Levelling up and attaining financial freedom is something we all plan to do. Getting your finances in order may appear daunting, sometimes, but you can always take it one step after another.
A very important step in financial freedom, right after effective budgeting, is finding ways to earn more money. Earning more money will afford you the leverage to grow your wealth, if you manage things properly.
Here are some guaranteed ways to help you earn more money and boost your income
1. Get a side hustle
Side hustles are a great way to boost your income and make more money. The key to making the best out of a side hustle – especially if you already have a job – is to try something you’re naturally very good at, and is not as time-consuming as your regular job. For example, taking up translating for a fee if you already speak and write a language fluently.
Other things you can do as a side-hustle that are stress-free include:
– Renting out a room in your house to tourists (if you stay in an exciting part of your city)
– Writing and blogging as a service (if you’re naturally a good writer)
– Driving with Uber (if you have a car and can drive people on holidays and weekends)
– Tutoring (online) (if you’re good at teaching)
– Business/Financial consulting (if you’re good with money and know how to break financial knowledge down to people)
2. Save more
Another sure-fire way to boost your income is to save more. If you earn enough to take care of your needs and have some excess, you could re-evaluate your budget to see if there are expenses you can cut down some more on. For example, cutting down the number of times you eat at your favourite restaurant and making the same dishes with their recipe, if you like to cook. Spending less is a major key to saving more.
3. Get a better bank account
If your income is kept at a bank, you need a bank that actually gives you reasonable returns on the money held in the account. Most banks give you interest rates between 4 – 6% (which you forfeit after a few withdrawals).
With the rise of Fintech in Nigeria and the rest of Africa, there are digital banks and digital deposit accounts that offer a high yield on your income. Using these platforms can help you boost your income and help you earn more without stress.
Investments are nearly unmatched as a means to boost your income. They return interest rates multiple times the value of a regular savings account. Contrary to popular opinion, you don’t have to be filthy rich to invest; you only need to figure out which investment type is best for you at the time. You can start investing with as low as ₦50,000 in short-term, fixed-interest ventures.
5. Ask for a raise
One way to boost your income, if you are not self-employed, is to speak with your employer about giving you a raise. In many organisations, salaries are reviewed periodically, but in others, they are not.
If you need a raise, a good way to go about it is to take stock of all your recent milestones and contributions to the growth of the organisation.
This will prove your value and make it very difficult and unlikely for your employer to deny you the raise. Alternatively, you could scale up your skills and find a higher-paying job.
At Paylater, we constantly urge everyone to be wise and take bold steps to better their finances. Feel free to follow the steps and tailor them to suit your plans to boost your income.
Here’s to taking charge of your finances!