If you’re a creative, you know how hard it is to make money doing your work. You’re constantly pushing at your limits, scraping by, and trying to get more done.
Increasing your income can help you meet goals like paying off debt, saving for the future or financing emergencies. Fortunately, there are many ways to boost your paycheck.
Go Back to School
If you’re like many adults who never earned a college degree, it might be tempting to go back to school as an attempt to level up your professional career. After all, people who have bachelor’s degrees earn 84 percent more than those with just high school diplomas, and their job prospects are better. But before you decide to pursue a new degree, it’s important to understand why you want to do so.
It might be to get a higher salary, to switch careers entirely, or even to change the type of work environment you’re in. The key is to make sure that your reasons for going back to school align with your goals, and not someone else’s expectations or because you feel pressure from friends or family. Ultimately, only you are responsible for that tuition bill.
There are many ways to approach college as an adult, including starting at a community college or online programs that cater to older students. There are also scholarships, grants, and employer assistance programs available to help you pay for your education. You can also save money by enrolling in classes at night or during the weekend, as many colleges offer a variety of course schedules.
It’s also possible to enroll in courses while working full-time, as there are options to accommodate busy schedules. For example, the University of Massachusetts Global offers a competency-based education (CBE) program that allows students to complete graduate degree requirements at their own pace and receive a certificate after completing certain modules. In addition, employers may be willing to cover the cost of tuition for their employees who are enrolled in an advanced degree program, so ask your boss if this is an option.
Start a Side Hustle
Starting a side hustle can be an excellent way to make additional income while achieving your personal and financial goals. In addition to generating more cash flow, a fun side gig can also open new neural pathways and connect you with a wider network of individuals. Moreover, it can help you develop skills and experiences that you can later transfer to your full-time career.
Many people find their side hustles through hobbies, such as a love for photography, painting or crafting. However, other side hustles can be found through professional skills like writing or financial consulting.
The key to maximizing your income through a side hustle is to do it with purpose. This means that you should first evaluate your goals and then look for a gig that aligns with these objectives. In addition, it is important to think about how much time you want to invest in your side hustle. This is because many of these creative strategies require a minimum commitment of hours each day, which can be hard to commit to for those with already busy schedules.
For those who are interested in launching a side business, you can check out YouTube, Google and Kindle Unlimited to find free videos, how-to articles and e-books on how to get started.
Take Out a Loan
If you have a business and are growing it at an acceptable rate, but you need a bit more money to reach your financial goals, taking out a loan is one way to pad your income. However, this type of debt should never be used to cover basic expenses, and it is not the best idea for most people. Personal loans are meant to be used for a specific purpose such as moving future income into the present and should only be taken when you have a plan for how to service the debt. You can also look into things like tax refunds and GST payments.
Another creative way to increase your income is to increase the amount of money that you make from current clients. For example, if you currently bill per hour and are working with established clients who have been with your company for a long time, you may want to consider implementing a retainer model. This will allow you to charge a set amount for your services each month and can help you get ahead financially.
Lastly, you can also increase your income by asking for a raise at your job. It can be difficult to ask for a raise, but it is important to remember that your current salary may not be enough to meet your financial goals and you need to do something about it. If you are nervous about speaking to your boss, practice what you will say ahead of time and be prepared to provide evidence of your successes at the company.
Increasing your income can help you hit your financial goals faster and can make the difference between a good or bad year for your business. By using these creative strategies, you can easily add extra cash to your bank account and help take your business to the next level.
Put Your Home Up for Short-Term Rentals
Owning a second home for holiday gatherings and vacations is great, but those weeks or months when it sits unused can be turned into a revenue stream by making the property available through vacation rental websites. It’s a great way to offset some of the mortgage, maintenance, and utility costs.
Putting your home up for short-term rentals requires some planning and work, including listing the property on Airbnb or VRBO, cleaning the house before each guest arrives, and preparing amenities such as free parking, a well-stocked kitchen, Netflix access, local guidebooks, high-quality towels, and a welcome basket. These small touches can go a long way toward increasing guest satisfaction and driving repeat business.
While short term rentals can provide a lucrative income stream, they’re not without their drawbacks. Aside from the extra work, there’s also the risk of dealing with irresponsible or problematic guests who mistreat your property or irritate neighbors. That’s why it’s important to create renter guidelines and house rules that clearly state what’s expected of guests.
Another drawback of short-term rentals is the lack of consistency in monthly or weekly rental fees. This can cause some financial strain, especially if the property is vacant for several weeks at a time during busy seasons. Fortunately, some of these expenses can be offset by charging higher rates during peak season. In addition, shorter-term rentals tend to experience less wear and tear than long-term rentals, as tenants move in and out frequently, reducing the need for costly repairs.
Find a Part-Time Job
Whether you need to boost your income or simply want to add another stream of income, finding a part-time job can help. Many of these jobs can be low-stress, flexible, and convenient, making them ideal for students or anyone else looking to supplement their income. Plus, they can be a great way to gain valuable professional experience and develop skills that can be applied in future careers.
The current “gig economy” makes it easy for individuals to find part-time work in their areas of expertise and experience. For example, if you have a knack for knitting or painting, you can sell your crafts at local art markets or online. Likewise, babysitting and house sitting can be lucrative part-time gigs. And if you have an entrepreneurial spirit, you can start your own small business.
In addition to generating additional income, working a part-time job can also lower your expenses by saving on gas and vehicle maintenance costs. Plus, you can shave dollars off of your monthly car insurance premiums by limiting the distance traveled to your workplace.
If you’re unsure of how to find a part-time job that fits your schedule, consider working with a staffing agency. Agencies specialize in helping people find high-paying, part-time roles that match their skills and qualifications. Plus, they can help you clean up your resume so that you’re more likely to get noticed by employers. To learn more about how a staffing agency can help you find a well-paying part-time job, visit this page. And if you’re currently in school, be sure to check out this page for tips on finding the perfect internship. Good luck! And don’t forget to keep checking back for more tips and advice on how to maximize your income.
