10+ Ideas to increase your current salary

If you are an employee working for someone, you have several strategies you can use to increase the amount of salary you receive:

Strategically negotiate a pay rise.
Seek an internal promotion.
Ask for overtime.
Earn bonuses.
Back-fill someone in the same organisation at a higher position and pay.
Find a higher paying dream job elsewhere.

If you are at a dead end with your current employer, it’s time perhaps to look for better opportunities elsewhere. Find a dream job elsewhere that pays much more than your current job.

Remember this: never jump from the frying pan into the fire.

Apart from who you know (sometimes, it’s not what you know but who you know), the key to earning more income as an employee is to give tangible value to your employer. Focus primarily on value creation and giving. The money will flow later.

If you cannot give any additional value than what you are already giving, you will not be able to get anything more in return. The reality is that no one is going to pay you more for something that they are already getting elsewhere.

Always ask these questions: What does success look like for me? What practical steps can I take now to get there?

Negotiate a pay rise

If you know that you have been doing an excellent job at work based on the positive feedback you constantly received from your work and peers, don’t be afraid to approach your manager for a pay raise. Many people are afraid to ask for pay raises even though they know they genuinely deserve them.

Don’t undervalue yourself.

Seek an internal promotion

If you want a job that excites you and pays well, you’ll have to climb the corporate ladder at some point and get yourself promoted.

How to get started now

Constantly develop marketable skills and experience that will prepare you for more responsibility in the future.
Fill any knowledge and skills gaps by attending courses (online or offline).
Concentrate on just doing the best you possibly can in your current job, constantly adding tangible and measurable value.
Make sure people know that you’re doing a great job (self-promote yourself!).
Develop relationships and networks with people you work with.
Subtly make sure that the right people know that you want a job promotion.
Regularly (but strategically) apply for internal job openings within the organisation.
Get an internal mentor who is someone higher up in your organisation who can open doors for you.
Train someone else so that they will be ready to fill your shoes if you do get promoted.

Ask for overtime work

If you have a job that offers over-time and you have the capacity to take on more work hours, there’s an opportunity to earn more money. Think about your work-life balance.

How to get started now

Let your manager know that you are interested to work overtime or work more hours.
Let your co-workers know that you’re willing to pick up any extra shifts or work they don’t want, need, or cannot do.
Continue to deliver value when performing the overtime work and get recognised where possible.

Earn additional bonuses

If your job allows you to earn financial bonuses, you are in a great position to start making more money, above your current salary.

This depends on the industry and organisation you work in. Demonstrate your value. Stay motivated and positive. Volunteer to take on additional work. Track your accomplishments. Position yourself for future recognition and promotion.

Working during holidays and weekends

Working more can increase your paycheck.

However, you don’t necessarily have to work more hours to make more money. Depending on your employer, industry and personal circumstances, you may simply choose the right work shifts could help you earn more, including working during public holidays and Sundays.

If your employer offers time and a half or double-time payment for working on public holidays or Sundays, consider signing up for an extra shift or two to increase your pay.

Backfill someone in the same organisation

If there is a temporary opportunity to backfill someone else in your organisation at a higher level, here’s an opportunity to earn more income. These employees may take extended leave due to the birth of a child, sickness, or long service.

How to get started now

Constantly develop marketable skills that will prepare you for more responsibility.
Fill any knowledge and skills gaps by attending courses (online or offline).
Tell your manager that you are keen because you have the required skills and experience to perform the back-filled job.
Sell the idea that this backfilling will give you an opportunity to better understand how other parts of the organisation operates (or some great reasons).

Find your dream job elsewhere

If you don’t look forward to going to work or you are not happy with your current job or working conditions, it’s time to find your dream job elsewhere. Hopefully, this dream job will pay more than your current job.

Remember that you are a marketer. The product you are marketing is yourself.

Keep in mind that you are looking for the right job, not just any job. While a lot of people are grateful to get a job offer, you want a job that will get you closer to your career goals or dream. As such, you must be willing to negotiate, ask for more, or turn down an employment offer that doesn’t meet your minimum requirements.

Transitioning back to work after a short break from work

If you have taken (or planning to take) time off from your work (say for raising children, doing caregiving work, etc.), your transitioning back to paid employment will not be easy for a variety of reasons.

It may be worth reducing your work hours rather than a complete break just to keep our job. Some professions may require continuous employment to maintain your registration or certification.

There are strategies you can adapt to maintain your salary levels upon your return.

The key is to plan your return well before you actually take time off.

During your absence from the workforce, use social media platforms like LinkedIn to share posts regularly about your industry and the latest developments. This will show that you’ve kept pace with industry trends and knowledge.
Volunteer in local organisations like schools and charity organisations. This will show that your skills are transferable to different settings and organisations.
Constantly keep your networking current. Stay in touch by meeting your colleagues regularly for coffee and lunch. The investment is well worth it.
Depending on how long you were (or plan to be) out of the workforce, show that your skills are still current and updated as potential employers might worry that you’re out of touch. Take online courses that will enhance or preserve your skills and knowledge. These courses are very affordable.
Show that you are a motivated employee and won’t be more distracted by personal obligations and commitments than anyone else. During the job interview or in your cover letter, explain why you’ve chosen this moment to return to the workforce. Proactively address questions like, “Does this person really want to be here?” or “Does this person have childcare figured out, or will they get called away regularly if their kid is sick?”
Stress that you’re eager to return to the workforce so that you can make a valuable contribution, including the how and the what. Avoid talking about the money factor, at least in the beginning.
Always reposition your weakness as strengths. For example, stress that parenting or caregiving has taught you important lessons about multi-tasking, negotiation, persuasion, and stress management. Stress also that you are now more productive and well-rounded by taking time off. Highlight these transferable skills.
Consider accepting a lower-paid (or unpaid) assignment if you’re confident they’ll lead to new skills or an enhanced network in the future. Do this with care.

Negotiate your regular bill payments

If you can reduce your regular monthly or reoccurring expenses on things like credit card fees, gym fees, insurance premiums, etc., more money can flow into your pocket as less is paid out. When you minimise these monthly outflows from your pocket, you have more money to spend on other things.

Most people just don’t bother with negotiating lower monthly fees – they rather throw money away. It’s just too hard; “I am just too busy”.

For example, BillFixers is a service that calls bill providers on your behalf to reduce your monthly bills! The experts know the best negotiation strategies, bundles, and deals that can save you several hundred dollars a year.

How to get started now

Call your service provider; tell them that “times are tough”; ask, “Is there anything you can do for me?”; threaten to terminate the service if nothing happens, and ask to speak to their customer retention unit.

It’s easier to deal with the customer retention unit as they are authorised to give you better deals or discounts just to keep you as their customer. Take advantage of this, always!

Mortgage bill

You can refinance this bill to get a lower interest rate or monthly payments. Even more than that, you could move to a place with a lower monthly housing cost.

Both of those options can massively trim your monthly mortgage payment.

Energy bill

You could take steps to trim energy expenses in your home like caulking the windows to block air leaks, installing LED bulbs, putting weather strips on doors where air flows through, keeping the heat and air-conditioning/ cooling off except in extreme temperatures, and other such tactics that can really add up to a substantial drop in home energy use.

Car payment

After you have paid off your car, drive it until it’s on the verge of completely dying while keeping up the maintenance schedule.

Save the ‘regular payments’ you would have paid into a separate savings account and use it as a down payment when you need to replace that car, which drastically reduces or even eliminates your next car loan.

Credit card bill

Look for balance transfer offers that will drastically reduce the interest you pay each month. You’ll move your balance to a different credit card that charges a lower interest rate and you pay the new lower rate instead. Negotiate a zero transfer fee.

Water bill

Use less water by not pre-rinsing your dishes. Use the dishwasher for almost everything when there is a full load. Take shorter showers and don’t take baths unless you have to. Address any leaking faucets or dripping toilets immediately.

Cable bill

Use other entertainment options like Netflix or the Internet. Trim some of the optional channels that you rarely watch.

Cell or mobile phone bill

Check that you are actually using all of the services you’re paying for.

Perhaps there is a lower-cost phone plan that might fit you better.

You should definitely try to negotiate a better deal at the end of your contract and take advantage of the competition between cell phone companies.

Internet bill

Don’t pay for more Internet capacity than you really need. Don’t pay for unnecessary services that you’re not using.

Gasoline or petrol bill

Drive with fuel efficiency in mind and keep your car tires inflated to the recommended pressure.

Food bill

Ways to trim your food bill include eating at home more often and making your own meals. It’s healthy.

Look out for store or promotional flyers and make a meal plan for the week based on what’s on sale. discount or in season.

Reduce your expenses

If you are the kind of person who can save, you can ‘make some extra cash’ by cutting expenses.

Living in frugality may not be for everyone.