We get it. You love your job — the people, the culture, your manager — on the face of it, it’s the perfect fit. But when it comes to payday, you find yourself asking “How can I boost my income?”. If that sounds like you, you’re in the right place. Or, if you’re open to new opportunities, read this blog post to discover 10 ways to increase your earnings and climb up the career ladder.
We’ve put together a list of eight great ways to boost income without looking for a new job. Let’s jump in.
How to boost your income: 8 ways to earn more in your career
1. Ask your employer for a pay rise
One of the first things you might think of when trying to work out how to boost income is working out how to increase your salary. If you already have money coming in, but it still isn’t enough, this is a good place to start. And it could be as simple as just asking.
It can feel daunting. Knocking on your boss’ door and asking for more money. Can you really increase your income, just like that? Well, you might be surprised. And if you don’t ask you’ll never know. While your salary is probably at the top of your thoughts, it might not be top of mind for your employer.
By speaking to your manager, and laying out a strong case for why you deserve a pay rise, you might trigger them into action. While they aren’t thinking about your salary, there’s no incentive to change it. Out of sight, out of mind. So, putting the facts in front of them might be a simple way you can increase your income. You never know until you try.
2. Try for a promotion
If you’re not able to get a pay rise in your current role, but you’re still wondering: “How can I increase my monthly income?”, you could look at moving into a better-paid position within your organisation. If there isn’t a role available, you could build a case for yourself to upskill, train and fill gaps in your company.
3. Grab some overtime if possible
Another way that you can maximise your employment situation, in order to increase your income, is to work more than your contracted hours for extra money. It won’t always be possible to do this. But if your employer offers paid overtime you could use it to boost your income.
4. Train, upskill, and seek out development opportunities
Whether you want to get a promotion or a pay rise, you can always benefit from more training. Upskilling can increase your value as an employee. Ask your manager for advice on what skills you need to develop to achieve your career goals. Once you know what you want to learn, look for in-person online courses or ask to shadow your colleagues. If your workplace offers a training budget, take advantage of it.
5. Sell your annual leave
If you stay within the Working Time Regulations legislation set by your employer, it is sometimes possible to sell your annual leave for additional income. However, it’s really important to take your health and wellbeing into consideration when you make this decision. Working hard is great, but be sure to give yourself time to recharge.
6. Reduce your outgoings
A simple (but effective) way to make the most of your income is by creating a budget and cutting your spending. Budgets might sound boring but they’re actually super easy and incredibly powerful when it comes to organising and maximising your finances. You can learn about different budgeting rules here.
We’re going to focus on the 50/20/30 rule. Grab your bank statements and your bills. Include the income of anybody involved in your finances. Make some lists: put your income on one side and your expenses on the other. Categorise your expenses as the things you need (rent and bills) and those you want (entertainment and luxury).
The 50/20/30 rule breaks down your income into three percentage chunks. 50% is for the things you need, 20% can go towards your financial goals. That leaves you with 30% to spend on whatever you want guilt-free. Hold these percentages over your current finances. How do they compare?
If you’re spending more than 50% on essentials, perhaps you could use comparison sites to reduce your bills, or your grocery-costs? Similarly, if luxury and entertainment spending is over 30%, you could cancel some streaming services or find a cheaper gym. Using this budgeting rule is one way to increase your earnings by 20% every month.
7. Apply for grants and rebates
There are many government grants, schemes and tax relief options available. Do you know what you’re eligible for? These can be great for boosting your income. For example, married partners can claim a marriage allowance, and people who work from home may be eligible for tax relief.
Check your payslip to make sure your tax code is correct and up to date. Read the government website for more information about your tax and eligibility.
Lots of people are unaware that they are owed or entitled to money and don’t benefit from it. Make sure you’re not one of them by using a benefits calculator.
8. Grow your credit score
If you’re trying to boost your income, it’s also worth considering whether to grow your credit score. While you don’t earn money directly from having a higher credit score, the savings you make from having a higher score could be worth a great deal.
Your credit score lets you know how creditworthy you appear to potential lenders. They use your credit report to decide whether they are willing to lend you money and, if so, at what interest rates. Having a higher credit score means you are more likely to get the best deals on your borrowing. When it comes to large loans like mortgages, better interest rates can save you £10,000s over time.
If you want a fast and proven way to boost your credit score, get started with Loqbox . We report your regular payments to the UK’s top credit reference agencies (CRAs): Experian, Equifax and TransUnion, to help give your score a leg up.
Improvements to your credit score are not guaranteed.
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