The Bank Engine Shares His Top Tips For Making More Money

If the last year has taught us anything, it’s that you shouldn’t take your employment income for granted. With millions of people placed on furlough and many made redundant, it’s more apparent than ever that you never know what’s around the corner.

This has really made me think about how many people are living from payday to payday. It’s often said that if you’re in a financially vulnerable situation, you should try and cut back on your spending, but I question this approach… 

You can only cut back on so many expenses, but you’ll still have to pay for the essentials (mortgage, rent, food, electricity, etc.) That’s why I’m a huge advocate for focusing on making more money instead. 

I’ve spent a lot of time researching this and have come up with a handful of ways to make more money with very little effort:

1. Negotiate Your Salary

If you’re in employment and feel like you’re being underpaid, chances are this is up for discussion. I am a big believer in ‘if you don’t ask you don’t get.’ 

If you think that you should be getting paid more, then spend some time gathering evidence of how you are going above your pay grade, build a sound-proof case and ask if you can discuss this with your boss.

Remember to be polite, and accept their answer as the company may not be in the position to offer pay rises at the moment. The worst they can say is no, but at least you’re now on their mind.

2. Move Jobs

A study showed that by regularly moving jobs from company to company, you could expect to see an equivalent pay rise of 10% annually. 

If you’re unhappy in your current job, it may be worth looking for other opportunities and benefitting from this phenomenon. 

You should be careful with how this makes your CV look though, as moving jobs every year might not bode well for future employers.

3. Learn A New Skill

Whether you’re looking for a promotion in your current role, or are considering a complete career switch, it’s undeniable that the more skills you have the more attractive you are to employers.

If you’re keen to learn some new skills or complete a course, there are thousands of free courses online including some from Harvard University which can give you a competitive edge against your colleagues. 

The more you know, the better you can sell yourself to your employer and therefore, are more likely to receive a higher pay rise.

4. Start A Side Hustle

There are 24 hours in a day and chances are, that you work for about 8 of these and sleep for 8. This leaves 56 spare hours per week. 

Obviously, you need some time to relax, eat and do other things but there will definitely be a gap here for you to start a side hustle in your spare time.

You could use this time to start an online business, offer freelance services or even do paid surveys online.

How To Side Hustle:

The four suggestions I have listed above are my favorite ways of increasing your income with very little work, but many of you might be wondering how easy it is to start a side hustle. 

I used to have this mindset as well, so in 2021 I’ve set myself a target of making an extra £500 per month from side hustles. In January alone, I made £759.67 which just proves that if you put your mind to something it can be achieved. 

I mention side hustles because these are perhaps the quickest way to go about making more money. A lot of people think this means they have to sell items online or try and scam people into buying shoddy products, but in reality, a side hustle is just an extra income source that you have obtained from doing something other than your main job.

Ideas For Making More Money:

Matched Betting:

If you have a spare 30 minutes a day you can beat the bookmakers at their own game by taking advantage of free bet promotions. Using software like Profit Accumulator this can be done simply and easily and I made over £300 in January from this (after deducting fees). Please be gamble aware though

Sign-up offers:

When you sign up to websites they will often give you an amazing deal. This is the case with lots of investing platforms in the form of free shares.

Some of which, you can earn up to £200 just from depositing £1 on their platform!

Referrals:

As with the sites above, if you refer your friends to them you will often both receive some form of reward. For example, this could be in the form of a free share each, a gift voucher, or even free crypto.

Summary:

As you can tell, I am absolutely obsessed with trying to earn as much as I can every month. This isn’t because I care hugely about money, but more because I want to use this extra cash to build wealth that will last generations. 

A little soon adds up to a lot, and if you think that the £700+ I earned in January only took me 21 hours you can see why I favour this method of building wealth over reducing expenses.

Top Tips For Making More Money was written by The Bank Engine. The Bank Engine is the new home of financial education where you can learn about anything from taxes to student loans. Check out their brand new free “Grand Guide to a Grand” which explains how to go from £1 to £1,000 in side-hustles. You can find their website at thebankengine.com or @thebankengine on Instagram.

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