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Ways to increase your income
By Tammy Barton

Increase Income Aussie Dollar CoinWhen your household or personal budget doesn’t balance (there’s more money going out than coming in), there are three ways to fix the problem: increase your income, decrease your expenditure or both. The logic is simple, but the practical solutions are rarely straightforward—after all, there are bills to be paid, groceries to be bought and it’s not as if your boss is going to give you a pay rise every time your credit card gets behind.

This is why it’s important to be creative and strategic when it comes to balancing your budget. At MyBudget, for example, we have a dedicated team that specialises in negotiating more affordable payment terms with our clients’ creditors. By managing our clients’ budgets for them, we also significantly reduce their interest charges, late fees and penalties. These are just a couple of ways in which we bring budget expenses under control.

We may focus a lot on expense reduction at MyBudget, but we also never overlook the opportunity to increase a budget’s income. Income generation is usually a long-term strategy, but it’s still a very important one. Here are some suggestions:

  • Take in a boarder or room mate, or host an international student. A spare room in your home can be used to generate income.
  • Earn extra income from a hobby. Offer to mow your neighbours’ lawns or walk their dogs. Earn income selling your handicrafts on eBay. Try your hand at freelance writing.
  • Have a garage sale. De-clutter your life by selling the things you don’t need.
  • Take on a second job. Consider a part-time job in the evenings or on the weekends. It doesn’t have to be forever, just long enough to get your finances back on track.
  • Change jobs. Not loving your current job? Feeling underpaid or under-appreciated? Set your sights on a job that you would love doing—research shows that people who enjoy their jobs are more likely to earn more and be successful. Remember that most jobs are filled before they’re advertised so the best approach is to network.
  • Ask for more hours. People in casual and part-time positions often experience income fluctuation when their hours change. Make it clear to your supervisor that you want and appreciate more hours. Ask them to call you first when shifts become available and to consider you last when hours are reduced. Make yourself available at times when penalty rates apply.
  • Ask your boss for more money. I’m not suggesting that you waltz into your boss’ office and deliver an ultimatum—I’m suggesting that you develop a plan which would demonstrate to your boss why you’re worth more. Compare your current income to the market by looking at job ads—is your income lagging behind the market average? Do you have skills that other candidates don’t?
  • Develop your skills. Look for opportunities to gain extra education or skill development. Offer to take on further duties or projects. Ask to be mentored by senior colleagues or people you admire and respect. Volunteer outside of work in capacities that will build up your curriculum vitae.
Increasing your income may take time and effort, but the pay-offs for your financial future are generally excellent.
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