Seven Steps For Increasing Your Income
Posted on May 12th, 2010 in Debt Assistance | No Comments »
When it comes to debt assistance clearly it can be tremendously helpful if you can succeed in increasing your monthly income. For obvious reasons the more money you earn, the more money you will have to pay off your debts.
Not only will you be able to pay off more than the monthly minimum payments on your debt but you will be able to pay it off much faster and with far fewer interest payments. You might even be able to afford a few treats along the way so that paying off your debt doesn’t have to be quite as painful as you may first imagine!
So lets take some time looking at seven realistic ways in which you can increase your monthly income. You may want to implement just one of these techniques or even a whole host of them. It really is up to you what you think you could manage and how much debt you have to pay off right now.
Ask For A Pay Raise
This one sounds crazy, I know. Just ask for a pay raise? Is that really likely?
The fact is that until you ask, you’ll never know. Over the years of working for a number of companies you’d be amazed at how many pay rises I have seen offered to various people for various reasons.
Now sure, a promotion often comes with a payrise, so that’s certainly worth considering, but many companies will really only pay what they have to keep you there. And if you put across a good argument, many are able to increase your pay which will certainly assistant you in paying off your debt.
The key really is to be polite, friendly and confident. Don’t go in looking for an argument. Don’t *demand* a pay rise. Simply ask your boss when they are available to spend a few minutes with you.
Then when the time arrives, explain that you’d like to discuss the possibilities of a pay rise. Explain *why* you deserve it – whether that’s because you’ve been with the company for so long, maybe you’ve taken on extra responsibility or whatever.
Be a sales person. Explain the benefits. Perhaps even suggest if your boss doesn’t look hopeful if there is anything else you can do to get a pay rise. Are there any extra responsibilities you can take on that would encourage a payrise?
Finally, be patient. Very few bosses can and do make you an offer on the spot. Most will need to look at their budget, or speak to their superior. So make your case and then let them get on with seeing what they can do for you.
Get An Extra Job
Yeah, I know. This idea kinda sucks. But stick with me for a moment.
You probably already have a main job that you’re using to pay your monthly bills. You’re tired at the end of the day. You’re stressed. You don’t see enough of your family and friends.
But being in serious debt has it’s downsides too, you know.
If you’re struggling to pay off debt, you might not have the money to go out with your friends, or to do up the garden or whatever else you’d *like* to be doing.
Remember that an extra job will not only enable you to earn more money, but will also limit the amount of money you spend unnecessarily because you’ll be working more rather than going out and enjoying yourself.
And of course an evening or weekend job to supplement your income doesn’t have to be permanent. You can aim to work just a few months to really get your debt under control before reverting back to your normal life.
Get A New Job
If your boss won’t give you a pay rise, and you don’t like the sound of a second job, is it time to consider getting a newer, better paid job? This was one of the things I did. I actually hard to work a few more hours each week but I managed to find a job that offered significantly more money for essentially doing the same thing.
Not only was I earning more but I also made new friends and found I actually really enjoyed the new company far more, while still keeping in contact with old friends and work colleagues.
So not only did I earn more, but I also had more fun.
Sell Some Belongings
All of us have some material possessions we could get rid of. I bet if you take a weekend to go through all your cupboards and drawers, check in the garage and the loft you’ll be amazed at all the old stuff you own but don’t need. You’ve probably got stuff you haven’t used in so long that you’ve forgotten you even own it!
So why not take some time to sort out all these belongings. You’ll free up space in your house and you can then sell the excess stuff on eBay, or by having a yard sale or even taking some items to a local auction house.
Doing such a thing can quickly bring in considerable extra income. Indeed, when I first tried it two years ago, I basically managed to double my salary for a few months as I sold things I didn’t want anymore on eBay. I’d spend just a few hours each week posting things off and keeping an eye on my auctions and easily made several thousand dollars in that time.
Freelance
Did you know that there are thousands of people just like you who make some money in their spare time by doing freelance work?
I’m not talking about anything too technical here. No web design qualifications needed or anything. One example of the type of freelance work which you can easily find is article writing.
You may not know that many big websites now pay people just like you and me to write the actual articles they put on their websites. And with so many websites out there doing this, there are bound to be some companies looking for articles on topics that interest you.
For example I have been paid to write articles on topics such as Mexican vacation destinations, European history and pet care. All these are things I’m interested in or have some experience of. I have some books on the subject and so was able to quickly write these articles and earn some cash.
All of these jobs can be found, and completed online, and done in your free time in the comfort of your own home.
Start A Small Business
There are numerous small businesses that can be started in one’s spare time. From offering gardening services in your local area to dog walking, baby sitting and more. All require virtually no investment, just the willingness to print up some fliers and distribute them locally. So why not take the time if the idea of freelancing doesn’t appeal to consider what small business you might be able to run in your spare time.
The Sky Is The Limit
These are of course only a few of possibilities and it would be impossible to list every single one of them. Why not put aside a few hours this weekend to put pen to paper and consider possibilities for how you can increase your income using the ideas in this article as a starting point?
