Budgeting and cutting back on expenses are excellent ways to get more money in your pocket, but constantly tightening your belt has its limitations. When going on an instant ramen diet just isn’t cutting it, it’s time to consider the next big option: how to increase your salary.
If you’re reading this, you may be in a pinch – bills are creeping up, your mortgage payments are delayed, or perhaps you took a financial blow this year.
Still, others reading this may have enough money to shoulder their day to day expenses and just looking for ways to get a raise in salary to go on that dream vacation they’ve always wanted or that gadget they’ve been itching to buy. No matter the circumstance, one thing is clear – we are all looking for ways on how to get paid more.
Amidst the hustle and bustle of daily life, it’s easy to get stuck in the daily grind and overlook the steps you can take to earn more money. Reviewing your income generation and analyzing how things are going in your career is essential for financial growth.
If you’re wondering how to raise your salary, here are proactive steps you can take right now to enhance your money-making power.
1. Explore freelancing
If you’re wondering how to get a higher salary, perhaps the answer lies in what you can do when you’re not working your full-time job. Across the world, thousands of companies enlist the help of freelancers to get jobs done. If you have extra time to spare, perhaps a freelance job can help you generate the extra money you’re looking for.
People who frequently ask themselves, ‘what can I do to raise my salary’ can turn to the money-generating power of a good side hustle to tide them over during tough times.
Thankfully, if you’re wondering how to increase your salary, there are thousands and thousands of open jobs available in popular online freelance marketplaces.
Most of these jobs are remote and only require a good internet connection and a decent computer to get started like freelance writing jobs. In the world of freelancing, if there’s something you do well, there’s a good chance you can earn from it.
Here are steps on how to get a salary job through freelancing:
Find out if freelancing is right for you.
The freelance market is growing larger and larger every year, and surviving in such a competitive environment requires a great deal of commitment. If you’re wondering how to increase money through freelancing, find out if being an independent contractor fits your lifestyle first.
The freelance life has its pros and cons, and a specific mindset is required to be a freelancer. First, you’ll have to be your own boss. This means freelancers need to be disciplined, reliable, and able to set their own schedules.
Freelancers need to establish their own daily work routine while being able to juggle several projects at once, along with their full-time work. Once a project ends, freelancers need to look for new assignments to maintain a steady income continually.
The freelance life seems arduous, but the benefits overshadow the disadvantages. Freelancing allows you to set your rates, offers you more freedom, and, depending on the project, will also enable you to work whenever you want.
Find the right platform
I’ve always wondered how to increase my money many times through freelancing, and I’ve discovered that freelance platforms are the best way to do it.
You’ll find various freelance projects online, especially in social media channels like LinkedIn or Facebook, but most freelancers turn to freelance platforms to find their clients. If you’re wondering how to increase your salary, signing up for freelance marketplaces like FlexJobs and SolidGigs will make job hunting more convenient.
Both of these options have policies that offer protection for both the freelancer and the company doing the hiring. When signing up for a freelance marketplace, each project you enter is a mini contract that both you and the hirer need to adhere to.
If you’re wondering how to increase your money, consider signing up for these freelance platforms:
See Related: 8 Best Upwork Alternatives for Freelancing
FlexJobs claims to be the #1 job site to find remote, flexible job opportunities, and with 28,000 jobs from more than 5,600 vetted companies, we’re inclined to believe them. This freelance marketplace has been around for more than a decade, with thousands of freelancers currently taking on projects from clients worldwide.
All jobs or writing a list of freelance jobs in this freelance marketplace are vetted, which means that only top-notch projects are assigned to you. The website currently has over 50+ career categories, and you also get access to career coaching and resume reviews. These benefits, however, do not come for free. Membership starts at $6.95/per week up to $49.95/year.
If you’re wondering how to increase salary, SolidGigs is a freelance marketplace that’s worth a try. SolidGigs is a platform that’s very similar to Upwork or Fiverr. In a nutshell, SolidGigs is a freelance work aggregator that manually reviews over 100 sites for freelancing opportunities and lists them together in one place.
The website claims to post only the top 1% of gigs they find. Through SolidGigs, you can weed out poor opportunities and get access to only the best gigs available. If you have writing, designing, developing, or marketing chops, you’ll find a lot of top-notch projects here.
Apart from offering you the best projects the freelance world has to offer, SolidGigs also offers hundreds of courses from experts where you can learn more about pitching to clients, managing your finances, and selling yourself. The platform comes with a 30-day trial for just $2 and then $19/mo after that.
Build your profile and portfolio
If you’re wondering how to get a salary job through freelancing, you need to build out your portfolio first. Most freelancing sites, including FlexJobs and SolidGigs, come with predesigned templates that you need to fill out with information.
Take your time to create an impressive profile that will inform your clients about your skills and experience. Depending on your expertise, you may need to build a portfolio that best illustrates work you’ve done in the past provides a way of acquiring clients.
Set your price
Your hourly rate and per-project price largely depend on your experience and skillset, along with the current industry rates. If you’re wondering how much your freelancer rate should be, check out our freelancer rate calculator.
2. Learn new lucrative skills
It’s easier to get an increase in salary if you’re well versed in one of today’s most lucrative skills. You can then apply your new-found skills while working on a side job. Here are some of the most in-demand skills if you’re wondering how to increase your salary.
See Related: 12 Best Freelance Courses to Learn Online
Mobile App Development
Mobile apps continue to grow as mobile phones become a more and more integral part of our lives. Mobile app development involves programming and creating applications or software designed for fast-operating mobile devices. Check out some of Udemy’s best mobile development courses.
If you’re wondering how to increase your salary, working as a translator may be the perfect job for you. As the world becomes more globalized, more and more companies are looking into developing localized content. This means that you’ll find an increasing number of job opportunities as a translator. Check out Udemy’s guide on how to be a successful translator.
Social Media Management
Social media plays a massive part in today’s business realm, and knowing how to manage social media accounts to get the most engagement can land you a high paying job. Check out some of the best online social media classes from SkillShare.
Content writing is an integral part of marketing plans, social media, and advertising, so if you’re wondering how to get a salary increase, being a web content writer is an option to consider. The highest paying content writers are those in in-demand niches, including finance, medical, and technology. Check out this comprehensive content writing course from SkillShare.
See Related: 6 Best Freelance Content Writing Websites
Video is still one of the most popular forms of media, and those skilled in video editing will find a plethora of jobs available from companies looking to strengthen their marketing. These video editing courses from SkillShare will provide you with a good starting point.
These are just some of the most in-demand skills of today. If you’re wondering how to raise your own salary, check out the seven best freelance skills to learn.
3. Ask for a raise
Wondering how to increase your salary? If you’re looking for ways to increase income without working more, the obvious solution is to ask for it.
If you’re like most people, it’s been quite a while since you requested a pay increment, or perhaps you’ve never asked at all. Asking your superiors for a raise is a normal part of having a job. Here are tips on how to get salary raise.
Know that asking for a raise is normal
You aren’t entitled or greedy to desire a raise. If your superior has experience in managing people, he knows that requests for a salary increase are completely normal.
As long as the amount you request isn’t wildly beyond the market for your work and you have a strong performance record, you won’t fall out of favor just for asking for higher compensation.
This is especially true when you’ve wondered to yourself, ‘but my colleague gets paid more for the same job!’ These are great moments to discuss with your boss about a salary raise.
Mind your timing
When requesting a raise, timing is integral. Don’t ask for a salary increase when your boss is having a bad day or nervous about budget cuts. Assess the situation before diving in to avoid mistakes in freelancing. Is your boss particularly pleased with you lately? Then now might be a good time to ask.
See Related: Know Your Worth: When It’s Time To Adjust Your Freelance Rate
Consider the length of your tenure
Have you been in your job for more than a year? Those asking for a salary increase for new job are more likely to be rejected than those who have displayed long-term exemplary performance.
While some companies routinely revisit your salary every year, others don’t. If it’s been more than a year since your last salary was set and you’ve done excellent work for the company, then it’s reasonable to ask for a pay raise.
Know how much you’re worth
If you’re wondering how to know what your salary should be, it’s wise to do some prior research. First, ask yourself, ‘how good is my salary?’ Next, determine the market rate for the type of work you do in your geographic area.
Salary websites can be a good starting point when doing your research but know that they aren’t very accurate. Roles can differ from company to company, so assume that these websites will give you a very rough range.
See Related: How Much is $45,000 a Year Hourly? (An Analysis for Self-Employment)
Know how much raise to ask
What is a fair salary increase? It’s generally appropriate to ask for around 10% to 20% more than what you’re currently getting. If you’re making roughly $50,000 a year, then it may be okay to ask for around $55,000 to $60,000.
However, before asking for a yearly salary increase, it’s wise to familiarize yourself with your company’s salary structure. Some companies have rigid policies around pay increments and will rarely give anyone a raise of more than 5%. Others, however, are more generous.
Focus on accomplishments, not finances
When talking with your superior about how to increase your salary, focus on your work achievements and not your finances. The reason why you’re asking for a raise might be to cover your rent or to have more savings for retirement, but this shouldn’t be part of your reasons when you’re making your case to your boss.
Stick to valid business reasons, the contributions you’ve made to the company, and your value to your superior.
4. Check for job openings
More work equals more pay. If you’re wondering how to increase your salary, try keeping an eye out for job openings in your department.
A lot of companies deal with the harsh reality of employee turnover, and it can be costly and time-consuming to look for replacements. If you have spare time, you may consider filling in the gap.
If you’re wondering how to increase your salary, these open positions are splendid opportunities to make more money.
Let your superiors know that you’re qualified to take the job and be ready to step in. Your company will be able to save on hiring costs, and you can expect increased pay. It’s a win-win situation.
5. Prepare for a successful performance review
When you’re poised for a performance review, it’s a good idea to prepare. Give yourself plenty of time to crunch numbers and list your accomplishments. Your manager may have a good sense of your contributions, but no one knows the specifics of your job more than you do.
List down leadership roles, special projects you worked on, the money you saved for the client, or courses you’ve taken. Never leave it to your manager to track your success. To show clients that hiring you is the best decision and avoid mistakes in hiring freelancers.
Also, consider discussing your value-add potential. While some employees do what they’re tasked with, there are special workers who go above and beyond to contribute more.
Highlight moments when you went beyond your job responsibilities as these could help you stand out.
6. Employ tip-generating strategies
If you’re working in a field where tips are offered, you may be wondering how to increase your tips. know that there are strategies you can employ to encourage tipping behavior from your customers. Here are some strategies about how to increase your salary through tips.
This should go without saying, but the bigger your total bill is, the larger your tip will be.
With that said, the best way on how to increase tips is to sell a bigger total bill. Encourage your customers to order more desserts and appetizers, or if you’re a bartender, encourage your customers to purchase higher-priced drinks.
According to one French study, entertaining your customers can boost your average tip from 16% to 23% (this was done by leaving customers a card with a joke on it).
A New Jersey study discovered that offering customers a word puzzle enhanced tips from 19% to 22%. Decide on the best way to entertain your customers, depending on where you work.
Call customers by their names
In one study, customers who were addressed by their names often tipped more than those who weren’t. A great way to do this is to thank the customer by their name after issuing their credit card, as you’ll have learned their name from their card).
A simple “Thank you, Mr. Brown” should do the trick!
Consider working better shifts
If you’re wondering how to make more tips, there’s one obvious solution. The more customers you have, the more tips you’ll earn. Try asking your superior which shifts receive more people, and request if you can work during those times.
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