There are many ways to boost your income and below is an attempt to outline some of these.
Pay rise and benefits
Assuming you already have a job, consider what could help you achieve a pay rise or benefits that can reduce your personal expenses. An quick example of a workplace benefit is health and dental insurance which can minimise the amount you would normally pay from your own pocket. Another example is having your employer to pay for internet and mobile subscriptions. The savings you enjoy from benefits like this could help boost your savings rate as expenses moved from your personal budget over to your employer.
Employer Pension Contributions
Employer pension contributions is another great way to boost your financial situation for the future you. This type of work benefit can be observed as extra money because the contribution comes on top of your normal salary. Any money that you contribute yourself to the pension is separate from the contributions your employer will make. Check if your company offer contribution matching. This is where employers will pay more into your workplace pension if you agree to increase your contributions too. Pension contributions may be a long-term benefit but it helps you achieve financial independence faster than if you were to fund your pension entirely on your own.
Please be aware that you may be unable to access the funds before the statutory retirement age but other conditions may apply depending on your situation and where you reside..
Adding a second job to your schedule could help you generate income. Most likely this is a part-time role with a limited number of hours. The type of role is up to you but hopefully this is something you enjoy doing. Perhaps a hobby where you can make a few bucks? The recent trend has shown many pursue a second job as virtual assistant but it could also be dog-walker or IT assistant. The point is, do something that comes easy and helps you earn that extra income.
Investing in shares, ETFs, Crypto, and more
Putting your savings to work by investing in shares or ETFs is a popular way to your money to work for you. Naturally the goal is to get your current savings become more worth. Although there is no guarantee of success, the stock market has historically delivered an average return of 6-7% per year. Investing in shares carries risk and there is a chance that your investment may go down as well as up in value. The typical recommendation is to invest in stable successful companies and hold them over a long period of time as you statistically are more likely to get a positive return compared to constantly buying and selling.
Interested in learning more about how to invest? Please read the article about how to invest using eToro trading platform. Investments fall as well as rise in value so you could get back less than you put in.
Become a landlord
Becoming a landlord requires a significant financial investment. Buying real estate may be achieved through a combination of savings and mortgage. This is best explored with your financial institution but before aiming for this try to research what it means to be a landlord. Besides the outlook of an extra income stream, there is also extra responsibility that comes with. A real estate agent may provide a more complete understanding of what this may involve.