There are two ways to be more financially solvent: cut your costs or earn more money. While there is nothing wrong with using coupons or getting the best prices on your purchases (we stretch our money in many ways), you may get a bigger bang for your buck, so to speak, when you increase your income. After all, while there may be a limit to how much your save, there isn’t a limit on how much you can potentially earn.
1. Earn money on the side
The easiest way to increase your earning power is to start a side business. Identify some things that you are good at doing and enjoy doing. Then translate those skills into increased income. For example, if you have always been a whiz at chess, you can offer your services as an instructor. Do you play a musical instrument? Ditto. Perhaps you could hire yourself our as a personal organizer, a home stager, a web designer or even a freelance writer. Perhaps something you are already doing in your full time job could be used in a side business as well.
Once you have your idea, test it out slowly and carefully, but with commitment.
2. Up your current pay scale
Most companies have pay scales, set in stone ranges for how much an employee can earn based on his or her title, responsibilities and education. If you don’t already know, find out what your current pay scale is and then figure out how to get it increased. Perhaps you can take some online classes and get a certification or a higher degree. Many employers will pay for additional schooling for their employees, so it wouldn’t cost anything but your time.
Sometimes just doing the same job in a different department or branch of the company can change your pay scale for the better. Make an appointment with your HR department and find out your best options for increasing your pay scale with your current employer.
3. Be ready for change
Network with all of your friends and associates to scout around for a new company. There may just be one that is in need of your skills and experience and is willing to pay more for it. Research shows that people tend to earn more when they change jobs. This is often because the new employer is more closely aligned with current pay scales or the old job doesn’t want to lose you to someone else and is willing to step up with an increase in pay.
The bigger your network, the more likely you will be successful, so scout out multiple leads. Having the right people skills will increase your chances of making a positive change.