Like many people, you likely want more financial freedom in order to live a comfortable life. But when your current income isn’t quite enough to cover everything you’d like it to, getting a higher quality of life can seem like a pipe dream. Still, with a bit of creativity and resourcefulness, you can increase your earning capacity and turn a seemingly unreachable dream into reality.
While a lot of people are content with simply waiting it out until circumstances change, you can actively change your course in life by applying some tried and tested strategies. With that in mind, here are some expert tips on how to boost your earning potential, grow your personal funds, and safeguard your wealth for the years to come:
Make Saving a Habit
Consistently allocating a portion of your income into a personal savings account is a great way to build your funds, even if you only deposit small amounts every payday. Over time, you’ll have accumulated enough to cover big purchases such as a new home appliance or an out-of-town vacation.
If you don’t have a savings account yet, now is a good time to open one and start building your funds. Most banks have an auto-debit feature, which automatically deposits a portion of your funds to your savings account. Features such as these can help you develop the habit of saving and investing in your future.
That said, it may also help to open an account with a good financial institution that has an efficient banking platform. Ideally, your chosen institution’s digital banking platform should incorporate tools that can help you actively manage your finances and grow your wealth. Examples of such tools include intuitive budget trackers, which use technologies like data analytics to monitor your spending habits and set saving goals. Other helpful features include frictionless digital payments, investment options, and easy loan applications.
Request a Raise
Sometimes, higher pay is already within your reach if you ask for it. If you have been with your company for more than a year and have made efforts to do your job well, it may be time to talk to your boss about a pay raise. Apart from a raise, you could ask your boss for a promotion if there’s an open position that you believe suits you well. Who knows, your boss may have only been waiting for you to ask for the perks that are already ripe for the taking.
To help you determine the right amount to request for a raise, you may need to do some research on the average industry rate for your position. If securing a pay raise is out of the question, you can try requesting a bonus or extra pay for the hard work you’ve provided for the company. You can mention some milestones that you helped achieve such as the successful completion of an important project, a significant improvement in sales, or the acquisition of a high-profile client.
Search for Higher-Paying Prospects
It’s possible that, even if you get a pay raise or promotion, your income may still not be enough to hit your financial goals. On top of that, you may remain stuck dealing with tasks below your skill level, preventing you from maximising your potential. If this is the case, you can start searching for greener pastures and apply for jobs that offer a higher salary.
To boost your chances of getting hired, make sure that your resume details your latest work experiences and clearly showcases your strongest skills. It would also be ideal to refine your expertise or acquire a new skill set that can help you land higher-paying opportunities. There’s a wide array of online courses you can take for free, and they usually provide certification to legitimise your training. Once you land that job interview, make sure to negotiate your salary to secure the pay that best aligns with your upgraded skillset.
If you’re a freelancer, expanding your skillset is also a great way to broaden your client prospects and secure lucrative projects. Having more skills allows you to increase your rates, which, in turn, will help boost your overall income. If you offer copywriting services, for example, you can offer additional work such as proofreading, social media management, administrative assistance, search engine optimisation (SEO), and even basic graphic design.
Monetise Your Passions through a Side Hustle
Having a side hustle is a good way to augment your income and earn more than just your monthly salary. If you have a creative side, consider starting an online business or getting a side hustle that revolves around your talents. The ideas for a side hustle are endless, from selling home-cooked meals to creating custom illustrations. You can even generate an income stream by blogging, posting interesting or useful videos, selling unique photography prints, and streaming playthroughs of popular video games.
To start gaining traction on your side hustle, you can connect with virtual communities to expand your network. Additionally, you can take your networking offline and participate in events that are relevant to your side hustle. Aside from fostering connections with potential clients, taking part in community gatherings can help you gain exposure for your brand.
Start Making Strategic Steps to More Financial Freedom
Having a higher income enables you to reduce everyday financial stress, achieve your goals, and stabilise your earnings to leave some room for occasional splurges. That said, while hard work has its payoffs, it’s best to complement your efforts with smart strategies for saving and earning. The earlier you start implementing the tips above, the sooner you’ll be able to reap the rewards. One day, you’ll be surprised to find that you have gained enough financial freedom to finally reach your goals.