By Karen Rae, Founder of Balanced Life by Karen Rae® and Creator of The Signature Balanced Life Planner®
By increasing your earning potential it will not only allow you more financial freedom but it will also give you the ability to pay off some debt and save some on the side.
1. Shift Your Mindset
Shifting your mindset can do wonders for you and your earning potential. Being motivated by shifting your mindset with a positive one can allow more doors to open and new opportunities to arise. This may happen by hanging out with people who are positive lights in your life. You can lean on each other for support, advice, or an uplifting conversation. Networking is another way that you are able to put yourself in a position where money making opportunities can arise. For example, a friend introducing you to a reputable company, talking to someone at a cafe who may end up knowing someone to put you in touch with or even just meeting someone who shifts your energy and amps you up to keep pushing towards your dreams!
2. Side hustles
Find a side hustle, whether that’s working extra hours after your day job, finding a way to make passive income, working on the weekends, selling crafts, becoming a freelancer on Fiver or Upwork. Find a way to make extra income and use that money to pay off any debt such as credit cards, student loans, or whatever else is hanging over your head. There are so many opportunities to use your skills to help you earn some extra cash. Remember to also start with your lowest debt, pay it off and then allow the snowball effect to happen to the rest of your debts. Before you know it you’ll be feeling much better and debt free.
3. Take advantage of your current employee benefits
Many times companies offer employee benefits that allow opportunities for employees to save money such as FSA (flexible spending account), 401K. If you're not utilizing these accounts, you’re missing out. By utilizing these tools you are able to lower the amount of income taxed PLUS you save money for retirement.
4. Ask for a raise
So many people want the raise but many don’t ask for it. As the saying goes, you don’t get what you don’t ask for. Check out other sites like Glassdoor.com and see what others are paying employees for jobs like yours. Do some research, get some leverage, and highlight all that you do for the company when you talk to your boss. Don’t be nervous either, hiring and training new employees is costly, keeping employees at a higher salary can be the better route for employers when it comes to recruiting and training someone to take your position. Lastly, don’t forget to negotiate!
5. Get a roommate!
It's temporary! Getting a roommate can be a great way for you to save some money or put it towards your debt. With a roommate, not only do you split the rent but share household bills such as water, internet, and electricity. Besides saving on rent and having someone to come home to at the end of the day isn’t so bad. There are lots of positives to having a roommate
You don’t have to keep making the same income, you don’t have to keep living with debt, there are ways out there that you can utilize to your advantage and find more financial freedom. Jobs are always evolving so keep up with the technology, platforms, and skills. Stay relevant in your workforce and this will give you growth followed by opportunities. Work on your mindset, find a mentor, pay off some debt with a side hustle, take advantage of your benefits, and get out there and network! Take action, your future is bright and bigger than you can imagine, but don’t forget to enjoy where you are right now.
Karen Rae is a lifestyle expert, personal development coach, and Mompreneur based out of St. Petersburg, FL. She’s been featured in Authority Magazine, The Hollywood Times, ABC Live Action News, and on BLOOM, Tampa Bay’s only daily 1-hour TV show focusing on health & lifestyle.
If you’re interested (curious) about how COVID 19 led Karen to take her life back and start inspiring hope and change worldwide click here and sign up to receive Karen's FREE TIPS on how to have work-life balance, renew your faith, get and stay fit, improve your relationships, and MORE.
JOIN the Balanced Life Challenge Group on Facebook for connection, personal growth, and empowerment.
SHARE YOUR Balanced Life STORY USING #BalancedLifeKR
WE’D LOVE TO HEAR FROM YOU!