Penny-pinching can only get you so far in your savings goal, so today I’ll give you 3 ways to increase your income!

This first method may not be everyone’s first choice, but it’s where I have the most experience: job-hopping. 

Now before you click away, I don’t mean a different job every month. I simply mean finding a job that pays more for the work you do. You have to be strategic about this one.

I recommend staying with your current job for a while, learning all of the skills available, becoming a better, more knowledgeable employee, then maybe jump ship to something more suitable! 

Find your next job with intention. Do research into the position you are interested in and use a site like Glassdoor to see what you can expect salary-wise as well as what skills you may need. If you don’t quite meet the requirements, find ways to level up like through education! Don’t be afraid to job-hunt while at your current job. If you do receive an offer, you don’t have to take it! With that being said, let’s discuss the second way of increasing your income.

Ask for a raise.

I personally have never done this, but I know it’s best to come in prepared. You need to know what you bring to the table! Make a brag sheet and include what you have done to add value to the company, then schedule a time to talk to your employer.

Know your worth! Your starting rate may not reflect all the work you do now, and your employer is looking out for themselves. They will pay as little as possible to get the job done. Know your value and don’t be afraid to look for someone who will pay what you deserve. 

A little bit of both might be the way to go.

If you absolutely love your job and know you want to keep it, then maybe finding a new spot isn’t right for you and you’d like to try and make things work. In this case, go through the job-hunt process, see what you should be making for your skills, and apply!

 If and when you receive an offer, take it to your employer. Show them and explain you don’t want to leave, but you have been offered a better position and need to look out for yourself. Give them a chance to make a counteroffer and see what they can do to keep you on. 

You’re much more likely to get a raise this way, but be prepared to walk away if they won’t pay you what you’re worth. Leaving a job you love can be scary, but you shouldn’t let it keep you from earning your worth. This could be a brand new learning experience and you shouldn’t be afraid! Know your value and stick to it. 

If those two options are a little too much for you, consider picking up a second job!

Just to be clear, a second job is NOT a long-term solution. Eventually, the schedule will become too much and begin to affect your quality of life. Remember to consider things like your relationships with family and friends as well as your own mental health. This is not sustainable long-term. For me, it only lasted about a year and a half. 

If you want to make some extra money for a while in order to tackle bigger financial goals such as paying off debt or racking up your savings, this may be an idea to consider. If you simply need to supplement your income until you can find a position that pays a suitable wage, don’t be afraid to pick up a second gig!

Once you’ve increased your income, you’re one step closer to your goal of financial freedom. Don’t be afraid to stand up for yourself and know your worth!