pexels-photo-2068975.jpeg

Increase Income to achieve FI

Posted by

Welcome back everyone! I am going to continue with our Financial Independence explained series today. In Part 1 we discussed the importance of tracking your finances to know where your money is going. We also discussed making cuts to your outgoings and why it matters in the bigger picture of your personal finances. 

Today, we will discuss ways to increase income! I love talking about ways to make money; it awakens my entrepreneurial spirit from its, so far, unrealised slumber. 

We have laid the foundations for your future in Part 1. Today we will be building on top of this and kick-starting our journey towards financial freedom. 

Increase Income

Making more money is something we all think about, or at least I always do! ‘If only I made more money, I could do XYZ!’ Sound familiar to anyone else? 

Yeah, most of us have said it at one time or another. But what do we do to achieve it? Usually, not very much.

Today, I want to get your mind racing with ideas of what you could do to make extra money. I am sure you all have ideas of your own, but here are a few that have come to me. 

  • Promotion or wage rise
  • Change companies
  • Second job/Gig economy
  • Start a side hustle
  • Sell old and unwanted things
  • Education/learn a new skill
  • Cashback

Promotion or wage rise at current employer

If you think you deserve one, then ask your employer for a wage rise or work towards a promotion. You are already working there, so you might as well get more money for it! 

Promotions or wage rises might not be an option for you, but even taking on some overtime to help boost your income in the short term might be an idea. 

Maybe another department has more opportunities for you to grow and climb the ladder. It’s worthwhile keeping an eye out for a lateral transfer that may open new doors for you.

Change companies

Loyalty isn’t rewarded in the workplace. If you love what you do, maybe another company will pay you more to do the same thing? 

Don’t let familiarity or fear of change hold you back. 

Second Job/Gig Economy

There are a lot of second jobs you could take out there that can top up your income. It just comes down to your availability. 

  • Taxi driving (Local cab company/Uber/Lyft) 
  • Takeaway deliveries (Local businesses/JustEat/UberEats)
  • Dog Walking/Sitting
  • Delivery driver
  • House Sitting
  • Babysitting
  • Tutoring
  • Odd jobs

You know yourself best, some of these will be a straight-up no, but maybe they help jog some other ideas. This is not an exhaustive list; there are plenty of other ideas out there! 

Think about what you enjoy and how you could monetise it. Just because we are making money doesn’t mean it cannot be fun!

If you have a hobby or passion that you think cannot be monetised, please reach out to me! I would love to hear from you, and let’s see if we can come up with some ideas of what you could try.

The ideas I have listed above could also be done for yourself. Why not take one and start a small business or a side hustle?

Start a side hustle

This one is right up my street; I love looking at ways to make money. I will go into more on side hustles in future posts, but here are a few ideas in the meantime that can help you increase income. 

  • Freelance writing for websites
  • Affiliate Marketing
  • Social media managing
  • Tutoring
  • Child Minding
  • Local service
  • Start a blog
  • Create an online course
  • Become a virtual assistant
  • Start a YouTube channel
  • Fence building/Painting
  • House cleaning/decluttering
  • Car detailing
  • Sell stuff on eBay – use charity shops to buy

Don’t want to work for someone else? Who knows where your side hustle could end up taking you. So make sure it’s something you are passionate about and start your own business!

Remember our goal is to increase our income. So please don’t invest a lot of money into a new venture unless you have tested the idea and know there is a market for it. I HIGHLY recommend checking out the Rebel Entrepreneur Podcast with Alan Donegan. This is my favorite Podcast and the content Alan shares for free is invaluable. The key take away from the show is that starting a business doesn’t require significant investment to start, so its only you that’s holding yourself back!

Sell old and unwanted things

This is one I have personally done in the past. I used to sell DVDs (Remember them?!) to recoup some of the money I spent on them. It went well, but I couldn’t sell them all before the digital media revolution, so I still have a big suitcase full of old DVDs (thanks, Netflix!).

But take a look on eBay or Facebook, and you will see people selling used items. Look around your house and see what you don’t wear or use anymore. Set up an eBay account or use Facebook marketplace and get listing!

Not tech-savvy or don’t want to spend your time posting your items out to buyers? Why not go to a car boot sale and sell old school?! 

This may raise a little bit of extra cash to help pay off some debts, build an emergency fund or invest! If nothing else, you are being paid to declutter your home! 

Education/learn a new skill

If nothing has piqued your fancy so far, maybe learning something new is the best option for you. 

Find something you are interested in that you can learn to increase your income or create a new career path altogether! You could go to night school, college, open university or join an online course. 

There are many options here, but the key once again is passion. What do you want to do? You do get to choose after all!

Examples of different skills you could learn…

  • Written communication
  • Public speaking
  • Coding
  • Digital literacy
  • Website development
  • Business Management
  • Social/Digital media management
  • Photoshop
  • Learning a new language
  • Project management
  • Video/Audio production

Part of my issue is I want to learn all of these! But it’s best to give one area your complete focus. Once you have the skills down, put them to use and make some extra money. Future you will be pleased!

Cashback

Some websites send you money just for buying products through their links! I have used some of them in the past and received some excellent cashback deals. 

It always feels better if it’s something you were going to buy anyway, and you get to save some money into the bargain! We once bought my wife a new phone through O2 and got £120 back a few weeks later! Not bad for a phone she was going to buy anyway.

An example of a few of these sites are… 

Topcashback

Quidco

And you can get cash back on lots of different items. 

  • Phones
  • Insurance
  • TV Packages
  • Electronics
  • Broadband
  • Clothes
  • Car rentals
  • Holidays

It’s essential not to go crazy and buy things you don’t need or want. But if used correctly for something you would be buying anyway, why not save yourself a few pounds? 

Every penny gained is a step closer to FI.

Summary

Increasing your income is a massive topic, and I feel like I could write about this forever with the number of ideas flying around my head just now. 

But I hope that I have given you some ideas that resonate with you that you want to practice. Everyone wants to earn more money, but it won’t just come to us. We need to go and make it happen. 

So whether it is something within your current work, you start your own business, take on a second job or sell old items. What it is doesn’t matter. What matters is creating a more significant gap between our income and outgoings to tackle the next important step towards Financial Independence – Creating an emergency fund and paying down debt

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.