4 Ways to Boost Your Current Income
Every person’s financial needs are different. Some people find their income sufficient to meet their requirements, while others want to supplement it for a variety of reasons. They may need the additional funds to pay back debts, finance a vacation, or live more comfortably. They might also want a higher paycheck so they could provide for their growing family or to prepare for their future.
Whatever your reason may be for searching for a higher earning potential, you’ll be glad to know that there are different ways to achieve that in Singapore. Often, you can leverage your skills and capabilities to generate additional income streams. There are also creative ways to convert some of your existing but unused assets to cash
Whether you’re a recent graduate who’s starting a career or a veteran employee with years of experience, here are four ways you can boost your current income.
Get Further Training
If you want to pursue a job position with a higher salary, consider getting additional training. It provides you with a competitive edge to negotiate a raise—or higher salary, if you choose to look for opportunities elsewhere. Also, some career advancement opportunities require a deeper understanding of the industry that only a master’s degree or doctorate can provide. For example, economists, occupational therapists, and speech pathologists tend to thrive when they complete their graduate education. That said, make sure to do your research on whether or not this is the case for your career.
Aside from individuals who make an effort to finish graduate education, many employers also tend to favour prospective employees who seek further training in their field to improve their productivity and abilities at work. A SkillsFuture certification related to your work, for instance, can help update your skills and allow you to remain relevant in today’s innovation-centric industries. While further training requires some amount of financial investment, your employer might be willing to offer a partial or full tuition reimbursement. Check with your company’s human resources department if this is something they offer to employees looking to get additional training or education.
Apply for a Part-Time Job
Another way you can boost your current income is by applying for a part-time job. Many part-time jobs offer flexible hours that you can schedule around your regular job. For example, you can work in retail on the weekends or drive for a ride-hailing company in the evenings.
In addition to boosting your income, a part-time job is a good opportunity to try out careers in other industries. If you’re considering shifting careers, a part-time job can help you have first-hand experience in a field you may be unfamiliar with and help you decide later on if it is something you’d want to pursue further. When applying for a part-time job, make sure you won’t violate any non-compete agreements you may have with your full-time employer.
Offer Freelance Services
Aside from getting a part-time job, you can also offer your skills and services as a freelancer to increase your earning potential. Unlike full-time employment, a freelance gig lets you work to suit your schedule and convenience. Freelancers work on an hourly or per-project basis and are typically responsible for finding their clients. Thus, you’ll be free to take in work whenever or as much as you can.
Sell Your Talent as a Service
As a freelancer, you can tap into your hobbies or interests that may be valuable to the public. You may be a photography enthusiast and can take portraits of people or document events on weekends. If you’ve developed certain writing skills instead, you can provide writing services in your downtime. Alternatively, if you have a knack for graphic design, you can offer commissioned works to people who may need help creating digital artwork or designing branding elements
Offer Your Knowledge
Apart from offering your services as a freelancer, consider selling your skills through teaching. You can hold small classes and charge participants who may be interested in developing their capabilities. For example, you can organise a workshop and teach people about blogging, photography, or public speaking.
Take note that when you opt for a freelancing job in Singapore, you’ll need to declare your earnings as personal income with the Inland Revenue Authority of Singapore. You will also be required to pay income tax once your income goes beyond SGD 20,000 in a year.
Sell Your Preloved Items and Unutilized Assets
If you need some quick cash, you can sell your gently used items either in person or online. It’s also a good way to declutter your living space of things you no longer use. You can sell used clothes, shoes, and trinkets through thrift or consignment stores. Alternatively, you can sell secondhand items online by posting listings on digital marketplaces. If this is something you prefer, be sure to take high-quality photos and write descriptive information for each listing so potential buyers get a clear idea of what they’ll be purchasing from you.
Before you sell any pre-loved items, make sure to check their condition. It’s a good idea to be certain that buyers can still enjoy your goods even if they’re used. In some cases, you may need to have items repaired or refurbished before putting them up for sale.
If you’re aiming for an even bigger injection of cash, consider selling assets that are even greater in value. These can be things like unwanted family heirlooms, rare collectibles, furniture pieces, appliances, and even a vehicle you might no longer need.
When it comes to boosting your current income, there are plenty of ways to do it. Some of them you can do in your spare time while others can be complementary to your current full-time work schedule. However, only you can determine which of these can work best given your current circumstances. Hopefully, the recommendations mentioned in this short guide can help you find a suitable supplemental income stream so you can reach your financial goals more quickly.