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.

But…

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.

But…

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.

But…

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.

Invest

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.

But…

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.

 

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