My husband would like a raise at work, and while that may be a possibility in the near future, you can’t always rely on a raise to increase your paycheck. Here are three ways he has increased his income without getting an official pay raise or changing jobs. I also added a bonus tip too.
Adjust Your Tax Withholding: If you are getting a huge paycheck from the government each year, then you are paying too many taxes from each paycheck. I know it is nice to see that $3000-5000 check each year, but in reality, that money should be in your paycheck each month. Last year, our tax return was about $3600, which means we could have easily had an extra $200-300 each month. Basically when we overpay, we are letting the government use our money interest free. Adjust your tax withholding to see more money in your monthly income.
Company Match Savings: I know that with the economy the way it is not many companies match retirement savings. However, if they do, take advantage of it. My husband’s work offers 100% matching for the first 2% you contribute, and then a smaller percentage of matching on up to 8% of your paycheck. So for us, that means about $2000 a year is taken from his check and put into his retirement savings, and his company pays about $2000 into the Roth account too. Of course, we will not see that money until retirement age, but it is still like a $2000 a year pay raise.
Company Tuition Reimbursement: Again, I know many companies are not reimbursing employees for education. I also know that many companies still do. Even a part-time position at Starbucks will earn you $500-700 of tuition reimbursement per year, after your first year of working. If your company does offer this, take advantage of it. My husband is lucky to have up to $5000 a year in reimbursement. This means that he is getting his degree and certifications paid for, and then he will make more for having more education under his belt. So it is a win-win. If your company does not have an official program, talk with your boss about the possibility of having a certification program paid for. For example, depending on your career, a certificate program in public speaking, IT, or a useful program. If you can prove to your boss that it would be valuable for you to learn and implement in your job, then he or she may agree and pay for it. This will then allow you to put it on your resume for future use.
Company’s Stock: If you work for a good company, you may want to look into buying stock. Many large companies will offer free stock or discounted stock to their employees. Even making a small investment can prove itself beneficial for you in the long run.
Like I said before, I know many people do not have the amazing company benefits that my husband does. He is definitely blessed. However, for some, maybe the benefits are there, but you have not really looked into them. Or perhaps this article will help you realize that you should ask your boss about certification programs or how to be eligible for a raise or job promotion. Use these ideas to your advantage and work them into your unique situation.
This article is being linked up to Women’s Money Week.