Want to Earn More Money? Consider These Five Ways

Instead of simply vowing to save more money, why not commit to earning more? You could ask for a raise, try a side hustle or switch to a bank offering a higher savings rate.

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If you're like a lot of people, you started the year off with a few well-intentioned resolutions. Is it exercising more or eating healthier? Or is it saving more? According to a recent Statista survey, saving more is the fourth most popular resolution.

What does “saving more” mean? For many people, it means spending less in order to free up enough money for saving. But that's not the only way to look at it. Why not turn the idea of saving more money upside down and commit to earning more money instead?

There's no problem with you watching your spending — I think we should all be intentional about how we spend. But focusing only on the spending side of the equation reinforces a scarcity mindset, urging you to pinch your pennies in the name of fiscal prudence. Shifting the conversation to earning is about your power to create wealth.

Now or Never

You've seen the headlines: Inflation is at a 40-year high, running at 6.4% at last count. Some categories of spending are well above that, like food, electricity and transportation. And while workers have gotten bigger salary increases in the last year than they have in years past, those raises aren't keeping up. In reality, the average worker is taking a pay cut.

Under those conditions, there's only so much you can cut from your budget before it starts to hurt.

If you want your lifestyle to stay the same — or improve — then you need to look at your earning potential. Make 2023 the year you boost your income. Here are some ways to do it.

Erin Wood, CFP®, CRPC®, FBSⓇ
Senior Vice President, Financial Planning, Carson Group

Erin Wood is the Senior Vice President of Financial Planning at Carson Group, where she develops strategies to help families achieve their financial goals. She holds Certified Financial Planner, Chartered Retirement Planning Counselor and Certified Financial Behavior Specialist designations.