If you are beginning to feel as if you cannot sustain your lifestyle on your current income, or if you want to add a few more luxuries to your life, you might be looking at how you might be able to increase your annual income. Boosting your income is not always as difficult as you might expect, and this guide will explore some of the best ways that you can boost your income in 2021.
1. Invest in a holiday let
Holiday lets are one of the best ways that you can create a relatively passive income for yourself while managing to dedicate the majority of your time to a 9-5 office job. In fact, after some years, you might even be able to live off your holiday let income completely, especially if you have bought multiple properties in an attractive location.
Then, you should consider investing any spare savings that you have to your name into a holiday let. However, before you can let this accommodation out to potential holidaymakers, you should consider looking at your holiday let mortgage options at Holiday Cottage Mortgages first, as they will help you to find a mortgage that suits you and allows you to let a holiday house or flat abroad.
2. Ask for a pay rise
One of the simplest ways that you can boost your income without having to put more time and energy into your money-making schemes is to ask your boss for a pay rise. Asking for a pay rise can be daunting for many people, though, especially if you have not been working for your company for that long.
Then, you should first make a list of all the reasons why you think that you are deserving of a pay rise and spend time ensuring that you are an exemplary employee- and that your boss knows this.
You should then call a meeting with your manager or wait for your performance review, where you can then host a two-way discussion with your manager about your reasons for wanting a pay rise. You should always have a backup plan, though, or even be prepared to find a new job if your request goes wrong.
3. Find freelance work
Freelance work can be performed in many different industries, and this means that most people have skills that can allow them to get the freelance work that they want to boost their income. Freelance work is an excellent option as it can be performed around your current job and your other commitments, meaning that you can juggle all of the important aspects of your life at once.
Not only this, but you only need to do as much freelance work as you can manage, even if this is only one project a month. It is relatively easy to find freelance work, and you can do this by looking at freelance websites such as Freelancer and Upwork.
4. Commit to overtime
If there is no chance of promotion within your company and you believe that you might struggle to perform more than one job at once, you should consider doing overtime every so often within your current firm. Working overtime will allow you to get more pay for longer hours, completing the work you need to while getting the extra money you need for luxuries, including your next vacation.
However, you should be wary of taking on too much overtime, as this can lead to exhaustion and burnout, and you may soon stop performing your work to a high quality.
5. Get promoted
If you want to boost your income in the long run, you should consider taking the steps that you need to get promoted. Getting a promotion can take time. However, it can progress your career while giving you more money each month and can allow you to take on new responsibilities that can keep you engaged in your job and the company that you work for.
6. Sell your stuff
A quick way of making money is to sell your possessions, especially those which are in good condition and yet you do not use or need anymore. This will allow you to get a few extra dollars into your bank account each month.
However, selling your possessions is not a sustainable way of making money, and you may find that this only gives your income a one-off boost before you are unable to find more than you want to sell, especially if you are a minimalist.