You know all about how you can save more money this year, but what about making more money? Earning more money is one of the best things you can do for your finances. It can help you pay off debt faster, save more money, and ultimately, will help you reach all of your financial goals much more quickly.
Anyone can make more money this year, no matter what your financial situation may currently be. Here are 10 ways you can make more money in the new year.
1) Ask for a Raise
If you are looking to make more money this year, you can start by considering your current job. Could you get a raise for the work you have already been doing?
When asking for a raise, it’s important to go in prepared. Companies can’t hand out raises to anyone who thinks they deserve one. But you can convince your company that you are worth more. Research what a competitive pay range would be for your position in your location. Keep record of all that you have accomplished in the last year and share what your goals are for the coming year. Talk openly and honestly to your boss.
Keep in mind, there may be many factors working against you in your efforts to get a raise, including some uncontrollable circumstances. The worst thing you can do if you are denied a raise is to let your attitude change. Continue to keep your head down and work hard and eventually you will be recognized.
If getting a raise doesn’t seem to be in your future at all, it could mean that the company is the problem. After doing research, if you are truly being underpaid, it may be time to look for a new, higher paying job.
2) Start a Side Hustle
Side hustles are a great way to make extra money. A side hustle is a gig you do outside of your 9-5 job to earn extra cash. You can really make money by doing anything, such as blogging, baby sitting, lawn care, freelance writing, or starting your own marketing business.
When you start a side hustle, be sure to track all of that income separately so you can have a clean financial record come tax time.
3) Practice Frugality
Though frugality counts more as saving money, you can keep more money in savings by cutting back on some of your basic expenses.
Frugality doesn’t have to be time consuming. You can make simple decisions in your day to day life that can help save you money. Some examples of simple frugality are remembering to turn the lights off when you leave a room, scanning the grocery store for deals before you go, and cutting out expenses, like cable, to save you money.
4) Sell Household Items
Want to make money while simultaneously cleaning out your house? You can sell items around your house and pocket the cash.
You might be surprised by what you can manage to sell. In the past, I have make hundreds of dollars from selling items that I had considered to be junk.
Selling is easier now than ever. With technology, you can simply take a photo of what you are selling and post it to a variety of websites. Personally, I have had success selling on Craigslist, Facebook groups, LetGo, and OfferUp.
5) Switch Your Bank Accounts
Have you ever considered how you could make more money from your everyday bank account?
Traditionally, savings accounts offer very little return and it can be rare to find a checking account that offers any interest at all. But nowadays, online banks like Discover offer a higher interest rate on your savings than traditional banks. Since online banks do not have to compensate for the cost of brick and mortar locations, they are able to offer you a higher interest rate on your money.
6) Pay Off Debt
By paying off your debt now, you are able to invest the money you had been putting towards your debt. By investing instead of paying back debt, you are earning money by letting the interest work for you, rather than against you.
Luckily, with focus and hard work, anyone can pay off their debt, no matter their salary. Here are some tips to help you pay off debt more quickly.
7) Contribute More to Retirement
Retiring costs a lot of money. Are you on the right financial path to be able to retire when you would like?
Due to the beauty of compound interest, one of the best and easiest way to make more money is by investing in a retirement fund. You can earn more money this year and for years to come by upping your contributions. Even if you can only invest an additional 1% of your salary this year, do it.
If you are just starting to contribute to an employer sponsored retirement plan, it’s a good idea to contribute enough to get the full employer match. Failing to do so is leaving part of your salary on the table.
8) Earn Cash Back When You Shop
Why not get a few dollars back from your online purchases?
You can earn cash back by using Ebates when you shop online. And it’s free to sign up and use. All you have to do after you create an account is to login, browse rebates, and then click on the retailer to be taken to their normal website to shop. You get cash back automatically when you make a purchase.
9) Pick Up More Work
No matter what you do for a living, you can always earn more money by picking up more work.
Maybe for you this means working a few hours of overtime at your job or starting a part-time job in addition to your 9-5. Or you start a side hustle and find additional clients.
If you are struggling to find work at first, take the opportunity to network everywhere you can. Networking is a great way to get your foot in the door with a prospective client or job.
10) Rent Your Space
Have a spare room in your house or condo? You can earn money by using Airbnb to rent out your space.
By offering clean, convenient accommodations, you have the opportunity to be able to make a lot of money with Airbnb. Keep in mind that hosting laws vary from state to state, so be sure to check what the laws are in your area.
If you aren’t sure about utilizing Airbnb, you can hold out for a full-time tenant instead. This can be a great solution if you are looking for income year-round and don’t mind sharing some of your space. Just be sure to work with a lawyer to draft up a renter’s agreement before you have someone move in.
Related: The Most Popular Side Hustles (According to Research)
A Case for Earning More Over Spending Less
10 Reasons Why You Need to Start a Side Hustle Today
5 Things You Should Do to Start a Successful Side Hustle
7 Things to Do With Side Hustle Income
7 Actions to Take to Get a Raise This Year
How do you plan to make more money this year? What tips do you have for anyone who is hoping to earn more this year?
Check out some of our favorite personal finance resources:
Are you getting the best credit card rewards? Check out the top cash back credit card offers (updated daily)
Make extra money: 15 ways to make money from your computer
Get the First Chapter Free!
Join our online community and get the first chapter of the book Student Loan Solution absolutely FREE!
I’m sort of “getting a new job” this year – although it’s with the same company. I’m anticipating a decent raise due to this.
That’s great! Congratulations! I’m sure the extra money will be used wisely. Always good to earn more.
I did all of these except for #1. My job wasn’t really one where people got raises, so I just started my own business instead!
This made me smile :) Starting my own business helped me earn more money as well, even if it was as a side hustle at first.
Man, if you’ve already got a 9-5, forget looking for more work unless you really need the money in a hurry. Get a side hustle going instead. It’ll pay dividends in the long run and you won’t be working yourself to death between two jobs.