Side Hustles
The gig economy is booming and if you’re looking for ways to boost your existing income, there’s more ways than ever to generate a little extra. Start by researching things that interest you. The thing with side hustles is that they need to be something you can enjoy doing alongside your main job. That means anything you find too repetitive or boring will likely demotivate you. Creative outlets can be a great way to combine work and pleasure and anything physical, such as leading martial arts classes or yoga practices can be good for your body as well as your wallet. The key to side hustles is consistency. If you want to boost your income, be patient and keep working away. Little by little, you will start to notice the difference.
Part Time Work
The side hustle’s less appealing alternative, but a solid bet when it comes to generating extra income. In the Philippines, bars, cafes restaurants and shops frequently employ part time staff and as much of the night time economy in large cities is dependant on this type of business, you can usually pick up shifts relatively easily. If this kind of work isn’t for you, there are plenty of other options in the Philippines. Expats can consider teaching English as a second language and those with design, software or programming skills can turn to the digital economy as means of securing secondary employment. Providing you can manage the hours and are still leaving yourself enough time for rest, leisure and time with family, taking a second job is arguably the quickest way to get yourself in to a better financial position in a relatively short space of time.
The Second Hand Marketplace
Learning to negotiate the second hand marketplace properly takes time. Savvy sellers on eBay understand exactly how to list items to make them look as appealing as possible and their understanding of relatively new software such as bid sniping programs means they can dominate with ease. That’s not to say the second hand marketplace isn’t still a potential goldmine for those looking to boost their incomes. In the Philippines, there are markets all across the country, many buying and selling second hand goods. Though you are never going to be given a guarantee, like when you buy new products, you can still pick up some incredible bargains if you’re patient and attentive enough. Niche interests to particularly well in the second hand market place, so if you’re a collector of comicbooks, action figures, records, magazines or any other items that garner something of a cult following, why not take a look around online to see what kind of prices you could be fetching?
Negotiating a Pay rise
This can be a tough one, especially for those who work for large corporations with fixed pay grade structures, however it is never impossible. Like everywhere else in the developed world, the Philippines values hard work. In order to identify yourself as an employee that is valuable enough to warrant a payrise, you need to make sure you’re on top of your game. Speak to your line manager or immediate superior to see if they would be open to having a conversation about this. Just discussing this is not considered to be rude, unless you bring up the issue unexpectedly or in a way that seems demanding. Be understanding of budget constraints and also know when to negotiate. Standing your ground is important but even a smaller pay rise than you had hoped for will still give you a little more money at the end of each month.
Switching Jobs
In the 21st century, it’s estimated that most people will have at least seven different jobs. Switching careers is now commonplace, especially among those who worked in industries that are no longer operational. Retraining to learn digital skills such as design, coding or graphics work is commonplace, though so is the practice of switching to something far practical and physical such carpentry or plumbing. This process isn’t easy and usually involves a certain amount of planning, followed by a challenge transition period. You may need to start slowly, using your free evenings and weekends to test the waters of your proposed new career. When you have a solid plan, consider how you will fund this. Personal loans for career changes in are common in the Phillipines and should be seen as more of an investment than an expenditure.
Downsizing
Another great way of saving money quickly is the practice of downsizing. Whether this your house, your car, your TV or your holiday plans, it’s a way of cutting costs without totally cutting something out of your altogether. There’s no escaping the fact that this can be a rather painful process, especially if you’ve become attached to something. Cars are particularly difficult to give up if you’re somebody who really enjoys being out on the road. The savings you’ll make after this initial sacrifice will more than make up for the temporary discomfort, though. Being honest with yourself about the things you genuinely need in your every day life is the first step, followed a list of a few things you are willing to work that little bit harder to keep. You don’t have to downsize everything at once. This is common misconception about the practice.
Summary
Using one, two or a mixture of these ideas is usually the best approach if you want to see a significant increase in your income over the course of a year. Ultimately, you are taking control of your finances by doing everything in your power to earn a little more each week. Think about what works for you and remember not to take on too much. Striking a balance between working to generate some extra income and having the time to enjoy spending it is essential.