Money doesn’t grow on trees. For most of us, this means you need to work up to 80 hours a week to make enough money to afford a decent living. Between student loans, credit cards, bills and the grocery store, you need two jobs if you want to save something for your retirement.
The more you work, higher your income at the end of the month. So, you tend to take in more projects, do the extra hours and wait for your boss to notice your efforts. Sometimes you get a bonus. Or you manage to get more income from little jobs extra.
In both cases, you get to work more than 50 hours a week – which can easily bring you to exhaustion. Soon, you experience headaches, you keep feeling tired and your productivity is going down.
Instead of overworking yourself, you should try to find new ways of making money. Something that can help you keep your living standards without keeping you locked in your office or in front of your computer all day.
Ask for a Raise
Asking for a raise in a proper manner can help you get the extra money you need. If you know the industry is growing and that your company is doing well financially, you can start a discussion on this topic with your manager.
Some off the record info can also help you make your case in front of your boss – if someone else in your team got a raise in the past months, you can have extra chances to get one, as well. The same when you know you’re an important part of your team.
You need a good context if you want to get that raise. Wait for the right moment, when your company is thriving, and your boss will have no reason to refuse you.
However, if your manager tells no to your request, try to act in a professional manner. Ask for feedback to understand the reasons behind the decision. Try to find out what goals need to be reached in order to get the raise you ask for (or a promotion). Â
Communication skills and a backup plan can help you overcome the embarrassing situation in which your boss says he or she can’t give you the raise you need. Plan ahead and act only when you know you’re ready for a negative answer.
Find a Better Job
If you can’t get the raise you want, you can always start looking for a better job. It could be the right moment to switch careers. If you have the skills and you’re ready to move forward, you can try your luck in a different industry (preferably one where workers make more money per hour).
With the current unemployment rates, it could take you awhile to find the dream job, so make sure you don’t quit your current job before having a safe alternative.
You can also try working on your own. Start by taking small jobs aside, to learn more about being a freelancer. Once you build a strong portfolio and have projects coming in on a regular basis, you can leave your 9 to 5 job for more flexibility.
The main advantage when being your own boss is that you get to choose projects. Which means you can focus on quality instead of quantity – you’re more productive, so you work less and earn more.
Prioritize Expenses
One easy way to make more money is to spend less from the money you earn. You can use an app to track all your expenses. This way, you can see where your money goes each month. In the long run, you can even discover that you already make all the money you need, but you spend it the wrong way.
The first thing to do is pay off your debts. Your credit card costs you around $1,000 a year for interests alone. If you also deal with student loans or a mortgage, you’re probably paying thousands of dollars of interests a year. Money that you could use better.
Once you learn how to repair your credit, you can bring significant changes in your financial situation. So, instead of working more to pay loans, you get to live well with your current earnings.
Outsource Repetitive Work
A lot of the extra work you do to make more money is the result of you dealing with too many tasks. Learn to delegate – if you manage a team. Or, outsource some of your activities. This way, you can focus your attention on the things that matter.
Hire a virtual assistant, for example. Your helper can do all the time-eating activities, such as reading and answering emails, research, writing, and editing. Once you get rid of this daily routine, you can focus on the creative tasks.
This way, you become more productive, work better, and achieve better results. Whether you’re an employee or your own boss, this translates into higher revenues for the company. So, more income for you (or the raise you’ve been waiting for).
Invest Part of Your Earnings
They say you need money to make money. So, besides your retirement investments, put small amounts in individual stocks or mutual funds. You’re not going to make a fortune out of it, but it’s money you don’t have to work for.
You can start with as little as $100. In time, you get to save some money for emergencies or for your next vacation.
Changing the way you do things is essential when looking to make some extra money without overworking yourself. Whether you choose to change your current job or to look for new clients, you should try to become a high-earner – which means you’re choosing quality jobs over quantity. This way, you’ll work less and earn more. And you’ll have the extra cash you need to start an investment.