Finance - Budgeting

SellNewBuyNew | 26 September 2018

In part one, we discussed how you can cancel or renegotiate your contracts to maximise your disposable income.

In part two, we will look at another way to save more money: increasing your earnings.

Let's go through some methods to help you can earn a bit more:

1. Talk to Your Boss

  • If you have been in your role for more than a year you can approach your boss to request a raise. If your boss says no initially this isn’t the end of the discussion. Ask what you can do over the next 6 months to qualify for a raise and work towards achieving it.

  • You can also have a look at the job market, is another company looking to fill a position like yours and offering a higher salary? Ideally you want to stay in your current position for as long as possible to help with your loan application so before you switch jobs, let your boss know to see if they'll reconsider on the raise.

2. Ask for Overtime

  • See if there is an opportunity to do weekend or after-hours work. Depending on your contract you may also be eligible to receive a higher pay rate for work performed after-hours or on weekends.

3. Are There Opportunities for Bonuses?

  • Some companies offer huge bonuses to their top employees. If your company does, see if you can find out what they look out for in a top employee. Then knuckle down and make sure you are the first one in every morning.

4. Get A Second Job

  • A second job can be a break from your normal 9 to 5, perhaps you could bartend on a Saturday night to make some extra money while keeping the vibe of a night out.

  • Maybe you could use a special skill to teach on the weekends?

  • Perhaps you could combine a love of walking and love of dogs – advertise your services to walk the dogs in your area.

  • There are also apps like AirTasker where you can sign up and help people with their odd jobs at a negotiated rate.

5. Sell Your Unwanted Possessions

Selling unwanted items is another way to raise funds that also helps the environment by reducing waste

  • Use eBay or Gumtree to quickly and list unwanted possessions online.

  • Use trash 'n' treasure or bric-a-brac markets to sell your vintage clothes

  • Have a good old-fashioned garage sale and see what people are willing to pay for your surplus stuff.

Saving money doesn't have to mean giving up creature comforts. If you do want to go the extra mile and really fast-track your savings goal, check out part three of this saving series.