{"id":8030,"date":"2023-06-12T12:05:26","date_gmt":"2023-06-12T02:35:26","guid":{"rendered":"https:\/\/adelaideprivatewealth.com.au\/supplement-your-savings-by-boosting-your-income\/"},"modified":"2023-06-12T12:05:26","modified_gmt":"2023-06-12T02:35:26","slug":"supplement-your-savings-by-boosting-your-income","status":"publish","type":"post","link":"https:\/\/adelaideprivatewealth.com.au\/supplement-your-savings-by-boosting-your-income\/","title":{"rendered":"Supplement your savings by boosting your income"},"content":{"rendered":"
It\u2019s challenging to get a foot on the property ladder and coming up with a large enough deposit can seem like an impossible task at times. One way of increasing your savings is to boost the amount of money you have coming in.<\/strong><\/p>\n When it comes to boosting your income, every little bit helps, so let\u2019s look at some of the ways you can top up your savings.<\/p>\n The first step is to look at what you are currently earning and see if there is the potential to earn more by working overtime or by increasing your contribution or responsibilities.<\/p>\n Is it time to ask for a raise? With wage growth stagnating, it\u2019s important to present a compelling argument for a salary increase. It\u2019s not just about summoning the courage to have \u2018the talk\u2019 with your boss \u2013 you need to maximise your chances of receiving that increase. Think about how you can demonstrate where you have added value, taken on more in your role, or achieved cost or efficiency savings for the company. It might even be an idea to consider doing further study and developing additional skills that could see you increase your earning capacity.<\/p>\n The employment market has swung in favour of job seekers of late so it can be a good time to see what else is on offer as a way of increasing your income. In fact, data shows workers who move jobs received pay rises of between 8 per cent and 10 per cent, while research out of the Reserve Bank of Australia suggests a more modest 5 per cent pay rise for switching jobs is in the normal range.i<\/sup><\/p>\n On a cautionary note \u2013 consider your overall career objectives and don\u2019t just jump ship for more money. You don\u2019t want to move to a higher paying job to find that it makes you miserable.<\/p>\n We all have stuff lying around that we don\u2019t need that can generate extra income and \u2018one man\u2019s trash is another man\u2019s treasure\u2019. Sites that are good for selling items online include Facebook marketplace<\/em>, Gumtree<\/em> and Ebay<\/em> and you may also want to consider second hand markets in your local area or having a garage sale. Make sure you do your research and know what things are worth as you don\u2019t want to give away a sought-after collectable for a song when it\u2019s worth a bomb!<\/p>\n It\u2019s also possible to get income from renting out your stuff you are not using. Do you have tools in the garage that someone would pay to access? Or camping equipment that others would want to use for their get-away? Australian company Releaseit<\/em><\/a>\u00a0provides a renting platform where you can list your items and accept booking requests from members of the public.<\/p>\n A side hustle does not have to be a second job. Think about what skills you have that may be marketable. For example, are you a whizz with words? If so, you could earn some money writing cover letters and CV\u2019s for job applicants. If you are a gardening green thumb you might be able to help others with their garden design and plant selection. Or if you are creative, selling your work on a platform like Etsy <\/em>can be financially worthwhile. Even just sharing your opinion can earn you money as participating in paid market research can earn up to $100-$150 per session.ii<\/sup><\/p>\n Boosting your income is a great way to reach your property goals faster than focusing solely on saving but saving is still an important part of getting your deposit together. Paying any extra income into a dedicated account can make sure you don\u2019t touch it.<\/p>\n It\u2019s also helpful to have a firm figure in mind to be aiming for to ensure you stay on track.<\/p>\n i https:\/\/www.afr.com\/policy\/economy\/want-a-pay-rise-then-you-should-switch-jobs-20220330-p5a9ds<\/a><\/span><\/p>\n ii https:\/\/researchconnections.com.au\/<\/a><\/span><\/p>\n Important: This provides general information and hasn\u2019t taken your circumstances into account. It\u2019s important to consider your particular circumstances before deciding what\u2019s right for you. Although the information is from sources considered reliable, we do not guarantee that it is accurate or complete. You should not rely upon it and should seek qualified advice before making any investment decision. Except where liability under any statute cannot be excluded, we do not accept any liability (whether under contract, tort or otherwise) for any resulting loss or damage of the reader or any other person. <\/span><\/span><\/p>\n Any information provided by the author detailed above is separate and external to our business and our Licensee. Neither our business nor our Licensee takes any responsibility for any action or any service provided by the author. Any links have been provided with permission for information purposes only and will take you to external websites, which are not connected to our company in any way. Note: Our company does not endorse and is not responsible for the accuracy of the contents\/information contained within the linked site(s) accessible from this page.<\/span><\/span><\/p>\n The post Supplement your savings by boosting your income<\/a> appeared first on MLC Contemporary<\/a>.<\/p>\n<\/div>\n<\/p>\n
Increase your earning power<\/h3>\n
Change jobs<\/h3>\n
Sell or rent things you don\u2019t need<\/h3>\n
Take on a side hustle<\/h3>\n