6 Ways To Make More Money Without a Salary Increase

As the cost of living continues to increase, finding ways to improve your financial situation has become increasingly important. However, you may run into a situation where your boss doesn’t have the money to give you a substantial raise.

Fortunately, there are several strategies you can employ to make more money without a salary increase. Whether you’re saving for a big purchase, paying off debt, or trying to increase your disposable income, here are six ways you can boost your income that don’t require a salary bump.

Take Advantage of Employee Discount Programs

Many companies offer employee discount programs, providing significant savings on various products and services. These discounts can range from electronics and clothing to travel and entertainment. 

Actively seeking out and using these programs can translate into substantial savings. Essentially, you’re making more money by reducing your expenses on items you would purchase anyway.

Refer Someone for a Job

Job referrals are often a win-win situation. You can help a friend or professional acquaintance find employment and use the company’s employee referral program. 

Many companies offer referral bonuses as a reward for sending them suitable candidates. These bonuses are a great way to boost your income and often require minimal effort.

Ask for a Spot Bonus

If you’ve recently completed a major project or gone above and beyond in your role, consider asking your employer for a spot bonus. 

This one-time bonus will give you the recognition you deserve for your hard work and contribute to an increase in your income. It’s a direct way for your employer to increase your earnings without the long-term commitment of a salary raise.

Negotiate a Remote Work Arrangement

Remote work can indirectly increase your income by reducing expenses related to commuting, work attire, and food. Negotiating a remote work arrangement can lead to significant savings.

Ultimately, these savings will put more money into your pocket. As the number of remote jobs continues to increase, asking for a work-from-home arrangement is a realistic way to make more money without a salary increase.

Build Up Your Social Media Following

Building a strong social media following can help you generate various income streams. From sponsored content and affiliate marketing to selling digital products, the opportunities are vast. Increasing your presence on social media platforms can lead to financial gains that supplement your main income.

Showcase Your Professional Expertise With Live Streaming

Live streaming is a dynamic way to share your knowledge and skills with a broader audience. Platforms like YouTube, Twitch, and Instagram Live offer the chance to monetize your expertise. 

As your audience grows, so does your income potential. This approach may inspire you to upgrade your filming equipment and enhance the quality of your content to attract more viewers.

Final Thoughts

Exploring these six options for financial improvement can lead to significant monetary gains. Each strategy offers a unique way to enhance your income, from leveraging employee benefits to tapping into the power of social media. 

By adopting these approaches, you can take control of your financial future and find new, creative ways to boost your earnings.

How to Save Money and Plan for Your Financial Future

Living from paycheck to paycheck is a leading cause of stress among much of the population. There are surveys that indicate nearly 50% of Americans would have trouble coming up with the money to pay for a $400 emergency.

This is not a good recipe for financial success. That's why saving money is so important.

Make Saving Automatic

David Bach popularized the concept of the latte factor, which suggests cutting out mindless spending to build wealth over time. While that is perhaps his most famous recommendation, he also encourages people to make their savings automatic. 

Signing up for automatic withdrawals to a savings or investment account is a great way to make sure the money actually gets saved. 

People who wait to save what's leftover at the end of the month generally have no money left over to put toward their long-term goals. Therefore, paying yourself first is a necessary step to start building some savings.

Consider a Credit Union

When most people think of where they might put their savings, a large commercial bank might come to mind. However, credit unions are also a great option. 

Some companies, like Credit Union of Denver, know that these financial institutions run just like a bank. They offer loans at competitive rates, and they also have accounts that allow for savings and investments. 

Sometimes, these accounts come with better interest rates for savers. Members run credit unions, rather than shareholders who may or may not use a commercial bank's services.

Track and Trim Expenses

Many Americans spend mindlessly. Sure, there are bills that you'll have to pay monthly that stay relatively stable. These include things like rent, car payments, and food. 

There are other expenses that are completely unnecessary. Going out to a movie theater every weekend and eating out for lunch every day can get expensive. 

Tracking these expenses and trimming them back a little could put $100 or more back into your budget every single month. Over time, what might not seem like a huge sum of money could grow into a significant nest egg.

Make More Money

There are several options for making more money. The easiest might be simply asking for a raise. It can also pay to do a bit of job-hopping. 

Sometimes, switching employers can lead to some pretty hefty pay increases. Another option is starting a new side hustle that can bring in a few bucks. 

Over time, a side hustle might turn into your primary income, which means that it doesn't hurt to start one.

Putting some money away for emergencies or for the future is key to your financial health. That's why it's important to make savings automatic. 

Taking these tips into consideration can be a great way to increase your financial freedom over time. The earlier you start, the more likely you are to succeed in stashing some cash for your long-term goals.

3 Ideas To Make More Money If You’re Over 50 In Chicago

Just because you’re over the age of 50 doesn’t at all mean that you’ve lost out on opportunities to make more money and build up your wealth.

The opportunities to make money today are greater than ever before, so you’re actually in a very fortunate position.

Still, if you’re at a loss for what you can do, here are three simple ideas to make more money if you’re over 50 in Chicago:

Strategy #1 - Get Into Real Estate

It’s almost a cliche to say, at this point, that you should just ‘invest in real estate’ to make money. But the truth is that numerous real estate markets across the country have been bouncing back, and it really can be a good opportunity to consider buying an investment property to make money.

The most lucrative opportunities for getting into real estate are likely going to be places with a low unemployment rate and consistently strong population growth. You’ll have to put down a solid initial investment, which will be offset and pay off from the consistent stream of passive income coming in from renters.

Strategy #2 - Rent Out Your RV

Do you have a motorhome or travel trailer? If so, then as an alternative to essentially being a landlord and renting out a property, you can rent out your RV instead.

You don’t have to be a dealer or big rental company to be successful at renting out RVs. In fact, all you need to get started is just one RV that’s in good condition and well maintained, and then you’ll need to successfully advertise that RV on rental sites with high quality pictures.






To get started, you’ll also need to price competitively. According to Outdoorsy, “the average RV rental price in Chicago, IL is $173.12/night.”, so price your RV below that to get started.

Strategy #3 - Write A Book and Self-Publish

It’s much easier to publish a book today than ever before, because the days of where you would have to go around pitching your book to a publishing company are long gone. Today, it’s very easy to create an account on services such as Amazon Direct Kindle Publishing.

Write a book, convert it to PDF, have a cover created, write a description, set your price, and then publish. It really is that simple. If you really want to grow this into a business, you’ll need to publish more books in the same basic niche under the same author name to really establish yourself as an authority figure.

Self-published authors make anywhere from a few hundred to several thousand dollars a month on average, so the possibilities really are endless.

Making Money Over 50

There are many more financial steps that you can take as well to help grow your wealth. But getting into real estate and becoming a landlord, renting out an RV, and self-publishing books represent three of the most lucrative opportunities for earning passive income today in 2018.