4 Ways to Make More Money This Year

We could all use a little extra money in our pockets.

It’s easy to become complacent once all our bills are paid, but there’s nothing wrong with a little extra change to spend on vacation… or paying off those pesky loans. But how do you make more money? After all, if it was easy, everyone would be doing it, wouldn’t they?

But the truth is, there are a lot of people generating an extra stream of income from the options below --- and now you can, too.

1. Ask for a Raise

If you already have a steady job, the easiest way to start making more money without any extra on-going effort on your part, is to ask for a raise. According to U.S. News, almost 60% of workers never bother asking for a raise. Be the exception.

And if you’re wondering what the odds are that your boss will even take you seriously? When workers ask for a raise, 44% get what they ask for; 37% get a raise, but less than they asked for; leaving only a 19% chance you won’t get a raise at all.

When asking for a raise, it’s important to not just communicate what you want from the company, but what assets you have brought, and will continue to bring, to the table. Managers also advise that workers should do some research on the pay usually associated with your position and skills, and that you practice your pitch before walking into your boss’ office.

2. Look for a New Job

If your job won’t give you a raise, or you are woefully underemployed, it’s probably a good time to start looking for a new job. Leaving your old job may seem a little terrifying, but the benefits are well worth it.

According to Forbes, employees usually see a 10% - 20% increase in their income, when they change jobs. Meanwhile, people who stay at the same company for years on end, only see a 3% raise, on average.

The best time to look for a new job is when you already have one, as there are far greater opportunities to build your network, when you’re still in a job. However, you must be careful about not letting coworkers or your boss find out, until you have a solid prospect. If your boss does ask you, be honest about the fact that you are leaving, and take care with giving a diplomatic answer as to why. 

3. Get a Side Hustle

In the new market, there are plenty of opportunities for making money with a side-gig. Common options include mowing lawns in the spring and summer, ridesharing after work, completing freelance gigs on the weekend, or renting extra living space.

According to Business Insider, Airbnb owners make the most from their side gig, averaging a monthly income of $924. Other lucrative options pointed out by Business Insider, included TaskRabbit, Lyft, and Uber. 

Before picking a side gig, assess how much time you have to dedicate to a new project, how much money you plan to make from it, the tangible and intangible assets at your disposal, and your passions. It’s important to pick something you’re good at, and that you love. No one wants to spend more time doing something they hate after a 40-hour work week.

4. Get Paid to Shop

They say if it sounds too good to be true, it probably is, but this is the real deal. There are plenty of legitimate ways to get paid to shop. Many credit card companies offer cash back for their cards, if you spend over a certain amount within a certain period of time.

Another common option is mystery shopping, where companies pay you to audit the shopping experience at a location, often while raking in some free beer or groceries. A final suggestion is apps, like Ibotta, that pay you to use their app to make purchases on online stores and services like eBay, Amazon, and Uber.

There are a lot of easy ways to make some extra money this year. All you need is a good bit of courage, a little extra time, and the willingness to take advantage of the opportunities out there.

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