In this post, we discuss how to increase your income without a salary increase. Filling your portfolio with additional income without necessarily increasing your salary is possible.
Who wouldn’t want to see their weekly salary increase by a few tens of dollars? However, the factors influencing salary increases are often beyond your control. So, is it possible to earn more money without necessarily having a better salary? The answer is simple: yes! If the idea of increasing your income without reducing your expenses appeals to you, here are several tips for making it happen.
Generate additional income: it’s simple and useful
The ways to diversify your sources of income are numerous and accessible. To earn the dollars, all you have to do is adopt the payment behavior that best suits your lifestyle. Here are some tips on how to increase your income.
Sell items you no longer use
Spring cleaning may be charged. Flea markets, apps like Market Place on Facebook, and sites like Kijiji are well known for bargain hunters and offer you the chance to earn a few extra bucks. All you have to do is count the clothes you haven’t worn in over a year, the toys your children don’t care about anymore and the objects that accumulate dust in the basement to resell them!
Put your talents at the service of your wallet, and make kind art!
Do you knit scarves or have a craft workshop at home and make pretty jewelry, candles or organic soaps, or hand-painted mugs? How about consigning them to your neighborhood gift shop? It is indeed possible to transform your hobby into a source of income. Think of the musicians who give music lessons; they combine business with pleasure while enjoying additional income without leaving their homes.
Take advantage of cashback and loyalty programs
Since some expenses are recurring, such as groceries, gas, and clothing, retailers have every interest in implementing several incentives to retain their customers. Discount coupons represent instant savings, while more subtle accumulated points are just as profitable over a long period of time. Be careful not to let your points sleep!
According to a 2019 KPMG survey, Canadians hold approximately $16 billion in unredeemed rewards points. If you’re the type that doesn’t want to deal with rewards, opt for an automatic program like some grocers or offer credit cards. The annual 1% or 2% rebate could reach a few hundred dollars, and this is for purchases that you would have made anyway.
Carpool and be greener and richer!
If you’re going on long journeys, why not cut fuel costs a little by taking an extra passenger onboard? It’s as simple as creating a profile on a carpooling site like carpooling. In addition, by opting for multi-passenger transport, you reduce your carbon footprint.
Shop to save is a fundamental step how in increasing your income
No need to deprive yourself to have more money in your pocket. To do this, you can simply ask yourself regularly about your consumption habits in order to optimize the actions you take on a daily basis. What brands do you buy? For what reasons? Can the TV package widely used in winter be reduced in the summer season?
Likewise, if your car insurance renews automatically, it might be worth thinking about for a moment, you could save money every year!
Make a budget – it’s more rewarding than stressful!
Where does your money go, do you really know? Planning and tracking your expenses and income is an exercise that can help you achieve your financial goals while keeping your peace of mind. Several means are at your disposal to help you make a budget, such as our budget tool, which accompanies you by telling you how much to save each month, according to your cash inflows and outflows. This is a key step on how to increase your income.
Use the RRSP to grow your money and generate additional long-term income
Your annual RRSP contributions entitle you to tax savings through regular RRSP deductions. These can also be enhanced by potential returns as well as by additional tax credits offered by certain labor-sponsored funds, such as the 30% specific to the Fonds de solidarité FTQ*. In the long run, you could see your savings grow without having to put in any extra effort.
Imagine the gains if you regularly invest in your RRSP! Take the time to calculate the tax savings achievable with our calculator.
Take control of your wallet. Budgeting, shopping, transforming… To obtain additional income without increasing your salary, all you need to do is be creative and dare to seize the various opportunities available to you. See which options are best for you. Either way, the simple act of making financial decisions and sticking to them could allow you to accumulate a nice amount of money over the year, an amount that you will be free to spend or invest as you see fit. seems. seems.