There are so many ways to boost your income and make more money.
You could take on a second job, sign up to online survey sites or consider monetised Youtube videos.
Alongside thinking about how to make more money when you’re away from work, why not try to earn more whilst you’re there?
By finding a way to earn more money in your usual job, you can maximise your potential income.
Why make more money in your usual job?
There are benefits to earning more money in your usual job.
It’s a convenient way to boost your income. It doesn’t require you to launch a Youtube empire, or even to spend your free time trying to earn extra money.
Also, earning more money in your usual job will not stop you from earning more elsewhere. You can increase your salary and still use your spare time for a second job.
Ways to increase your earnings
Ask for a pay rise
The thought of asking your employer for more money might be absolutely terrifying, but the worst they can do is say “no”.
Don’t just wander in and ask for more money. That’s unlikely to go down well.
Improve your chances of success by:
Scouting out the market.
What are other people earning for a similar job, in the same geographical area? Have figures and statistics at the ready. Employers might ask you how much of a raise you’re expecting. Have your answer ready.
Writing a list of reasons why you deserve a pay rise.
These might include new skills that you’ve developed, or particular projects you were involved in that led to a big increase in profit.
Make yourself more valuable
If you are hoping to make money by increasing your wage, you may need to prove that you’re worth it.
Be prepared to do more.
Ask your employer what you could do to be worthy of a pay increase.
Would they like you to go on a training course, take on additional responsibility or do a little extra work at home?
You can also use your initiative, before speaking to your employer. Arm yourself with new skills that you can use to back up your request.
Consider working longer hours
In an ideal world, you would earn extra money for the same work that you already do. This isn’t always possible.
If you need more money and would prefer not to get a second job, why not speak to your employer about doing overtime to earn a little extra?
Many employers will be happy to know that they have your full commitment and that you are not working elsewhere to top up your income. They may have excess work that they can pass on to you.
The work that you do during overtime hours might be an extension of your usual job. Or, it might be a completely different task that your employer thinks you can handle. If it’s the latter, it may also be a good chance to expand your skillset and get access to more opportunities.
Think outside the box
You can increase your disposable income by earning your pay rise. But, it’s not the only way.
Consider the indirect approach.
Instead of paying more, would your employer allow you to work from home, even just one day a week? This could reduce the amount of money spent on travel, which will give you more cash to spend elsewhere.
Might your employer invest a little more time into your training and development, so that you have a wider range of skills to utilise in future? This brings no immediate financial benefit but could open doors if you decide to apply for a promotion or for a job elsewhere. It also demonstrates that you’re willing to continue learning.
How NOT to earn more money
Wait around for a pay rise offer
Most employers will carry out an annual pay review.
If you think that you stand a chance of being given more money, why wait around?
By the time you’ve reached your next pay review, you could have missed out on months of extra income.
Busy managers might also forget to do annual reviews on time. Some forget to do them completely. You could be sitting around waiting when you could be earning more money.
Build your argument around a colleague’s salary
Is someone else earning more than you? Don’t use them as an example.
It is better to equip yourself with information about salaries at other local companies.
Speak about averages, rather than honing in on a specific person that you know.
Mentioning a colleague’s salary might make you seem competitive or jealous. It may also hint to your employer that workers have been discussing money behind their back, which can make them feel uneasy.
Get the timing wrong
There are times when your request might be more successful, and times when it’ll go down like a lead balloon.
Before you arrange a meeting to discuss a pay rise, assess the general mood in the workplace.
It’s not good to ask for more money if there are talks of cuts and redundancies. Even if there are hints of financial difficulty or worried murmurs between managers, assume the worst and step back.
Look out for a positive atmosphere in the workplace, and get your timing just right.
You might also like to discuss your salary just a month before your annual review. This is unlikely to result in any immediate change but could improve your chance of being offered more money when the time comes.
Be afraid to try again
If your employer says “no”, don’t give up completely.
Ask a few questions, before you step out of the room.
Would they be willing to discuss your salary again in the future? What could you do to change the “no” into “yes”?