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21-Apr
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Improve Your Income

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Is your bank balance not looking quite as impressive as you’d like it to? Here’s how you could improve your income.

Whether your outgoings are currently higher than your income, or whether you’re just looking to earn a little more for some of life’s luxuries, there are many different things that you can do to increase  your income

We’ve picked out 5 of the best ways to improve your income:

Ask for a pay rise

Before you look elsewhere, it makes sense to start by boosting income where you already have some to boost!

Don’t just ask your manager for a higher wage or salary. It’s important to have reasons for your request, and evidence to support it. Work out how long it’s been since you last received a pay rise – is it reasonable to ask for another? How much are other people earning doing the equivalent job elsewhere? Can you take on more responsibility to earn the extra money? What have you done so far to deserve a salary increase? Pick out some of your key achievements, particularly if they’ve directly benefited the business by increasing turnover.

Work more

Can you do overtime to improve your income? Can you take on someone else’s shift, if they don’t want to do it? Taking on overtime hours can improve your income considerably. Even if your current employer doesn’t actively offer overtime, they may have something that you can do if you need the extra cash.

Alternatively, if your employer allows it, work freelance in your spare time or take on a second job. Some employers will let you do this, as long as there are no direct conflicts of interest. The benefit of taking on a second job is that you can do something entirely different to your full time career, which can be very refreshing.

10% of all workers have a second job. Your options might include shelf stacking, babysitting and leaflet delivery.

Make and sell

If you have a skill that you can put to use, why not make things and sell them? Websites like Kogan are popular with people that want to sell what they’ve made, whilst other options include selling on eBay and opening up your own Facebook page.

Check your benefits entitlement

The Australian Government provides a range of government benefits, payments, pensions and support services, through the Department of Human Services- external site (Medicare, Centrelink and Child Support) and the Department of Veterans’ Affairs- external site.

Do online surveys

Online surveys won’t dramatically increase your income, but will bring in a little extra money that could pay for the occasional dinner. The more survey sites you sign up to, the more you’re going to make overall. There are definitely more effective ways to earn the same amount of money, but many people choose survey sites because you can complete the occasional survey whilst you’re lying in bed or watching your favorite TV show, with no commitment required.

Remember that every penny counts when you’re boosting your income. Don’t rule out the possibility that you could earn more than you are, because there are always additional income streams available.

If you are in need of quick cash for personal expenses, apply for a fast personal loan with My Cash Online today.

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*Disclaimer & Example: For our Small Loans of $2,000 or less, an APR (Annual Percentage Rate) doesn't apply. These loans are fee-based only with a term between 62 and 180 days, and so the APR is 0%. The establishment fee is 20% of the amount borrowed and the monthly fee is 4% of the amount borrowed. Representative example: a loan of $1,000 repaid over 3 months equates to a total amount payable of $1,320 comprised of $1,000 principal (amount borrowed), $200 establishment fee and $120 in monthly fees. The maximum comparison rate on loans between $300 and $2000 is 199.43%.
For our Medium Loans between $2,100 and $5,000, with a term between 2 months and 12 months, the maximum Annual Percentage Rate (APR) is 48% (Comparison rate 65.6597% p.a.) and there is a $400 Establishment Fee. A Medium Loan of $3,000 borrowed over 1 year would equate to a total amount payable of $4,289 (including a $400 establishment fee).

Under the current legislation, most small personal loan providers don’t charge an annual interest rate (you’ll know this as an APR %). The maximum you will be charged is a flat 20% Establishment Fee and a flat 4% Monthly Fee. The maximum comparison rate on loans between $300 and $2000 is 199.43%. This comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate.

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