Ways to boost your income

Saturday, 03 November 2012 02:50

Ways to boost your income

Ways to boost your income

Most people would happily boost their income if they knew how to. There are many ways you can increase your pay packet, so find out how you can take home more money by reading on.

Do overtime

The most obvious way to get your hands on more money is to do more work. If you are already in a steady position, you can ask to do extra hours to give your wage packet a little boost.

If you opt to work antisocial hours, such as weekends or evenings, you may also be able to demand a higher wage, with overtime sometimes coming in at one-and-a-half times the amount of average pay slips or more. You should also considering offering your services on bank holidays and at busy times of the year, such as during the Christmas period. Businesses will not only need more staff to work during this season, but they are also likely to provide a higher rate of pay for these days.


It is important to check your wage slip to make sure your company has taken into account your extra hours – and increased pay rate, if necessary. These might get missed off by mistake, so it is wise to keep an eye out for this.

Get a second job

Another option is trying to look for a second job. This is a particularly good idea if your current position is only temporary or part-time and you can afford to spend more hours working.

With a second job, you will obviously be working longer hours than usual, thereby being able to take home more cash. You may find it easier to search for another position in the same company so you are able to juggle your hours for both posts easily. Alternatively, you could find shift work to do after you have finished your current job in the day.


You need to find something that is flexible as you have to manage the hours around your current post. It is also worth bearing in mind that you could be taxed a considerable amount for working two jobs. So look at your pay slips and determine how much extra cash you'll really bring home with your extra hours after tax is deducted.

Start a business

Similar to having a second job, starting a business will involve you working a lot more hours. However, it isn't as reliable or profitable as having an extra post – particularly in the beginning. If it does pick up though, you could find yourself resigning from your current position to work for your business fulltime.


It isn't easy having your own businesses. For a start, you have to work extremely long hours – especially balancing both your current job and the new venture. Secondly, you are unlikely to make a lot of money in the first few months, so if you're after a quick profit, this isn't the route for you.


One of the best ways to boost your income so you can avoid having to ask for debt help in the future is by investing your cash. If you've received money in the past or have saved up some cash, it is worth putting this into stocks, shares or property. That way, you will be able to see the value of your assets increase over time and you can sell your investments when you need an extra income.

Alternatively, should you invest in buy-to-let real estate, you will receive additional income every month, which will enhance your regular wages.


This requires you to have a lump sum already, and you may not see the benefits for a number of years, particularly if you have to wait for the value of your assets to increase. However, this is a solid long-term option if you want to significantly bolster your income in the future.



Finance articles

  • New tax year, new finances

    With the start of the new tax year in April around the corner, now's the perfect time to take stock of your finances by tackling debt and starting to save. Read on to find out how you can sort out your money woes, whatever they may be!

  • What creditors can do if you're in debt

    If you're in debt and cannot repay what you owe, your creditors may take further action in attempt to recover the money. Often, this involves going to court. There are various ways in which you can legally be ordered to pay back your debts – read on to find out more.

  • Don't suffer in silence – get help for your debt problems

    Being in debt can be extremely difficult, particularly if you can't see a way to get out of financial troubles. However, there is always a solution at hand – you just need to seek the right advice and you can claw yourself way back into the black.

  • Repaying your IVA: getting the facts right

    If you have taken out an individual voluntary arrangement (IVA) or are planning to, it's important you completely understand the requirements of how you have to pay it back. Here is some guidance on reimbursing your loan provider through your IVA – read on so you know everything you need to about this form of financial help.

  • Ways to boost your income

    Most people would happily boost their income if they knew how to. There are many ways you can increase your pay packet – from getting another job and working overtime to starting up your own business – so find out how you can take home more money by reading on.

View More Articles

Related stories

Student Finances: The top five student bank accounts for 2013

Managing your money as a student helps reduce your student debts

A-level results arrived this week and thousands of students are set to start university next month. Find out what are the best student bank accounts and how to manage your money.

What are enhanced annuities?

What are enhanced annuities?

Enhanced annuities could boost your pension income by as much as 40 per cent

7 ways to manage your debt

There are various ways you can get out of debt

Managing debt is becoming an increasingly important consideration for many Britons amid recent Budget cut announcements and rising prices for food and utilities. Clearing arrears can mean you have more money to spend on living comfortably, and there are a number of ways to do it.

Forward Guidance: How will it affect savers and investors?

Mark Carney, the new Governor of the Bank of England

Pete Comley, author of 'The Plan To Deal With The Debts' gives his insight into the new central bank policy of forward guidance on interest rates and what it means for your money.

Why financial planning is important for footballers

Why financial planning is important for footballers

Why it is important for footballers to keep track of their finances and make sure they are signed up to the right type of financial products to suit income and lifestyle choices.

FCA warns on interest-only mortgage "ticking timebomb"

Interest-only mortgages have been described as a "ticking timebomb"

New research from the Financial Conduct Authority has found that 37 per cent of people with an interest-only mortgage believe they have a shortfall in repaying the capital.

Will the 7-day switching service mean more people change banks?

The new 7-day current account switching guarantee starts on September 16th 2013

A new current account switching guarantee that it will take no longer than seven working days to switch to a new account begins on Monday 16th September.

10 top tips to start saving money on your energy bills now

Using appliances differently can make a big different to energy bills

Finding ways to keep energy costs down is one of the most difficult challenges for households in the UK. Check out these practical top 10 tips to start saving now!

Newsletter sign up


In addition to the weekly newsletter, which areas of finance would you like to hear from us about:

Tick this box if you would like us to send you promotions from carefully selected third parties.

By signing-up you agree to the terms of use and privacy policy.

sign-up button

Get the latest information on: