10. Create a passive income
Passive income is the income you generate from a rental property, a limited partnership where you’re the silent partner, or any other venture that doesn’t require you to be actively involved. The definition of active involvement tends to vary. While rental properties are generally considered a textbook example of passive income sources, they do require some amount of time and effort for upkeep and maintenance on the owner’s part.
The idea of passive income is to create an income stream that doesn’t require a lot of work from you. The incoming money can be through appreciating assets (such as bonds and stocks) that add to your portfolio income or through utility-based assets like rental houses, spare vehicles, and vending machines that you can rent out.
You can even consider exploring more unorthodox methods of generating passive income, such as domain name investing. Alternatively, if you have expertise in a certain niche, you might be able to create an online course or write an informative ebook about the topic of your expertise and sell these items online on marketplaces like Udemy or Amazon Kindle Direct Publishing. Based on subscription or purchase, you’ll continue to receive money from these endeavors over time.
While the income from passive assets might initially not be as substantial as other additional income sources, it can accumulate to be a great stream of income in the long run.
11. Rent your vacation home
Renting properties you own but aren’t occupying is one of the most highly recommended ways of earning supplemental income. While these properties may require a fair bit of upkeep, they can be very valuable assets.
Real estate companies allow you to lease your rental property through them for a nominal fee. You can also choose to make the property available through lodging services like Airbnb, which can be especially fruitful if the property is in a location that sees a lot of tourist traffic.
Make extra income in a way that suits your abilities
Supplementary income streams like side gigs only work if they are well-matched to your abilities. You’ll most likely find working at a second job that you’re not interested in rather difficult. The good news is that Upwork gives you the opportunity to monetize your preferred skills and get freelance work that you actually enjoy.
Our leading remote talent platform helps clients across all sectors hire freelancers for their businesses. When you join Upwork, you can choose the projects you take on, set your own rate, and connect with other like-minded professionals.
If this opportunity sounds interesting and you’re ready to benefit from having a freelance career, browse the available jobs on Upwork today.
