How to Increase Your Income Without a Raise
In today’s economy, it seems that the bills are rising despite the fact your paychecks at work aren’t getting any bigger. With so many obligations, including everyday family expenses, tithes and offerings, and saving for your future financial goals, how will you be able to afford it all?
Fortunately, there are some ways that you can boost your income. Seems impossible? Think again. Here is how to increase your income without a raise.
Invest Your Money
If you have a portion of your income that you save every month by putting it in a savings account, consider investing it instead. These days, it’s relatively easy to set up a diversified portfolio and investing will help you to beat inflation, which is something a savings account can’t do for you.
Rent Out a Room in Your Home
If you have a spare room in your home, rent it out. Apps like Airbnb make it easy to post your accommodations for rent and it is a fairly easy way to bring in more income without having to ask your boss for a raise.
Do you buy things for work? Make sure that you aren’t paying for your job-related expenses when you don’t actually have to. In most cases, your employer will reimburse you for business travel expenses. Even if you can’t get reimbursement directly, you should make sure that your employer subtracts those costs from the income reported each year to the IRS on your W-2.
A lot of employers offer perks to make up for the lack of salary increases. Look out for freebies, such as free amusement park tickets, free gadgets, or even free subscriptions.
Fitness and Wellness Programs
Many employers are starting to recognize the value of helping their employees to stay healthy. If your company offers such programs, it would be in your best interest to take advantage of them. They can help you increase your income and lower your healthcare expenses by helping you to prevent many of the health problems caused by obesity.
Just because now isn’t the right time to ask for a raise, that doesn’t mean that you can’t improve your finances. By using these tips, you can start to keep more of your income in your pocket every month while also increasing the amount of money you bring home.