Leveling-up income this year is a serious goal for many people. The financial effects of the pandemic and rising prices in the housing market have both made it challenging to grow financially. It seems that finding a job alone is a great difficulty. However, where there is a will, there’s a way. If you’re looking to level up your income this year, read on for our top suggestions.
Use The Resources That Are Available To You
An essential part of improving your income is knowing how to use the resources you currently have available. By doing this, you can start gradually repairing your credit. Utilizing your resources might also look like taking on extra work at your current job. Maybe it means starting a side hustle and earning passive income.
Use your creativity to see what options are available to you that you might have overlooked. For example, suppose you rent an apartment because your credit is poor and you do not qualify for a mortgage.
In that case, you can ask your rent manager if your landlord will submit your payment records to systems that report to credit bureaus.
Keep A Budget
You need to track your money to grow financially and increase your income. If you aren’t paying enough attention to where your money is going, you will likely have difficulty understanding how much you’re making and what you can genuinely afford. Losing track of these essentials can lead to debt and financial turmoil if you’re not careful. To combat these stresses:
- Start keeping a budget.
- Make a list of your essential expenses and determine how much you typically pay for each.
- If you are low on budget, set a financial goal not to surpass a set amount of money, and follow through. You can find financial tracking apps for download or log your progress manually. For some people, using both forms of tracking can be helpful. See what works for you.
Work With A Mentor
If you know of someone in your life that seems to manage their money well, consider reaching out to them for support. They might be willing to act as your financial mentor and help you get on a path to financial growth. You can learn their strategies for profitable money-making ideas, saving money, earning more, and building wealth.
Learn from the best and become the best! Make sure that the person you work with is someone you genuinely trust. Your financial wellness is your personal information, so choose a financial mentor wisely. You can also look for a professional financial advisor to help you develop a financial plan.
Get A Secured Credit Card
Build up your credit enough to qualify for a secured credit card. If you use your new card wisely, you can continue building your credit from essential purchases you’d be making anyway. Take advantage of the opportunities around you to maximize your income potential.
If you’re curious how you can build back your credit enough to qualify for a secured credit card, work on paying back old bills you have missed in the past. Contact credit agencies and see if you can work out a payment plan. In some cases, you may be able to negotiate and get rid of some of your debt altogether.
The Bottom Line
Level up your income this year by carefully paying attention to your budget and resources. Work hard and pick up financial habits that will further grow your wealth. Consider the above suggestions as you work to level up your income this year.