Millions of Filipino families barely have enough money to provide for their daily needs and this severely affects their ability to save. True enough, 9 out of 10 Filipinos have too little or no savings at all. The situation is made even worse with the continued increase in the prices of basic goods not being matched by a corresponding increase in salaries of workers.

We have been saying that for you to have enough money to save you should spend less than you earn. Unfortunately, with a limited income this will be very hard to do. If you have done your best to cut down expenses and you still don’t have enough to save there is only one option left for you; increase your income! “Thinking” about increasing your income is easy; actually “doing” it is not that simple. You will have to put in extra work and make some sacrifices to make it happen. That’s what the truly rich generally do; they work longer & harder.

Below are different ways to increase your income. Whether you are an employee, a professional or the adventurous type who wants to try out new things there should be one that will best suit you.

Earn a promotion

Often promotions come with salary increase. As an employee you need to continually educate yourself & upgrade your skills (at your own expense if you have to), work harder and smarter to be first in line for a promotion. Even if you don’t get promoted, your good performance could earn you a bigger merit increase or performance bonus, if your company gives one… that’s also additional income. It would also help if you volunteer to work on important tasks that nobody else wants or are beyond your usual work load; just make sure you can do it and do it well. And avoid doing anything to annoy your boss because your promotion is in his hands.

Look for a higher paying job

When it’s hard to get any promotion or pay raise in your current job it may be a good idea to consider moving to a higher-paying job or shifting to another career. There are some people who have made a career out of jumping from one job to another; increasing their salaries with every move. However, this is not an advisable strategy. It could do you more harm than good in the long run.

Improve your skills & knowledge through your own initiative to enhance your chances of landing a more financially rewarding job. The best time to look for a new job is when you don’t need one so you can carefully evaluate the various opportunities and choose the best one for you. Take advantage of your network of relatives, friends and acquaintances in searching for a new job.

Get a Part-time Job

People are generally awake 16 to 17 hours daily so it’s not much of a stretch to squeeze in 2 to 3 hours of additional work on a second job. In the US it’s quite common to see people (some of them Filipinos) holding two or three jobs at a time. There’s no reason why it can’t be done here. Look for companies that allow part-time work, preferably one where you can choose your work days & hours.

Among the popular part-time jobs are working as agents for insurance, pre-need & real-estate companies. It’s not unusual for hardworking part-time agents to earn 5-digit commissions every month. Consider doing part-time work for call centers or medical transcription companies (some offer home-based work). You can also tap your other skills and talent to land a part-time job. Examples of these are writing for magazines and other publications, singing at bars & lounges, teaching, modeling and acting. Make a habit of scanning the weekend classifieds ads to get lots of ideas or find out about openings for a part-time job.

Have a Part-time Business

Another good source of additional income is a part-time business. There are businesses you can get into with very minimal, even zero, capital. These are businesses that make use of your talents and skills. For example, you can provide tutorial services, desktop publishing, programming, swimming lessons, reflexology services, travel & tour services or tattooing services.

Scan the services section of the classified ads of newspapers and free ads paper to get an idea of what kind of service you are capable of offering. Your hobbies can also be a source of additional income by selling stuff that you made yourself. There are many big businesses today which started out as a hobby. For those with some money to invest, consider buying a business franchise; there are many out there which are relatively inexpensive.

Be careful when you run a part-time business. Do not let it interfere with your main occupation. If you manage your time and resources well, you can be both successful in your job and in your part-time business. If your job starts to suffer because of the business, it may be time to move on to the next stage…

Go into Business Fulltime

One of the most financially rewarding endeavors that you can do is to run a business fulltime; that is, if it’s successful. (If it goes bust, it can also become one of the most financially devastating events in your life.) Before you decide to leave your job and invest your lifetime’s savings into a business, you have to carefully evaluate yourself to see if you have the “right stuff” to succeed. You will have to work longer and harder to operate a business and you should also have the heart and show genuine love for what you do to improve your chances of success.

If possible try to do the business part-time at first while keeping your fulltime job so you get the chance to have a “feel” for the business. If it doesn’t go well you can always drop it and concentrate on your job. Consider getting a franchise if you want a fulltime business because studies show that about 80% of start-up businesses that are non-franchise fail within 5 years. Choose a franchise that is stable, popular & have a proven track record of success.

Expand your network of contacts

Whether you are an employee, self-employed or running a business, work to expand your network of contacts. Link with professional organizations related to your job or profession. Join socio-civic, volunteer organizations and social-networking groups. Attend trade fairs & expos and seminars.

A wide network of contacts can be a valuable source of information on job & business opportunities, industry trends & outlook, marketing strategies, client prospects, expert assistance, role models, mentors and friends, which can all help you succeed in your work or business.

Here’s the bottom line when it comes to boosting your personal income: Strive to be the best in what you do, whether it’s a job, profession or business, and you can expect to reap the financial rewards that come with your hard work.

Last update: February 14, 2008
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