It’s no secret that saving has become increasingly challenging. If you’re looking to add to your income, there are options worth exploring. Here are some ideas to help you boost your earnings or bolster your savings account balance.
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Working more hours
If you don’t already work full-time, or you wouldn’t mind working a few extra hours per week, taking on a second job or accepting offers for overtime could help you increase your income. Ask your boss about the terms and conditions for overtime work if there are extra hours available. In some cases, companies pay more for evenings, weekends and holidays. If you can’t get overtime at your existing place of work, look for flexible opportunities to increase your wages. You could sign up for a couple of hours of driving, for example, or look for a part-time job.
Investing
Investing is a means of making money. It’s understandable to assume that you need to have a lot of money to invest, but this is not always the case. It may not be possible to buy properties without a substantial investment fund, but there are other options to explore. You may have heard about cryptocurrencies or NFTs, for example, or you may be interested in trading stocks. If you’re starting out, it’s a great idea to read as much as possible, learn about different types of investments and get involved in online communities and groups like Dfinity Community. Get to know other aspiring investors, take inspiration from experienced traders and advisers and gather information about how investments work and how they could benefit you. It’s always beneficial to set a budget before you start spending money and to establish targets and objectives.
Setting up a side hustle
Side hustles have become increasingly popular, especially during the pandemic. Many people are using their talents, skills, knowledge and passions to boost their earnings. There are all kinds of ideas you can consider, including consulting, tutoring and teaching online, blogging, buying and selling products, designing or making things to sell or offering your services to benefit others, for example, doing odd jobs, dog walking or gardening. Think about how you can use your skills or interests to earn money, figure out how to monetize your ideas and start spreading the word. You may find that your venture becomes so successful that you want to pursue it as a career or it could provide valuable funds to accompany your salary. It’s beneficial to look at how others with similar ideas make money and to research the market to gauge the level of demand.
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Many people have less disposable income now due to the rising cost of living. If you’re looking to boost your income, there are ideas and solutions you can explore, including investment opportunities, working more hours or taking on a second job and setting up a side hustle. Think about how much time you have available, outline key objectives, for example, earning a bit of extra cash every week, and utilize your talents, skills and interests.