We all make a living based on the net income our family generates. Our standards of living in the society are more often than not; based on the income groups we belong to and decide the rate of luxury and comfort we ought to indulge ourselves in. We find families with varying income groups and each of them have their own ways to supplement their basic incomes, thus providing an upward boost to the base level income slab.
There are people who start working even when they are studying, may be because they wish to provide financial stability to their families. There are some who receive a decent income, enough to run their families happily. There are others, who receive a hefty pay cheque at the end of the month, yet unsatisfied with the received amount and go in for other ways to lift their monetary standards in the upward way. Whatever the income group we belong to, we should certainly try to make good use of our time and resources and garner extra earnings for the family which may turn out to be beneficial during difficult times or simply provide a good boost to our monthly income. Here are some of the ways we can provide an extra boost to our income:
How you can give your income a boost
1) Indulge in freelancing activities in your weekends :
Weekends are definitely meant to laze around and relax after a hardworking week. Yet, if we are able to take some time out and indulge in an interesting activity from home, it could mean an additional bonus to our income. Activities like graphic designing, translation, content writing, etc offer payouts per task/project and could be a good reason to spend the weekend with, apart from the monetary addition.
2) Invest your money to make it grow:
Investing your money in high ROI policies such as ULIPs can give you a means to let your funds grow well, adding to the wealth you already have. You can then use these funds to achieve any goals you may have set them aside for.
3) Taking a franchise from a big dealership:
Have a penchant for marketing? Are you a very popular geek in your social circles and have excellent communication and networking skills? Then starting a business should definitely bounce on your mind. Taking up a small franchise of a big dealership, offering to buy specific cosmetic products or educational books and CDs, etc could bring in regular customer contacts and a pretty good boost for your income as well!
4) Take up part time jobs as a businessman:
It could mean owning a shop or an outlet of your own and appointing staff to look after your establishment. Regular monitoring and visits to the shop after working hours becomes necessary to check income inflow and outflow. This involves a bit of risk as a pretty big capital is to be invested initially and returns may depend on the performance of the shop. It basically generates good income in the long term.
5) Cut down costs on daily travel and thus save your fuel and money
These days most companies offer working from home options. Travelling to office for 2 or 3 days and telecommuting on the rest of the days could be used as a means to cut down costs on daily travel. It could also mean saving costs spent on fuel and thus a small percentage of the income could be directed towards other investments or saving measures.
Based on one’s convenience, a proper balance between one’s working hours and additional time could be managed effectively.