Want to Earn More Money? Consider These Five Ways

1. Get a New Job.

The best time to boost your salary is when you're negotiating a job offer.

But salary negotiations can be touchy — or downright scary — for some. You might worry that you're being too pushy and getting off on the wrong foot. Remember: Negotiations are part of the hiring process. Your new employer expects that you'll make a counteroffer. You should never accept a salary without trying to get a higher one.

How do you do it? First, research the market value of your skillset for your position within your industry. When you come to the negotiation table knowing what the industry standard for your position is, you're in a better position to make the case for why you deserve the salary you're asking for.

In addition to salary, don't forget to negotiate other perks, like additional paid time off, remote work, student loan repayment and educational reimbursements.

When I was negotiating my own compensation package, it was important that my employer reimbursed me for my professional development courses. As a financial planner, I have to maintain my professional designations with additional education each year, which can get pricey.

2. Ask for a Raise.

Like negotiating a salary at a new job, asking for a raise starts with knowing how well you are compensated compared to others in your field. It's probably hard to get salary information from your coworkers. But people working at other companies in your industry might be willing to share their salaries with you.

Or reach out to online professional networks to ask for this information. Another tip: Ask a financial planner or an accountant what salary range they see for people in similar industries since they look at people's financials all the time.

Make your case based on your contribution to your company's bottom line and your willingness to take on greater responsibilities.

3. Level Up Your Skills.

Did you know that your salary might be your biggest financial asset? Think about it. If you make $100,000 a year and your career spans 30 years, that's $3 million. Therefore, should you maximize the value of your career? Gaining new skills can make you much more marketable and improve your earning potential.

If your company offers any type of tuition reimbursement plan, use it. However, it may only apply to certain types of classes, and you may need to maintain a high enough grade point average to get the reimbursement.

Online classes can be a cost-effective way to learn new skills. LinkedIn Learning (opens in new tab), for example, charges just $40 a month for access to courses on topics like data visualization, branding and strategic thinking. Khan Academy (opens in new tab) has loads of free courses to help you learn skills you might need for your job like statistics, computer science or finance. You can even take college classes (without the cost of college) with Coursera (opens in new tab).

4. Get a Side Gig.

Sometimes you need a little extra cash to meet a specific goal, like paying off credit card debt or saving for a down payment. You may not be interested in getting a new job or asking for a raise. That's where a side hustle can be helpful.

The list of potential gigs is almost endless, from fitness instructor to Uber driver to dog walker. It's an excellent opportunity to turn a hobby or a passion into an income stream.

Not excited about working more? A side hustle doesn't have to be forever. Set a savings goal and work just long enough to reach it. But you might find that you like the part-time gig enough (or at least the money that comes with it) that you don't want to give it up.

5. Make Your Savings Work Harder.

One silver lining of inflation is that interest rates are up, too, thanks to seven rate hikes by the Federal Reserve. That's a bummer for borrowers, but a boon for savers who have suffered through more than a decade of near-zero rates.

In February, Ally Bank (opens in new tab) is offering a 3.4% APR on savings accounts without a minimum deposit. SoFi's (opens in new tab) savings accounts are posting APRs of 3.75%. But don't count on your bank to automatically boost your rate. Banks have been slow to give current account holders higher rates, even as they've teased high-yield accounts for new customers. You might need to move to another banking institution to get higher savings rates.

Another option is government-issued I Bonds, which you can buy from Treasury Direct (opens in new tab). The interest rates on these inflation-protected bonds have two components: a fixed rate and a fluctuating rate based on inflation, which is reset twice a year. I bonds are now yielding 6.89%.

The downside is that you can't cash them in for a year. And if you cash them in before five years, you'll pay a penalty of three months of interest.

Here's to Earning More

Of course, this isn't an exhaustive list of ways to increase your income. You have to look at your own situation to uncover the opportunities that make sense for you.

You might find it useful to work with a career counselor or a financial adviser to help you see how you can earn more. If you do, you'll be well on your way to boosting your income.

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This article was written by and presents the views of our contributing adviser, not the Kiplinger editorial staff. You can check adviser records with the SEC (opens in new tab) or with FINRA (opens in new tab).