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6 Ways to Increase Your Income in 2020

Want to increase your income this year?

Whether you want to increase your income to pay off debt, save for retirement, or travel more, it’s never been easier to earn extra money. Here are 6 amazing ideas to get you started.

 

1. Switch banks

One super-easy way to increase your income this year is to switch banks. Chances are, if you have money in a bank, it is earning very little money in interest.

The average interest rate is only 0.1 percent. Yikes! That means you are actually losing money because you aren’t earning enough to keep up with inflation.

Earn more money on your savings by switching to a high-yield savings account this year. That simple switch can earn you 1 to 2 percent more in interest. It may not seem like much, but depending on how much is in your savings, it can earn you a few extra hundred bucks.

 

2. Ask for a raise

If you work full-time, do you know if you’re being paid fairly?

Asking for a raise is the best way to earn extra money, but you have to do it right. Make sure you can convince your manager why you deserve more money. What more are you bringing to the table? Have you surpassed all of your goals or expectations? Have you taken on an additional workload? If so, those are great reasons to ask for (and expect) a raise at work.

 

3. Sell household items

We all have some clutter in our homes. Why not sell it to earn some extra money?

With technology, it’s never been easier to sell. Of course, you can always hold an old school garage sale or list the item on Craigslist. But now, you can simply snap a picture of the item on your smartphone and upload the photo to Facebook Marketplace with your asking price. In a matter of a few minutes, you can earn extra money while cleaning out your home. That’s a win-win if you ask me!

4. Start an online business

Nowadays, there are dozens of ways to earn money right from your computer.

Online businesses are becoming more and more popular, with good reason. They allow people to start a business at home with very little overhead costs. As a bonus, they also afford people to work however much they want, whenever they want.

Interested in starting an online business? Here are a few possibilities to get you started.

  • Become a freelance writer
  • Do graphic design
  • Sell on eBay
  • Offer virtual assistant services
  • Work in social media

Most of these online businesses can be started fairly easily without needing a ton of prior knowledge or skills, so they are the perfect way to start earning extra cash today.

 

5. Get a side gig

Not into online businesses? There are still a ton of ways you can earn extra money as a side hustle.

From driving for a ride-sharing service such as Uber, to mowing lawns, there is no shortage of ways to start a side hustle. Here are just a few ideas, but the possibilities are endless!

  • Deliver food for Instacart
  • Decorate wedding cakes
  • Babysit
  • Walk dogs with Rover
  • Teach a fitness class

If you have a little extra time during the week, these are all amazing ways to increase your income.

 

6. Save more!

You may be wondering how saving money increases your income, but it really does.

The more money you put into savings, the more you can earn in interest. Incredible, right? Your money can make money on its own by investing it wisely.

You don’t have to be an investing pro to get started. You can start earning money in interest by investing in your company’s retirement plan or opening a simple index fund. How’s that for easy work?

About the author

Rachel Slifka

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