How to Grow Your Income: 10 Ways to Make Extra Money

We all want more money, don’t we? Sometimes, it can feel like our income isn’t in our control—but nothing could be further from the truth. There are two big levers to creating wealth: income and expenses. Taking ownership to increase the money we earn covers half the equation. 

Income growth is particularly important for women, as we generally face a wage gap relative to men. We’re also more likely than men to take time out of the workforce—often to serve in highly valuable but non-paying caretaker roles for children or parents. 

Whether you're struggling in this current economy or simply wanting to boost your savings, here are three ways to grow your income and accelerate your path to wealth. 

How to grow your income

There are many different ways to boost your income. Some will demand more effort, while others are simpler—but most require a little bit of planning and patience. Let's start with the most conventional ones:

1. Get more from your current job

A pay increase in your current job is a logical place to start, and technology is your friend in this effort. Just a few years ago, we had to rely on general industry studies, government data, or asking colleagues to benchmark our salaries. Today, pay data is increasingly accessible. The Fairygodboss salary database gives you much more precise data on what your role is worth.

If you’re gunning for a pay increase, you need to document the heck out of the business value you deliver to your employer. Decide the exact amount you’re worth, and then increase it by at least 10%, because women don’t ask for enough.

Prepare at least three other non-salary items (like more PTO or a better expense account) that you will negotiate for if you don’t get the full increase you’re requesting. Practice by negotiating with a savvy friend who can role-play your boss’ reaction. 

Don’t wait for the next review cycle. When your case is ready and you’ve practiced your pitch, confidently approach your boss with the business case for why you have earned a raise.

2. Create a side hustle 

A hustle allows you to create an additional income stream from applying your skills to the hours in which you’re currently not working. You’ll want to carefully consider any associated costs to ensure your side hustle actually brings you income, and doesn’t deliver a costly headache.

Unsure where to get started? Ask neighbors and friends if they have small tasks they’d like help with, for a fair hourly rate. Most importantly, save the money from your side hustle (or put it towards debt) to get the maximum return from your extra effort.

3. Pursue a job or career change

Your position today might not be ripe for income growth, or you’re ready to move on. Whatever the case may be, changing jobs can result in higher income increases than sticking with your current employer. Explore careers that are recognized for higher-than-average pay, and identify which companies receive high ratings from female employees. 

Next, start networking. Ask friends, neighbors, and former classmates whether they have contacts in the industry or company you’re looking to move into, and offer your support to them in return. 

Think about the last time someone asked you for career help. I bet you were happy to offer your support! The vast majority of those you reach out to will feel the same, and networking will increase your odds of landing a new, higher-paying gig.

How to increase your income from home

If you want to grow your income without having to leave your house, the internet is your new best friend. The online world enables the creation of 100% online business, and in most cases, you don't need much to start one—only creativity, an internet connection, and perhaps your cell phone camera.

Here's how to make your income grow from the comfort of your home:

4. Create content online

It might take some time, but creating content online can provide you an extra income. Nowadays, social media platforms like TikTok and YouTube pay creators after they reach a certain amount of followers and views. 

You don't have to be a huge social media influencer to land deals like affiliate links—you earn a percentage of the sales price when someone purchases from a brand using your link.

Not a big fan of being in front of a camera? Don't worry. There are also ways to create content without showing your face. Search for “cleaning tok” on TikTok and you'll find dozens of cleaning videos where the creator never shows their face and still gets thousands of views.

5. Become a virtual English tutor

Did you know that you can get paid to speak English with foreigners online? There are language teaching websites and apps where you can apply to become a tutor and get paid by the hour. If you don't want to affiliate with any company, you don't necessarily have to. You can advertise tutoring classes on social media and start your own business! It doesn't need to be limited to English. Are you good at math, science, or history? Offer tutoring services  to neighborhood kids or your friends' children.

6.  Sell digital products

If you're looking for creative ways to increase income, selling digital products is one of them. Have you ever come across beautiful wedding invitations, professional cards, and even Google docs resume templates being sold for affordable prices on sites like Etsy? Most of these are created by regular people who decided to start a business.

For creative people who are skilled with editing tools, such as Canva, Photoshop or Illustrator, selling digital products is an alternative to make more money without leaving the house. A digital product encompasses anything that isn't a physical item—this could be an ebook, a spreadsheet, a webinar, or some of the examples we listed above.

7. Work as a dog or cat sitter

Are you good with pets? Do you like being around them? If the answer is yes for both, being a dog or cat sitter is another way to grow your income from home. You can start by offering to pet-sit for friends or colleagues when they go on vacation or by finding clients online.

List your services on specific websites or simply advertise on social media. Just remember to choose your clients carefully, as you'll need them to know your address if you're going to be pet-sitting in your home.

How to increase your income without working more

Looking for simple ways to increase your income without having to work more? We get it—having to put in extra hours after your regular 9 to 5 can be exhausting. Even though it seems like everything demands more and more work, there are some options that don't require much effort:

8. Rent your parking spot

Do you live in an apartment with a parking spot in the garage that you don't use? Consider renting it out. First, you'll have to check if there's any policy against this practice in your contract and get the green light from your building manager. Once you're good to go, search for the usual price people pay for rented parking spots, and let your neighbors know that you're renting yours.

9. Enter a cashback program

Cashback programs are perfect for people seeking ways to boost their income without having to work more. The only thing you'll need to do is register on a cashback website that tracks your purchases and refunds a percentage of the amount you spent while shopping.

Some ecommerce websites have their own cashback programs that give back money after you spend a certain amount or buy specific products. It's worth checking the terms and conditions on the websites of the brands and businesses you typically purchase from. 

10. Try the 100-envelop challenge

Instead of working more to boost your income, you can simply increase your savings. The 100-envelope challenge is a simple cash saving method that can help you achieve your goals.

You'll need 100 envelopes, numbered from 1 to 100. The challenge consists in saving a dollar amount corresponding to the number on the envelope every day. For example, envelope number 1 = 1 dollar, envelope number 15 = 15 dollars, and so on. In 100 days, you can have over $5,000 saved.

There you have it: ten very different ideas to grow your income. Decide which is right for you and take the necessary steps to get started. Remember that everything takes time, and there's no magical way to make more money. So, be organized and patient, and you'll eventually see results.