If December is like a generous, hedonistic cousin, January is the frugal and down-to-business uncle. It’s time to reflect on goals, make changes in life and how to make more money and save (a lot more) money. Here’s some advice from personal finance experts about how to find more cash in your wallet in 2018.
Ask for a raise
If you suspect you’re worth more than your company pays you, do your research, says Kerry Taylor, a consumer expert who also runs a blog, Squawk Fox. Find out what other people in your position are making at other companies by asking on online forums such as Reddit, or searching salary comparison websites such as PayScale. You could also throw your hat in the ring for positions at other companies to see what you’re offered. Then, if you decide you want to stay with your current employer, practice saying why you deserve a raise out loud and prepare to make your case strategically, without sounding argumentative.How Much Money Should You Really Be Spending On Groceries?
Go for a promotion
Put together a slick presentation in PowerPoint or Emaze outlining your achievements from the past year, says Jessica Moorhouse, a personal finance blogger. Then set up a time to meet with your boss. “If this doesn’t get you that higher earning position, then it may be time to move to a different company,” she said.
Find a new job
If you’re unhappy with your current organization, or interested in better-paying opportunities elsewhere, time to dust off the resume. Make your resume results-oriented, says career coach Catherine Thorburn. Show that you added value to your organization, rather than simply writing out the tasks and duties you were responsible for.
Even if you’re not looking for a job, it’s always a good idea to keep weaving your networking web, says Eileen Chadnick, a career coach and head of Big Cheese Coaching. People often underestimate how important networking is to find your next role — it can open doors to new opportunities when you least expect them.Subscribe To Our Newsletters For Personal Finance Tips, Straight To Your Inbox
Start a side hustle
What’s your skill set? Determine where your strengths lie and translate them into a side hustle, says Taylor. Strong writing skills could be your ticket to a successful freelance writing business. A love of animals could translate into a profitable dog-walking gig.
If you’re looking for a structured job with a boss and a regular paycheque, use LinkedIn to connect with people, tell them what you’re looking for. Say something like, “I’m a professional writer looking for freelance work. If you know of anyone looking to hire a smart and hardworking writer, please let me know.” Don’t be too proud to ask for help, says Taylor. “This is the market of connections.”
Leaving town for a weekend? List your apartment on Airbnb. Get creative with the resources already at your disposal, says Moorhouse.
Here’s best way to save that hard-earned extra cash: