It’s impossible to listen to the radio or read newspapers without being bombarded by headlines about the cost of living crisis. As costs rise, more and more of us are looking for ways to make our money stretch further and lower expenses. In this guide, we’ll explore some practical solutions you could explore to increase your income.
Take on more hours
Some employees may have an option to work overtime. Staff shortages and talent gaps mean that there is scope to work more hours across several industries. If you are looking to boost your income, taking on extra hours could help you to boost your earnings substantially. Talk to your boss and make sure you’re familiar with the terms of employment in relation to overtime. Some companies pay extra for antisocial hours or holidays, for example.
Invest in training
Investing in yourself is a brilliant way to try to increase your earnings in the future. Training will enable you to gain new skills, which could help you climb the ladder or enhance your career prospects. Talk to your employer about training programmes the company funds, or browse courses online if you are considering a change of career or you want to study and your employer won’t cover the costs. If you have certificates or qualifications on your CV, this will help you stand out if you apply for a new job or improve your chances of getting a promotion if you stay at the same firm.
Set up your own business
More and more people are seizing the opportunity to form a company and set up on their own. Being your own boss provides greater flexibility and it can also be lucrative. It is hard work to launch a new company, but if you’re passionate about what you do and you’ve spotted a gap in the market, there are opportunities to earn money and improve your work-life balance. Before you hand in your notice or quit your job, research the market, learn more about competitors and think about how you’re going to finance the business, reach customers and market products or services.
Consider a side hustle
A side hustle is an excellent option for people who want to earn more but don’t want to give up their job or take financial risks. The beauty of a side hustle is that you can devote as much or as little time as you like to running it and you can scale up over the course of time if it takes off. Use your talents and skills and try to come up with ideas that solve problems or fill gaps. There are myriad ideas you can explore from freelancing and selling products you make to tutoring and providing services like doing odd jobs, proofreading or delivering items.
The cost of living has soared and many of us are eager to boost our incomes. If you’re looking for ways to increase your earnings, there are various avenues to explore. Invest in yourself, take on extra hours, consider a side hustle or set up your own business.
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