This article outlines 20 ways to help you have more money by increasing your existing income, multiplying your streams of income, making cash quickly by selling assets you no longer require, and more.
What Are the Benefits of Increasing Your Income?
There are many benefits to increasing your income, including:
Improving your financial security Reducing stress Paying off debts quicker Starting or boosting a savings pot Creating an emergency fund for unforeseen circumstances Planning for your future Having fun or making a big purchase
Top 20 Ways to Have More Money
Creating more income is easier than you may think. By considering what you already have, you will start to discover ways to have more money.
How to Optimize Your Income
One of the best ways to have more money is to look at your existing income and review where and what you are spending it on.
1. Have a Monthly Budget and Stick to It
Look at your income. Note down your necessary, fixed expenses, such as rent or mortgage, utility bills, loan repayments, and others. Deduct these from your income and create a monthly budget based on what’s left. Having a monthly budget for your weekly purchases means that you don’t spend more than you can afford. If you keep to a monthly budget, you may find that you can put some money into savings each month. This means you have more money for yourself in the long run.
2. Reduce Your Fixed Monthly Expenditure
Thanks to comparison sites, shopping around for a cheaper service provider is fairly easy. Spend a couple of hours finding cheaper deals for utilities, broadband, TV and car tax. Be sure to check the terms and conditions as these can vary from provider to provider. You could also call your service providers and ask them to give you a better deal. Research some cheaper competitors in advance and ask your current provider to match the better rates. If they can, you’ll save money. If they can’t, switch and you’ll also save money.
3. Find Out if You Have Employee Benefits You Aren’t Using
Check your employee benefits to see if any new offers have been added. Look to see if services through your employer benefit scheme are at a lower monthly premium than you are currently paying.
4. Only Buy What You Need When You Need It
Being careful with your spending means that you don’t make purchases you don’t need. Before food shopping, create a list of what you need to buy. Stick to this list and don’t be tempted by offers on items that you don’t need.
5. Check Your Bank Accounts
Check that you aren’t paying a monthly fee on your current account for perks that you don’t use. There may be a current account or credit card that offers cashback on the types of purchases that you make. Look into the most appropriate account for you and switch to make your money go further.
6. Check Your Savings Accounts
Shop around to see if another savings account may suit you better. There may be accounts that offer you a higher rate of interest. Others will have a limit on the number of withdrawals that you can make, helping you to resist the urge to dip into your savings on an ad-hoc basis.
How to Increase Your Income
If you are looking to increase your income longer term, look at upskilling. Alternatively, reassess your current role and its salary.
7. Get New or More Qualifications
Gaining new qualifications often comes with an initial outlay but can be beneficial long term. Upskilling is a way to build on your current skill set, develop your career, and in turn, make more money. When considering getting a new qualification, do your research first. Look at whether gaining this new qualification will mean that you can charge more for your services. Or, whether the qualification will widen your career prospects so you can go for a higher-paying role.
8. Negotiate a Salary Raise or Ask for a Promotion
Most employers operate a yearly annual review system. If you feel that your contribution to your role merits it, ask for a salary raise or a promotion. Arrange a meeting with your employer and give some warning that you want to discuss your pay or your current role. Plan for the meeting. Think about the contributions that you have made in your role and why these merit a pay rise or a promotion. Bring some data or examples to the meeting that back up your request.
How to Make Money Doing Nothing
It may seem unlikely that you can make money doing nothing. However, there are many ways to increase your income through websites and referral schemes.
9. Use Cashback Sites When Buying Goods Online
Cashback sites enable you to receive cashback on your purchases when shopping through the site. The amount of money you get back on your purchase varies from site to site. This is an easy way to make money on things you would already be buying.
10. Check Comparison Sites
Comparison sites allow you compare a range of services. Utility services such as gas and electricity, home insurance, car insurance and financial products can all be compared on these sites. Based on your requirements, comparison sites then provide you with a list of quotes. These allow you to compare the monthly and yearly costs of services or products. You can then see whether there is a cheaper alternative to what you are currently paying.
11. Invest Your Money
There are many ways to invest your money, including stocks, bonds and property. If you are new to investing, always do your research first. Make sure you are clear on the amount that you have to invest, the ways that you can invest, and what you want to invest in. Investments come with risks. There is no guarantee that you will make money through investing.
12. Use and Share Friend Referral Schemes
Many online retailers operate a refer-a-friend scheme where you share your personal online code with friends. Most people prefer to shop by recommendations. If your friend makes a purchase using your code, you get a reward. This could be money off your next purchase or a voucher.
13. Sell Your Assets (Small or Large)
Items such as clothes you no longer wear or furniture you don’t use can sell well for cash. Specialized online retailers will buy back certain items, including old mobile phones, DVDs and computer games. When creating your sales listing, it is important to accurately describe your item. Potential buyers will be aware of the item’s condition from your sales listing and can make an informed decision on whether to buy.
How to Get More Income Streams
Looking at what you already have is another way to generate more income. If you are a homeowner, for example, your property can be used as an income source. Setting up your own business, getting a part-time job or using your expertise to offer services to others are also good ways to increase your income. Remember that you may have to pay tax on any extra income you make.
14. Rent Out Your Home as a Holiday Let
Using your home as an income stream takes planning. Consider which letting sites you want to use and what information they require. Many holiday letting sites will enable you to advertise on their site for a fee. Make sure that you have checked with your insurance and mortgage provider to see if letting out your home as a holiday let is allowed under your current policy.
15. Rent Out Your Spare Room
If you own a house and have a spare room, rent it out. This may not appeal to everyone but it is a way to get another income stream by using your property as an income source. If you live in a city and have a spare room, there are often opportunities to host foreign students while they are studying. Payment for this is normally generous but check the requirements carefully as you may be expected to provide food and transport and will be responsible for the young person while they stay with you.
16. Set Up a Freelance Business
Think about the skills or experience you have and how you could create a freelance business using these. If you enjoy reading books and have good attention to detail, you may consider setting up a proofreading business. If photography is your passion, you could sell your images to sites such as Shutterstock. If you are setting up a freelance business, research the necessary insurance and tax implications first.
17. Start a Side Business
If you enjoy getting out in the fresh air, setting up a dog-walking service may appeal. If you are a good baker, you could set up a cake-making business and turn a hobby into an income stream. If you are a keen gardener, grow fruit and vegetables to sell. Or think about doing some odd gardening jobs in your local neighborhood. When setting up a side business, it is important to think about what you enjoy. Consider the amount of time you have available to commit to your side business. It is also necessary to check whether any insurance is needed for the service you want to provide.
18. Create a Passive Income Stream
‘Passive income’ is a term used to describe income generated through minimal ongoing effort from you. Creating an ebook or an online course are examples of ways to generate a passive income. Another way to generate passive income is through the rental of a property. Your time, expertise or money are initially required to create your passive income source. Once you have this in place, you also have a constant income stream.
19. Start a Blog
A blog is a longer-term way to have more money. You can write about your interests or an area in which you have expertise. As your blog grows in popularity and you receive more visitors to your site, it can then become an income source. Many blog sites with a high number of visitors are used by companies to advertise their products. These advertising costs are then an income source for you.
20. Take Part in Online Surveys
Completing online consumer surveys is another way to have more money. Everyone has their own opinions. Online consumer surveys allow you to share these opinions and make money doing so. Surveys vary in content, length and level of payout. When completing surveys, make sure you have a good internet connection so that you don’t lose all the information you have entered.
Final Thoughts
It is possible to make more money if you are willing to put in some time and effort. Money can be made from selling off assets that you no longer use. New income sources can be generated by investing or making money from property you own. You can upskill or reskill to ensure a higher monthly salary. With a little thought and some planning, you can create new income streams and have more money to make your life more enjoyable.
