Top five ways to increase your monthly income

What would you do if you had a little more money? Buy that car you’ve had your eye on for ages? Book the holiday of your dreams? Move on to a bigger house? Whatever it is, we probably all daydream about being able to afford more of the finer things in life from time to time. But there’s no need to sit there and daydream. There are practical steps we can all take to increase our monthly income. Try one or all of these five tips to get more money coming in and turn those financial dreams into a reality.

Ask for a pay rise

It might be nerve-racking, but there’s nothing wrong with asking your boss for a pay rise. Far from it. Provided you approach this properly – this guide from Reed is worth looking at to help with this – then you could well earn extra cash this way. If you can’t get a pay rise right away, try to at least ask your boss for a set of targets that you can work towards to earn this. If you’re offered neither a pay rise or a framework for getting one then maybe that’s a good sign to look elsewhere?

Take on some extra work

You could also look to take on some extra work from another source. Whether you have a formal second job or offer up your services on a freelance basis for one-off projects that you can complete in your spare time, securing an extra income stream can be highly lucrative. Even completing a few surveys in your spare time could earn you a little bit extra.

Smart investment

When interest rates were higher, many people put money away into savings accounts that delivered a monthly income from the interest. In a time of low-interest rates, it is still possible to get a monthly return on your money, but you need to work a little harder and pick the right type of investment. Whether you put your faith in high performing funds or look to things such as currency futures, picking an investment that you are confident with can make your money work harder for you and boost your income.

Use your space

Don’t believe that you can earn money for nothing? Maybe you can. If you have a spare room that sits empty then you might well be able to rent this out – especially if you live in an area where demand for accommodation is high. Perhaps your drive is bigger than you require and you could rent it out to football fans for parking on a matchday? Both these examples are great ways to earn money from an otherwise empty space.

Sell your stuff

If you can’t do anything extra with your spare time or rent out your free space then you could look to sell your possessions. This can be a great way to clear away some clutter or, if you get a taste for this, you can make money from spotting items that you can buy and re-sell on for a profit on sites such as eBay. Some people have even earned enough doing this to be able to ditch their full-time job.

Take these tips and see how much more money you can make each month. Every little bit extra, no matter how small, can help you to work towards a bigger goal.

The editorial unit