Top Tips to Increasing Your Income in 2018

How has your 2018 been so far? Good, bad or indifferent, chances are there’s always scope for improvement. It’s likely we’d all feel a little better if we had some more money – whether it’s to clear the bills, afford the nice things in life or put some cash aside for the future. So, how do you finish this year in a better financial position than you are now? Here are three fundamental things that we can all try:

Make the right investments

Where do you keep your money? If it’s in a savings account, the chances are it’s not growing much. Indeed, most savers are looking at interest rates of below 2%. To make your money work harder for you – and therefore increase your income – you should look at ways to make investments that can deliver stronger returns. Clearly there’s a risk involved in any investment so you need to be comfortable with this, doing plenty of research first. But whether it’s picking high performing stocks – such as consistent high performer Starbucks as it bids to go big in China – or accessing the fast-paced world of the currency markets through forex brokers in Dubai, there are many ways to look to boost your income through investment.

Get yourself a pay rise

When did you last have a pay rise? One sure fire way to boost your income is to negotiate a better salary. Many workers are nervous about this for fear of upsetting their boss, but provided you handle this professionally, there’s nothing wrong with asking this question (and if you don’t ask, you might well not get anything). Maybe you could take on extra responsibilities, undertake training or enquire about earning a promotion? If this path is blocked, you have two further options. You could either look for a new job – one that could pay you a better salary in the first place – or consider taking on an extra job in your free time. Maybe you could fit in some freelance work at the weekends as a side-job? Even a small amount can help you to pay for the things you want in life.

Make more of what you have

You don’t necessarily have to think about the world of work to boost your income – there are other ways you could look to increase your income in 2018. Do you have a spare room that you could rent out to tourists, for example? This could be a way to pull in some extra money with little or no effort. Perhaps you have items that you could sell off, a driveway you could rent out for people to park, or a skill – such as playing a musical instrument or speaking a foreign language – that you could teach others? Think closely about what you own and what skills, talents and experiences you have, looking for ways to monetize them.

Whether it’s in or out of work or by being smarter with your money, there are some fairly simple ways in which you can boost your fortunes in 2018. Try one or all of the above and see how you get on.

Ella Mason, an experienced freelance writer, wrote this article. Ella specialises in providing useful and engaging advice on all things finance related from small business advice to personal finance solutions. Follow her on Twitter @ellatmason