7 Money Hacks That Will Increase Your Yearly Income

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Part of being able to manage your finances is being able to live with your current income. However, you may be able to make your financial situation better by increasing your monthly income.

Here are seven tips to follow that could help anyone to increase their normal income.

1. Ask for a Higher Income

One of the most effective ways that you can increase your income is by asking for a higher income from your employer.

If you have been working a job for a period of time, you likely will find that annual raises either do not exist or barely cover the increasing cost of living. However, you may be able to get your employer to give you some additional money simply by asking.

If you are going to ask for a raise, you should also be prepared to provide evidence of your worth and be willing to take on more tasks.

2. Save More

One of the most common principles of financial wealth is that it doesn’t matter what you earn, it only matters what you save. Those able to cut back on their expenses will see their savings rate increase, which is similar to getting a raise.

Most people will have the ability to cut back on their monthly costs without giving up too much. By simply going out to eat less, scaling back your cable package, or finding other ways to cut costs, you could save a lot of money each month.

3. Invest in What You Save

Once you have found ways that you can cut back your costs and start to save money, the next tip is to invest.

Ideally, you’ll start with an emergency fund, then paying off debt, then by putting money into the stock market and bonds through index funds.

4. Look for Better Deals on Bank Accounts

When you’re trying to increase your income through saving, you should also spend time making sure that you are getting the best deals possible.

Once you start shopping around, you’ll soon find that the rates being offered vary a lot from one bank to the next. Because of this, shopping around and finding the best rate possible could end up providing you with a much interest rate, especially on savings accounts.

5. Find a Side Job

If you can’t get more compensation from your current employer, consider a side job.
With all of the freelancing options available today, you can find something that is convenient and allows you to work whatever schedule that you want.

Using a side job as a creative outlet and for financial security is the ultimate key for wealth. Most millionaires have multiple streams of income.

6. Benefit from Your Assets

If you would like to increase your income, consider turning your existing assets into income-producing assets. For example, if you own a home, you could start by renting out a room under either a long-term traditional lease or through Airbnb.

If you own a car or a bike, you could also lease the assets out to people that want to use them for commercial purposes. By considering what your assets currently are, you’ll be able to find some way that you can increase your income.

7. Rebates

Today, the online world has provided people with many ways to earn rebates and other rewards. Some of the top options can include signing up for a lucrative cash-back credit card, using a cash-back site like Ebates, or getting the Honey Chrome extension to find coupons and rebates online.

If you’re able to continue to shop at the same rate without making any changes, you could end up earning a surprising amount of money each month.

Today’s post is by Brittany Waddell. Brittany is a contributing writer and media specialist for NextGen Wealth. She often produces content for a variety of financial blogs.