Did you know that most Americans live paycheck to paycheck? The economy wasn’t always like this. It’s stressful to constantly need to watch your spending, especially if you feel like you can’t save up for anything fun. What are some simple ways that you can increase your income? Okay, so you might think that increasing your income is easier said than done. But there are actually a lot of things you can do for yourself. Whether you’re aiming to move up in your current job or snag a better paying job elsewhere, here are some key tips.
Consider Going Back to School
First, you might want to consider pursuing your graduate degree. That goes especially for people in competitive fields like technology, healthcare, and education. Having a master’s degree in these fields shows that you specialize. People with graduate degrees in these areas tend to make thousands of dollars more — sometimes tens of thousands.
Paying for a graduate degree doesn’t need to be a hassle, either. It’s possible to borrow from the federal government using the same FAFSA application you did for undergrad. And once you’ve maxed out your federal loans, you can cover the rest by applying for graduate loans from a private lender. Chances are, you’ve built up some credit over the years. You can use that credit score to finance a loan with a solid interest rate and forgiving payback period.
Search for Job Openings
Now, you don’t want to advertise that you’re job searching if you’re employed somewhere already. That’s a good way to get your boss to let you go. But you can update your profile on websites like LinkedIn and get alerts from job hunting websites when jobs in your field open up. You might be able to snag a competitive job opportunity. It never hurts to try. At the interview, you can tell the interviewer how much you make and tell them that you’ll need a better offer than that to join their company. If you do get a job offer, you can also use it to ask for a raise from your boss. Either way, your income increases.
Ask for a Raise
If you’ve worked at your company for a while without a raise, it might be time to ask for one. Find out how much your coworkers are getting paid. Then do research on your specific position so you can find out how much people with your experience level are usually paid for your job. Put all of your research together into a document and bring it to your boss. You should know exactly how much you’re asking for, explain what you do for the company, and listen to what your boss has to say. Some people find it nerve-wracking to ask for a raise. But if you do the research beforehand, your risk level is relatively low. You deserve to be paid appropriately for the work you do, especially since your job profits off of that work every single day of the year.