You have more to spend or be able to save more. How do you do that? One way is to increase your income. Easier said than done. Yet there are all kinds of possibilities. For example, combat inflation with passive income. Or take a nice part-time job. Need inspiration? View our 6 tips here.
1. Make money online
You don’t have to leave your house to bring in some extra money. It doesn’t matter where you are, as long as there is the internet. That makes the online approach very flexible. Exactly what you need if you do it next to your job. Be careful because making money on the internet comes with risks. Only invest a little time and money if you are sure what you will get in return.
Now the key question: what potentially profitable activities can you undertake via the internet? Here are a few common examples:
- Do you have clothes or other items left over? Then sell them via platforms such as Marketplace or ebay.com.
- Do you have a skill that is in demand? Register with the Chamber of Commerce and let yourself be hired as a freelancer, for example, as a writer, translator, designer or handyman.
- Do you have your website or social media channel on which you are active? Then ‘affiliate marketing’ might be something for you. You promote services or products of other companies. You get paid when someone buys something through your link.
Are you toying with the idea of becoming self-employed? And could you use some ideas for this? Then be sure to read this article on cp3mag.com.
2. Check whether you can receive allowances
Rent, care, childcare allowance and child-related budget. You may be entitled to these four allowances as a citizen. If you are eligible for such an allowance, you will receive money from the Tax and Customs Administration to cover your costs.
If you already receive a supplement, please note: a change in your situation may affect your supplement amount. For example, think of a move, marriage or change of income. So always notify the Tax and Customs Administration of such a change.
3. Provide passive income
You are becoming rich while sleeping is quite ambitious. But with a passive income, you come close. A passive income means you sell something where you don’t have to work for every dollar. For example, you take photos and sell them on a stock photo site. Every time your photos are used, you earn something from them. While you only had to make them once.
There are many ways to generate passive income. You can make it as easy or difficult as you want. Take inspiration from these ideas:
- Rent out something you don’t use yourself, like your caravan. Make sure the MOT is in order, and then you catch money with someone else’s holiday.
- Create educational videos and sell them online. That could be anything from a piano lesson to a breath-holding course. You make it once, and then you don’t have to put hours into it.
- Start a blog and post ads. You post the texts weekly, and the ads remain. This way, you also earn money on blogs you wrote months – or even years – ago.
4. Invest your money
If you have already built up some savings, you can put that capital to work for you. The best-known example of this is that you invest it. You then invest your money in, for example, bonds or shares. You can then receive a return in return: the return on your investment.
Investing can give good financial results in the long term. But beware: you also risk losing your investment. So it is important to prepare well. So first, immerse yourself in the risks of investing. Also, consider what you want to invest in, how much risk you want to run, and your financial goal.
Starting to invest can be a big step. That is why we are happy to help you on your way.
5. Ask for a raise
Have you worked for your employer for a while, and are you both satisfied with your work? And maybe get a promotion? Then it’s a good idea to suggest a pay rise. Such an increase is often between five and ten percent. Does a collective labor agreement apply to your company or your sector? Then take a look at what it says about wage increases. You may have more rights than you think!
Will you negotiate your salary? Then prepare well. How much pay rise do you want? Why do you deserve that? If you get a ‘no’ back, how do you proceed? All good questions to know the answer to before you start the conversation.
6. Increase the number of working hours
It is a trend in the labor market: working fewer hours per week. But, unfortunately, that usually also means you will be satisfied with a somewhat lower income. It would be very nice if that is financially possible. But those who want to earn more can also do it the other way around and work more. If you already have a permanent job, you can increase your contract hours, for example, from 32 to 36 hours a week.
Taking a part-time job or ‘side hustle’ can also pay off. The possibilities are endless: walking dogs, tutoring, cleaning, and organizing yoga sessions. So which talent can you make a profit from?
What do you do with your extra income?
Have you managed to get more money every month? Then think carefully about why you needed that extra money in the first place. Are you saving for a new car, renovation or trip? Then put your money aside until you reach your goal. Saving for a buffer is also useful. This way, there is no money stress if the washing machine breaks down or the gutter leaks.
Saving is always useful whether you do it for your dream home or a nice buffer. Therefore, check regularly whether you can spare something, and if not, what opportunity you have to earn some extra. Working more hours, starting to invest, or doing a side job can ensure you achieve your savings goal.