Many of us wonder how we can make more money without having to switch jobs, have a gazillion gigs, or sell our souls for that matter. Especially as working women, facing the glass ceiling is daunting enough without having to think about increasing our financial status right at our workplace. Yet, without the prospect of bettering our financial lives, our career, business and even lifestyle choices end up being very limited.
How many of us have thought about investing in a new business, buying a home, or putting our kids in private schools or extra-curricular activities, and have been limited by our bank balances? How many of us feel that we cannot pursue our passions, or take proper care of ourselves, because of money constraints?
While we may think that our financial status is limited to our job earnings, there actually are ways to make more money while at your job. It’s also important to keep in mind that increasing your financial worth at work doesn’t just have to be linked to your salary or pay. Basically, anything that can put money back in your pocket in the context of your work, whether it’s more vacation time, more flexibility, or even better health and work-life integration, counts. However, it takes more of a conscious effort to start thinking about and planning these in order to take advantage of these opportunities.
Here are 7 ways we can all make more money without leaving your job:
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Create more value in your work
Instead of feeling stuck at your current job, you have a choice. You can add more value to your work that makes you more marketable and increases your professional and business value. Don’t get caught into the vicious cycle of thinking that your current job determines your financial worth! The point here is to provide more than what is expected of you at your current level. If you’re not sure how you can do this, you may ask your manager and higher-ups. A good way to gauge how you can go above and beyond is to consider what is required of your next professional position or level, and start performing accordingly.
Take extra assignments, develop yourself, take classes, network more, learn an extra language, get a certification! These are only a few of the ways you can boost your professional value, and be in a position to ask for more, whether it’s money, time, or perks! As long as your presence at your job creates more value for your company, your financial worth is bound to go up!
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Score those promotions and raises
In line with creating more value, you can also increase your financial worth at work by scoring promotions and raises you rightfully deserve. It starts with performing at a higher level than expected. However, you must also be willing to ask for what you deserve.
As working women, we’re often afraid to negotiate for the salaries we deserve, or even the appropriate compensation package for us. With the advent of the new law that bars employers from asking about salaries in some states, it is easier for women to negotiate higher salaries with less pressure.
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Don’t be afraid to start that side hustle
Got an idea, a passion or hobby that you could turn into a side hustle? Why not start it? Many successful and very profitable businesses were started this way. It could be as easy as starting a blog you could monetize, or teaching classes at your local gym.
Related: Not sure how to start your blog? Book your Start a blog one-on-one Strategy Consultation
You can even use your current credentials to do business on the side, as long as it doesn’t infringe on your current job. Make sure to check in your company’s policies and procedures first. As a CPA, I started helping people with taxes and accounting matters, for instance.
This is a great way to make more money, without the pressure of having to find another job or taking a significant financial risk.
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Pay off that debt
Paying off your debt is one of the most powerful ways to increase your financial worth. Without even realizing it, you may be flushing your entire financial capital into simply paying interest. Not only are you putting extra money back into credit card companies’ pockets, but you are also not reducing whatever amount you owe.
By committing to, and working on, paying off your debt, you’re actually keeping more of your money. This in turn increases your financial balance. Additionally, you’re improving your credit score, which in turn gives you access to better credit deals on essentials such as mortgages, car payments, etc. All of this without leaving your cubicle or office…
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Save, save, save!
Repeat after me: “It’s not about how much money I make, it’s about how much money I keep!” Saving money is a surefire way of making more of it, without having to wave good-bye to your current occupation. Your job may actually be allowing you to save more, through its 401k programs, its health benefits and incentives, or other savings programs it may offer.
Saving on costs associated with your job, such as commuting expenses (why not carpool?), food expenses (bring your own lunch), or clothing costs (become a savvier shopper), can also help. At the end of the day, the less you have coming out of your take-home pay, the more money you’re actually making!
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Give more!
This may sound counter-intuitive, but giving money can help you make more money. Not only are you able to deduct any donations to qualifying charities, but you can also use what I like to call the “spiritual karma” of giving. Some of the wealthiest men and women in the world practice giving, whether through tithing, charity donations, or other forms of financial support.
Consider dedicating a portion of your earnings to causes, businesses or people you believe in. It goes a long way towards multiplying what you already have.
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Ask for more flexibility
As working women, flexibility is key to achieve our goals and dreams. As such, it is putting money back in our pockets in some way. Having the flexibility to work from home, for instance, allows us to save money on childcare.
Consider asking for more flexibility as a way to increase your financial worth at work. You will soon realize how much money it can help you save in the long run.
In what other ways do you save money without leaving your job?
To Your Success,
The Corporate Sister.
