12 Effective Ways to Increase Your Income

Illustrated man, sitting on the beach, allowing cash to flow into his wallet

If you’re struggling to make ends meet with your regular 9-to-5 job, or if you’re just looking to build your wealth, then you might want to consider looking for other sources of income that will boost your earnings.

While budgeting and eliminating unnecessary spending is the first step towards increasing your savings, though, you’ll have to get a little more creative.

And if you’re looking for ways to increase your income, you’ve come to the right place. Read on for 12 brilliant money-making ideas!

1. Invest Your Money

Making smart investments is a great way to maximise your income. Indeed, investing is a very sustainable way to grow your earnings.

When it comes to finding a vehicle to invest your money, you are spoiled for choice. From real estate to commodities and precious metals, and equities to interest-paying savings accounts, there’s something for everyone. All you need to do is determine which of these are suitable for your specific needs and start reaping the benefits!

Meanwhile, although this might not be the fastest route to increasing your income, it’s certainly the smartest, as you would effectively be increasing your financial wealth in the long term.

2. Become a Freelancer

Freelancing is an increasingly popular option for many people looking to increase their monthly income. And it’s easy to see why: it provides you with flexibility, you can set your own rates, and you get to choose the projects you want to work on.

The internet is home to a whole host of freelance marketplaces, from Freelancer to Fiverr and beyond, so it’s relatively easy to find work. The best part is that you don’t have to limit your services to what you do in your day job – in fact, you could dabble in transcribing, graphic design or translation if you’ve got the skills!

Essentially, all you’ve got to do is create a good freelancer profile, and you’re one step closer to earning an extra income.

3. Rent Out a Room

If you have a spare room or a spare property, then you could consider renting it out.

That said, you’ll have to complete a few steps before leasing your space. For example, you’re legally required to check the immigration status of your prospective tenants. You will also have to ensure your tenants’ safety by fitting your property with smoke and carbon dioxide alarms, carrying out gas safety checks and ensuring electrical devices comply with safety standards.

As for finding tenants, it is a relatively straightforward process. All you have to do is set up a profile on a site like Airbnb or Roomgo and start advertising your space. Soon enough, you’ll have tenant applications piling up in your inbox!

4. Drive for Uber

If you own a car, why not consider becoming an Uber driver? This is an excellent way to make money on the side while driving to and from your regular job and in your spare time. You could even turn it into a full-time gig if it becomes successful.

All you have to do is sign up as a driver on Uber, and you’re good to go. While this is quite an easy and low-maintenance job, it’s important to maintain a high review score as a driver. Indeed, if you have a low score, you might not be able to get many rides.

5. Become a Product Tester

Testing products can be a quite fun and easy thing to do. And the good news is that marketing companies are constantly on the lookout for people to test their products before they’re officially launched.

You can easily test products from the comfort of your own home, and then submit your feedback to the company. Meanwhile, once you’ve completed the trial period, you not only receive monetary compensation in most cases, but you also get to keep the products for yourself!

6. Complete Online Surveys

Completing online surveys is as simple as it gets when it comes to earning extra income. It’s crucial, however, that you fit the desired demographic targeted by the survey, but the good news is there will be an endless pool of choices available to you.

While some survey sites have a point system that you can then convert into credit via platforms like PayPal, others pay directly in cash. Another thing to keep in mind is that the monetary amount will depend on the length of the survey. Depending on how dedicated you are, you can earn at least some extra pocket money.

7. Play Video Games

If playing video games is your favourite pastime, why not make some money while you’re at it? Indeed, by setting up a video channel and live-streaming your gameplays or hosting ads and sponsorships, you could turn your hobby into a money-earning gig in next to no time. You can even test games for developers!

If this sounds like a dream come true, then a good site to get you started is Twitch. Of course, this gig isn’t all play and no work (see what I did there?); it’s a full-time job in itself, as you’ll have to constantly build and maintain your subscriber list.

8. Sell Your Old Things

If you’ve been meaning to give your wardrobe a little spruce, this could be the perfect opportunity to earn a little extra cash, too.

Indeed, buying second-hand clothing has become increasingly popular nowadays, so you might want to consider selling your old clothes on sites like Depop or even eBay. Of course, you don’t have to limit yourself to clothing, as you can also sell pretty much anything online, including furniture, books, toys, collectables and electronics.

Not only will you get rid of things you no longer need but you’ll also earn a little something – in other words, it’s a win-win!

9. Start a Side Business

If you have some spare time on your hands, then you might want to consider starting a side business. For example, you could take on temp jobs like babysitting, dog-walking or house cleaning. If you’re crafty, meanwhile, you could even set up an online store on Etsy and sell your products there.

Although this might require some more time and commitment from your part, it could be a fun way to make some extra money. And who knows? It could even turn into a full-time business if you’re considering a career switch!

10. Negotiate Your Salary

This might not be the most creative solution, but the best way to increase your income is by getting a higher salary to begin with. If you have an excellent track record, but your salary has remained the same over the years, then maybe it’s time to have a chat with your employer.

Asking for a pay raise may seem daunting, but all you need to do is to make a convincing case. Think back to all your achievements and contributions, and use them to persuade your boss.

11. Become a Paid Blogger

If you’re already a successful blogger with a large following, you could monetise your blog to increase your earnings.

There’s always someone looking to promote their products and services – from clothing to jewellery and software to hotels. Whether you choose to promote companies’ products in sponsored posts, sell ad space on your site, or both, the opportunities available to you are truly endless.

12. Share Your Knowledge

Another great way to increase your income is by sharing your knowledge and expertise on online platforms like Skillshare.

To get started, you’ll have to prepare classes which other users can watch, and gradually build a following. This, however, does require a lot of time and effort on your part, as the more people you bring to the platform, the more you can earn. All in all, however, this can be a highly rewarding way of earning passive income.

These days, having an additional source of income is a smart idea. There are many ways you can make that happen, and while some might require a little more commitment from your part, they could prove to be an excellent investment of your time.

So, go ahead and pick one or two (or all) of these options, and start earning today!

Can you think of other ways you can increase your income? Share your thoughts with us in the comments section below!