What are the chances your employer grants you a pay raise in the next month? The next six months?
How likely is it that you'll have all the money you need and more without taking charge of your own financial situation?
You're right: it's not very likely. In fact, if you don't take some initiative right now, you may have even less money than you expect to make over the course of the year.
Here's where you should start:
1. Find Another, Better Job
If your current employer won't budge on that pay raise you deserve, you have two options.
The first is to find a second job. This can be anything from full-time employment to a side hustle. With a second job, you have another guaranteed source of income. And if you eventually want to leave the first job, you'll have an income stream to fall back on.
The next is to shop around for another employer altogether. Remember, you have value and give value to your employer. It may take some time, but you should prioritize finding gainful employment that appreciates your worth.
2. Add a Side Hustle
The best way to make extra money is to do extra work. Adding a side hustle to your resume has lots of advantages — first and foremost, the amount of money you will make in addition to your regular salary.
You can follow your passions so that your side hustle feels like fun instead of work. Do you enjoy writing? Pick up a few gigs as a freelance writer by penning book reviews or stories for your local newspaper. Do you love cooking? Sell your cupcakes instead of eating them all. Have some extra time on the weekend? Surely someone you know needs a babysitter.
3. Reduce Your Monthly Bills
When you spend less, you save more. Your biggest monthly expenses are regular bills, such as your mortgage, electric and water payments, and cell phone bill. If you can lower these, then you will have more disposable income to use as you please.
How do you decrease your bills? It's time to get creative. Consider refinancing your house to lower your mortgage. If you rent, look for an apartment with lower rent or that includes utilities in the rent for the same amount of money. Decrease water and electricity through conservation. And shop around for a better cell phone price from a competing carrier.
4. Get Out of Debt
It may seem a little counterintuitive at first -- why would paying a lot of money right now lead to a pay raise?
But if that money goes toward eliminating one of your biggest bills (and stress factors), you will essentially give yourself more money every month.
Whether it's college debt, credit card debt, or an auto loan, paying off what you owe is a fantastic way of changing your financial situation. That money can be used for all sorts of things every month, so start working now to get out of debt ASAP.
5. Find a Roommate
If you are the sole breadwinner, you probably have considerable weight on your shoulders to get those bills paid every month. The stress may even hold you back from trying out alternatives to your current line of work.
That's why you should find someone who can split those bills with you: a roommate!
Finding a roommate can be difficult, especially with differing lifestyles, a lack of space, etc. But if you know the right person for the job who you can coexist alongside without much fuss, they can help you save tons of money. It's just like getting a raise.
6. Apply for an Online Personal Loan
If you need more money, you can give yourself a raise by increasing the amount of disposable income you have. But even the savviest saver will need a little extra income now and then that savings won't cover.
So here's another great way to change your finances overnight. Even if you have bad credit, you can apply online for a personal loan from Atlas Credit at one of our locations in Oklahoma or Texas.
The sudden influx of money will feel exactly like a big holiday bonus from your boss. That cash can be used wherever you like, even toward a project that will pay you back in the long run.
If you're interested in a quick and easy personal loan from Atlas Credit, apply online or in-store today. We can't wait to help you start your year off right.