Managing our time and money to create a work/life balance we are happy with is becoming increasingly difficult. We might all dream of living a peaceful and relaxing life, but the reality is most of us need to work hard to make ends meet. And, with soaring inflation, it is becoming harder for many people to achieve the income they need.
The reality is that some jobs will pay more than others. If you're thinking of changing career or simply want to check that you're not being paid less than the average for your role, you can check the average salary per month in the U.K for different roles. Once you know the average salary for your type of work, it will be easier for you to manage your expectations. It will also put you in a better position to ask for a pay rise from your employer.
Ways to increase your income
Saving money by reducing your outgoings is unlikely to help you meet your lifestyle expectations. You will need to find other options like changing jobs, increasing your salary with a promotion or increasing the number of hours you work. Increasing your income is the best way to help survive in the current economic crisis. This is not just about increasing your current salary but increasing your overall income. A 9-5 job isn't the only option for increasing your income.
Here, we will provide you with some ways to boost your income to match your expectations.
Ask for a pay rise
Asking for a pay rise is a common solution. If you have only recently started a job, you probably cannot ask for a hike immediately. However, after working there for six months or more, you can probably ask for a salary hike. You need to understand your key result areas (KRA) as these will be considered by your employer during the promotion or appraisal process.
People often compromise in salary negotiation, but this should not be the case. You should understand your capabilities, what you have achieved during your probation period, and what experience you have gained or offered. Use this information and leverage it to negotiate a salary hike by expressing your salary expectations.
Consider promotional opportunities
Another opportunity to increase your salary is through promotion. When it's time for your organisation to promote you, you will naturally expect a salary hike at the same time.
Once your promotion has been confirmed, you can ask for the pay rise you expect. Promotion is the best opportunity to increase your level of responsibility at work and a pay hike at the same time.
Work overtime
Increasing your working hours might be a feasible option. Working longer hours, especially if your company pays overtime, can provide your income with a boost. If you are happy and able to work overtime, your monthly salary will increase automatically.
Look for lucrative income
Looking for a lucrative income stream can be a great way to manage the costs of modern life. Whether this is leveraging assets you already own (renting out a spare bedroom, driveway or additional property), or investing in high-risk, high-reward stocks, shares or cryptocurrencies, there are opportunities to open up lucrative income streams.
Once you have identified an opportunity to invest your time and money in a lucrative income process, try to grab it.
Find a side hustle
Finding a side hustle can help you seriously increase your income. For instance, if you speak a foreign language fluently, you might offer lessons or translation services in your spare time. A great home baker might make and sell custom cakes for birthdays or special occasions. You might be a crafter who can create one-of-a-kind pieces for customers at a premium.
Once you have an active income stream doing something you love in your spare time, you will soon find your income at the end of the month is boosted and you will be less reliant on using your savings.
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