Best ways to boost your income in Canada: financial expert

Are you looking for some creative ways to put some extra money in your pocket?

 

Whether you’re looking to pay off debt, save for a big purchase, or simply give yourself greater financial stability, there are many paths to start earning more.

 

Below, I’ll share some of the best ways to boost your income. The best part is that you don’t have to leave your current job. But first, it’s important to make clear your current financial situation to help you set your financial goals.

How are your finances?

If an unexpected car repair, home repair, or other emergency expense came up, would you be able to take care of it? Do you have an emergency savings fund, or would you have to rely on a credit card or payday loan?

 

Twenty-six per cent of all Canadians would be unable to cover an unexpected expens of $500, accordinsg to a 2023 survey by Statistics Canada.

 

Financial advisors typically suggest having at least two- or three-month’s worth of living expenses saved in an emergency savings fund as a financial safety net in case of unexpected events like:

 

• Loss of job
• Injury/illness
• Unexpected car or home repairs

The two best solutions for building a financial safety net are to revisit your budget to find areas you can cut back on spending and to boost your personal income.

Leveraging your current job

If you spend more than a few minutes scrolling through social media, you’ll undoubtedly come across at least one “guru” trying to tell you that you can take their course, quit your day job, and magically start earning six figures.

 

Unfortunately, that’s not realistic for most people.

 

To be fair, there’s nothing wrong with having a job. In fact, people with jobs working for a company often earn more, pay fewer taxes, and stress less than small business owners.

 

That being said, one of the best ways to increase your income is to leverage your current job. This could involve:

 

• Asking your boss for a raise
• Taking on more hours or working overtime to earn more
• Taking on more responsibilities or applying for a higher role in the organization

 

As hockey legend Wayne Gretzky famously stated, “you miss 100 per cent of the shots you don’t take.”

 

If you’ve been working with your company for at least six months and have been meeting (or exceeding) standards, confidently walk into your boss’s office one day and ask for a few minutes of their time. Review some of the work you’ve been doing, explain that you’re willing to take on more responsibility, and ask for the raise.

Side gigs and freelancing

Another route you can try pursuing to earn more money is to enter the gig economy. Rideshare driving, food delivery, and online freelancing are excellent ways to earn a few extra dollars.
Rideshare and food delivery

 

If you have a relatively new vehicle with at least four doors, driving for Uber or Lyft can help you earn upwards of $20 per hour or more. The application process is relatively simple. You’ll just need to submit to a background and driving history check, meet your local requirements, and get your vehicle inspected for safety.

 

If, for some reason, your vehicle isn’t approved for rideshare driving, food and grocery delivery can be another good side hustle. Since you’re not ferrying around customers, the vehicle requirements are a bit more lax. In some cities, you can even deliver food on a bicycle or scooter.

 

Some of the best food delivery apps to work for include:

• DoorDash
• Uber Eats
• Instacart
• SkipTheDishes

 

Freelance your skills

If you have a unique skill, freelancing can be a great way to earn money. If you build a good portfolio of work and client reviews, you may even be able to turn it into a full-time income source.

 

The only downside is that you may have to start off working for a discounted rate to build up said portfolio.

Some of the highest-paying freelance skills are:

 

• Video editing
• Web design
• Graphic design
• Copywriting
• Photography

 

To find work, you can start by tapping into your existing network and see if your friends, family members, or co-workers need any help. This can be a great way to get started, as these people will be the most forgiving and write the best reviews.

 

You can also use online freelancing platforms like Upwork, Freelancer, Fiverr, or online forums like Reddit and Facebook Groups to try to find clients.

What’s the best way to boost your income in 2024?

The quickest and easiest way to boost your income is simply to ask your existing job for a raise or apply to a higher-paying position within your organization. If that route fails, freelancing or entering the gig economy can be another good route.

 

Earning more money won’t do you much good, though, if you don’t know how to manage it. This is why budgeting is such an important habit to get into.

 

The more you can understand and control your expenses and spending habits, the more breathing room you’ll be able to give yourself. Keep on reading for more ways to put your savings on autopilot so you can reach your financial goals.

 

 

 

 

Christopher Liew is a CFA Charterholder and former financial advisor. He writes personal finance tips for thousands of daily Canadian readers at Blueprint Financial

This article was first reported by CTV News