If you have little or no money left over after you’ve paid taxes and expenses, it gets hard to save or meet other financial goals. It’s even worse when you’re barely able to cover your expenses, or you have to borrow to make ends meet. Here are some ways you can increase your income.
1. Adjust your tax withholding. If you always get a tax refund, then you’re having too much withheld from your paychecks. You can adjust your tax withholding to make sure you’re getting the right amount deducted. Be careful not to adjust too much. Otherwise, you could end up owing taxes next year. Use the IRS’ tax withholding calculator to figure out how much you should have withheld.
2. Ask for a raise. Depending on your performance and time since your last raise, you might be able to request a raise from your manager. Make sure you understand your company’s policy about giving raises before approaching your manager. It’s also a good idea to review your previous evaluations and prepare a list of things you’ve done that make you deserving of a raise.
3. Get some overtime. You may be able to work a few extra hours to bring in more income. Make sure you clear any overtime with your supervisor before taking it.
4. Get a second job. A second job will let you bring in an more money. Be careful when you’re scheduling work hours for your second job. Make sure they won’t conflict with the work times from your primary job.
5. Optimize your benefits package. The more you have cut from your paycheck to fund benefits, the less money you’ll bring home. Talk with your human resources contact about your ability to change your benefits packages. Some companies only allow you to make changes at certain times during the year.
6. Make money from a hobby. You can take things you enjoy doing in your spare time and have other people pay you for doing them. You’d be surprised at how your talents and skills can be used to make more money. If you’re good at making crafts, you can sell them. If you like dogs, considering offering dog walking services.
7. Start a small business. You can take your money-making hobby a step further and make it into a small business. Check with your state’s Department of Revenue to find out what you have to do to start operating a business.
8. Invest your income. Some of the richest people in America got that way by investing their money. Talk with your financial advisor about putting some money into lucrative investments.
9. Rent out a spare room in your home. If you have some extra space in your home, you may be able to find a tenant to pay rent. The extra rent would help you make the mortgage and pay some household expenses.
10. Sell things. You can clean the clutter from your home and make extra money by selling unwanted or unneeded household on eBay.com and Craigslist.org. High-valued unsecured assets can sell for higher.
You don’t have to depend solely on your single income to make ends me. There are many ways you can bring in more money. You just have to put in the effort to increase your income.