5 Ways to Boost Your Earnings in the New Year
| Posted in Bank Blogs
With the cost of living today, most of us could use a raise – and a little more breathing room in our budgets. And while it would be great to get a bump in pay from your company (and a corner office to match), that isn’t always possible. But don’t worry, you can still give yourself a raise simply by managing your money more intentionally and wisely.
Here are 5 practical, realistic ways to give yourself the financial boost you need:
- Free up room in your budget. You may have a mortgage or rent payment that takes a big chunk out of your budget. You may not be able to do anything about that, but you can certainly take charge of smaller expenses like subscriptions, streaming services, and take-out. Those can really add up. Review your expenses, then start cutting anything that isn’t adding real value.
- Up your savings game. There are so many good reasons to save – for emergencies, a new home, or any other goal. Yet many people don’t have enough to cover even a small surprise expense. After you trim your spending, funnel the money you save straight into your savings account. You’ll be surprised how quickly it grows. If you already have savings, look at the interest you’re earning. You may be able to boost your returns with a high-yield savings account or a CD.
- Get cash back on credit card purchases. Like the idea of getting paid to shop? With a cash-back credit card, you can earn money on everyday purchases. Just be careful not to overspend and be sure to pay your balance in full each month to avoid interest charges that can wipe out your rewards.
- Increase your retirement plan contribution. Raising your contribution won’t impact your day-to-day cash flow much, but it can have a meaningful payoff over time. And if your employer offers a match, contribute at least enough to earn the full amount. It’s essentially free money – and your future, retired self will thank you
- Get a side hustle. Have a talent that could earn you extra income? Or time to pet-sit, walk dogs, tutor, or mow lawns? Even a small side gig can give your budget a healthy boost and help you reach your savings goals faster.
You may not be able to control when or if your employer gives you a raise, but you can take steps to raise your own financial game. With a few smart moves now, you can start the new year with more swagger, momentum, and money in your pocket.