Whether you're an employee, a freelancer or a business owner, it's natural to want to increase how much money you're making. This is obviously easier said than done, and it's especially difficult to make more money without also needing to spend more money in the process.
The good news is that it often just takes a few key adjustments to boost your income every month. Here are five tips that will help you take a big step forward in the amount of money you're making.
1. Evaluate Your Current Sources Financial Situation
To find ways that you can increase your income, you need to fully understand your current financial situation, including what your income sources and expenses are. Check your records to track exactly how much money you've made in recent months, how you made it and what your expenses were. You may find it easier to evaluate your expenses with financial consolidation.
The 80/20 rule often applies in terms of income – you (or your business) make 80 percent on your income from 20 percent of your income sources. Figuring this out can help you prioritize your most profitable income sources, and seeing where you spend your money will show you what expenses aren't earning you much of a return.
2. Build Your Network
No matter what your profession or business is, a good professional network will likely help. Your connections can put you in touch with new job opportunities or clients and provide valuable advice. There are plenty of ways to build your professional network, including business events and LinkedIn.
Here's the key to building a good network – focus more on the quality of your connections than the quantity. A common mistake is to see the number of people you know as your measure of success, but connections don't do you much good if you barely know them. Make an effort to reach out to the people you know regularly instead of having a bunch of acquaintances who you barely talk to.
3. Never Be Afraid to Say No
It's natural to want to be a people pleaser. People feel like they should avoid turning down requests or job opportunities because they may offend the person asking. But any successful business leader will tell you that what's important isn't how often you say yes, but that you realize when you should say no.
This goes back to prioritizing the things that make you the most money. The only way you can do this is by turning down things that offer a poor return at best. Let's say that a client offers you a two-week job, and this client's jobs don't pay that well for the amount of time they take. If you say yes anyway because you don't have work currently or you just don't want to offend them, then you may miss out on a higher-paying job that comes your way because you don't have time.
4. Value Your Time More
What's your time worth? The easiest way to figure this out is to see how much you charge clients for an hour of your work. Even if you don't charge by the hour but by the project, it's still easy enough to do the math and figure this out.
If you want to make more money, a simple way to do it is to start charging more for your time. At first, this can feel weird, as you may think that you're asking for too much. That's why you need to be confident in the work you do and the value that you provide. Keep in mind also that charging more for your time can actually give clients a better impression of you and your abilities. If someone undercharges for their services, it makes them look unprofessional.
5. Be Ready and Willing to Make Changes
Perhaps the most important thing to remember when you want to make more money is that you must be willing to do things differently. If you stick to the same routine, you're going to get the same results.
Although you shouldn't make reckless changes, you should look for opportunities that could result in a boost to your income. That could be searching for new jobs, investing more in your business's marketing or reaching out to new clients. Just don't let yourself get stuck because you're scared to try something new.
You can likely increase your income by much more than you think. All it takes is the right approach and some work on your part. Give the tips above a try, and you should gradually see your income increase.