RUN THE MONEY
Follow Run The Money

3 Ways To Boost Your Income This Year

  • January 14, 2020

If you're reading this, I'm earning money. Thanks for helping to feed my family. Please see our disclosure for more information. Also, any advice provided is for informational purposes only. I'm not a CPA, lawyer, or doctor, although my parents wanted me to be all three. So, talk to a professional before acting on anything you read below.

3 Ways To Boost Your Income This Year

For many of us, a new year represents an opportunity to make a few changes. It can make us look more closely at our lives and reflect upon any changes that we would like to make. For some of us, this is the perfect time to put in place a few goals and plans, backed with a healthy dose of determination to see them through. For many of us, our finances will feature within our plans. That is why today we want to share with you 3 ways to boost your income this year. 

Work on your budgeting

The first place to begin is by going through your bank statements with a fine tooth comb. Scrutinise every single outgoing that you have, ask yourself whether you should still be paying for it, whether you still wish to be paying for it, and could you be paying less for it? 

In some cases, you might spot money going out that no longer should be. You should then get into the habit of canceling payments as soon as they are no longer needed going forward. 

In some cases, you might be paying for things, and when you really think about it, you no longer wish to be. For example, you might pay for a gym membership that you rarely use or pay for a subscription to something that you no longer benefit from. 

Having addressed those two areas, you will probably have saved yourself a few dollars a month. The final stage is to shop around to find out whether you could be paying less on those bills that you do still need to pay. For example, your energy bill might be able to be lowered or your monthly mortgage payment. 

Try a side hustle 

You could give your income a boost by trying a side hustle. 

The possibilities are endless here, you should look into options that suit your interests and skills. You might love animals and could take up dog walking, you might have a passion for photography and have always wanted to start a photography business, or perhaps you love to write and are tempted to give blogging a go.

Whilst you do want to put the groundwork in here to make a success of your side hustle, we would suggest that you do not overthink it. You will then be in danger of talking yourself out of even trying.

Change your career

This one is going to make the most significant difference to you, both in terms of your finances and your day to day life. 

You might opt to push for promotions this year, thereby increasing your salary, or you might prefer to look for a completely new challenge. Perhaps IT has always fascinated you, then you can read more here about IT management opportunities. Perhaps you have decided that midwifery is the career for you, then you will need to look into retraining. Think about what really appeals to you and look into any career possibilities within that industry.

A brand new career path brings with it a brand new salary scale and the potential for greater earnings. 

>