Increasing your income is one of the best way to increase your cashflow. Once your cashflow increased, you can allocate more funds to your savings or emergency fund or you can invest more money to let it grow.
One reason why many Filipinos are having issue on their budget is their income. Many are telling that they can’t pay their selves first or start investing because their income is not enough for their expenses. The solution? Increase your income. But how? Let’s see.
The 3 simple tips to increase your income below will somehow provide you practical tips to increase your income.
Tips to increase your income
1. Get a raise
If your employed, which many of the Filipinos are, the main source of your income would be your salary. Increasing your salary can definitely help you to increase your income given that you properly manage your finances.
The problem in most Filipinos are, once they get increase in salary, their expenses also increased. If that’s the case, nothing will happen. If you want to increase your income, you should properly manage your finances well. Maintain your lifestyle and spending so you can save more money.
Here are some suggestions how you can get a raise in your salary.
A. Apply for a higher position
Applying for higher position where you are right now can somehow increase your salary. Of course, you have to be eligible for that position. You have to have a good records and history in your company so you can be easily consider to get that upper position and increase your salary as well.
B. Talk to your boss
If there is no higher position open and you think you really deserve a raise, you can talk to your boss and share what’s on your mind. I know people got salary increased by just talking one on one on their boss. Again this will boil down if you are eligible and qualified.
Getting a raise could be the way to increase your income but as mentioned, you have to be eligible and qualified for it.
2. Earn money on your free time
Earning money on your free time is another way to increase your income. In today’s world, you can earn money while sitting in front of your computer. You can apply for an online job or start a blog and make money on the side. If you check my previous post, 3 major ways to make money online in the Philippines, you can see that it is not hard to earn money online here in the Philippines.
Earning money on your free time is not limited to online only. You can do a part-time job like fixing computers of your neighborhood (if you’re good at computer), tutoring subject which you are expert in, hosting an event if you love in organizing event and many many more. The list is unlimited.
All you need to do is to identify what talents you got and start sharing them to other people. Your talent plus your time can be a great way to earn money on the side which will help you increase your income.
There’s a lot of ways you can do that but the best advise we always heard is, start with your passion or the things you loved. Go ahead and check your skills and talent and start making money today.
3. Start your own business
Another and great proven way to increase your income is to start your own business. This could be the most challenging advise we heard on tips to increase your income but prove to be the best. Starting your own business may requires a lot of effort, time and money at the start but could be rewarding at the end.
Many Filipinos succeeded in starting their own business but many failed too. If your determined and focused, it could be the way to change your life and the life of others too.
We heard so many inspiring stories of Filipinos who started small but made it big. Lot of tips are shared. We just need to take action. I’m also one of the aspiring Filipino entrepreneur who dreams to start my own business and I feel I’m getting there. Hopefully, sooner I can launch and start my own business too.
There you have it! Those 3 simple tips to increase your income are very basic. You can apply any of them or all of them to increase your income and start achieving your financial goals. I hope you find this short article helpful. Until next time.