Improving Your Earning Potential


5 ways to improve your earning potential

It can be quite deflating to look at your payslip, only to see the same figure staring back at you – month after month; but does that mean you need to resign yourself to this for the rest of your life? Absolutely not! There are always ways to improve your earning potential and you’ll find these all around you, if you look hard enough. Don’t resign yourself to a lifetime of being skint, look at all the potentials for improving your earnings. These are just some of the possible extra methods you can explore to make more money.

 

Change location

If you don’t want to be stuck in the same job for the rest of your life, you may want to consider moving to another country. Not only is this a new adventure, it can also improve your earning potential. Take a look at similar jobs in other countries and choose somewhere with a higher salary and lower living costs. Everywhere is different and some offer much better earning potential than others. The cost of living in Spain, for example, is much cheaper than residing in the UK. Australia offers much higher salaries. If you choose wisely, you can greatly improve your earning potential and even if it is not a permanent move, you can use your stay to save some money.

 

Negotiate your salary

It may be that you are in a position in your work to ask for a better salary; particularly if you have been there for a number of years. If you decide to explore this option, conduct a bit of research on competitors and what they pay, so you have some evidence to back up your request for a salary increase. It is also a good idea to take a note of any achievements you have made in your job. For example, have you saved your company money? If so, make sure you have figures to back it up. As the saying goes, if you don’t ask, you don’t get!

 

Extra work

Another option is to take on some extra projects, to help boost your earnings. It may be that your current employer could give you some overtime, or you may be able to take on some freelance work. If you have some spare time in the evenings or weekends, you might have the capacity for some part time work. If you are highly skilled in a particular area, you may also want to consider offering your services as part of a workshop or designing a course. Even a few hours a week of extra work could improve your earnings and over the course of a year, this could add up to quite a nice sum.

 

Save

It can be difficult to save, but it is important to do this if you want to ensure you don’t end up stuck for cash. Saving is a great way of making your money go further, if you choose a savings account with a good interest rate. It is a good idea to decide on a specific amount to put away each money and stick to it! If it comes directly out your account, you probably won’t miss it and you can always start with a small amount and increase it gradually, particularly if you take on some extra work. Saving as little as £10 per week can really add up over the course of the year, you will be surprised at how much this can boost your earnings.

 

Sell goods

If you have a keen eye for a bargain, you may want to try selling online. There are lots of people who pick up unwanted goods at charity stores and sell them online for a tidy profit. You’ll be surprised at what you can find if you take some time to go on the hunt for bargains. You might also find some hidden gems lying around your home, which you could sell online. For example, clothes you have always meant to take back, but never quite got round to. As well as making money, you can also get rid of a lot of clutter if you sell some of your unwanted items. If you don’t like the idea of selling online, you can also sell goods at markets and car boot sales.