Tips for Increasing Personal Income

There are lots of different ways to earn extra cash all throughout the year. Just because you weren't prepared this year, doesn't mean you shouldn't prepare for next year. As many large companies go under and fold, they will be selling off huge amounts of inventory and offering deep discounts. You can get really good deals if you have the money to buy goods as retailers sell them off.

Start increasing income now to be better prepared for the holidays and for the coming year' Even if you don't celebrate Christmas or other religious holidays, you can save money' Everyone needs to plan for and think about retirement'

Side Jobs

You can start increasing income by simply offering to do a specialized service for a lower price than competitors. Side jobs can be anything you have knowledge about, from power washing to internet business. Print out some business cards or flyers and hand them out or leave them at the front desk of a friend's office.

For example, let's say you own a pressure washer. You have printed out some flyers that offer a $10 discount for people living in your neighborhood. Then go for a ride. Notice any houses that could use a clean up? Be sure to leave them a flyer. If the person is home, this might be the perfect time to sell your service to them. When someone calls, simply offer your service for $10 less than someone who advertises in the phone book. You'll still be paid well and make some extra bucks. If you've pressure washed a deck, be sure to point out how drying the treatment is. Offer to paint their deck with a wood treatment for even more money.

Ask for a Raise

People are often afraid when it comes to asking for things, yet what harm can come from it? As my mom used to say, the worst that can happen is that you'll be told "no". If you do get turned down, it would be a great opportunity to ask why you don't deserve a raise. Your boss might give you some insight or a list of things to work on so the next time you ask, he/she won't say no.

The best day of the week to ask for a raise, according to online research, is Thursday. Mondays are no good, Tuesday is a continuum of Monday, Wednesday is hump day and usually very busy, and Friday is a day when everyone is thinking about their weekend. Thursday wins the day by a simple process of elimination.

Set up an appointment with your boss, prepare your selling points, and see what happens. What you may not understand, is that it's just as difficult for an employer to say no to you, as it is for you to ask in the first place. Getting a raise is a great way to begin increasing income.

Get Cash for Spending

Cash back credit cards pay you back a proportion of what you spend each time you use them. Pay off that credit card in full each month so there's no interest charged. That way you'll only earn money instead. Just use the card for normal credit card expenditures and you'll make money.

Look for cards with a low or no annual fee, and make sure the items you plan to buy qualify for rebates. If you already have credit cards, call the company and ask for cash back rewards card. Many companies will make that happen, especially in a bad economy. For this strategy to work though, you must pay off the bill in full before the due date. Many times, cash back cards charge a higher interest rate, so carrying a balance for even just a month or two could quickly make the cash back offer disappear. You won't be increasing income at all if you don't pay it off.

How much can you get back? The top cash back cards pay up to 4% for a short period and then change to a standard 1% after that. So if you spend $5,000/year, you can make up to $200, just by paying with a credit card.

Earn More Money on Savings

If you've got savings, make sure they're working by increasing income. Many people leave their savings in bank accounts where the money is actually shrinking. Many bank accounts pay less than 0.1% anymore. Best suggestion is to find another bank (or get another account within your bank), that offers better interest. They're out there. You just have to look.

Pay off Debt ASAP

Many people try and save money while they're in debt. This is the wrong way to approach it. You are simply throwing money away, even if the debt is a mortgage. The amount of interest you pay to borrow is much more than you earn on your savings, so pay debts off with your savings instead.

Get Paid for Photos

If you have a talent for taking photos, you can turn them into cash and start increasing income just for the effort. Many people, including myself, pay for photos for their web site. All you have to do is simply set up an account and upload your digital photos to a photo hosting website. You will earn royalties for each one sold. There is a small fee that most hosting sites collect, but with enough sales, you could earn a respectable monthly income. However, if you take particularly beautiful shots, you could make really good money.