Income

How much you spend isn’t the only important part of your budget.

How much you earn (your income) also has a big impact on whether you can create a surplus to put towards saving or paying off debt.

Why you need to grow your income
Know what you’re worth
8 ways to improve your income

Why you need to grow your income

It’s important to think about growing your income.

If your income doesn't grow, you will fall a few percent behind each year just because of inflation.

So when you're planning your finances, don't forget to include goals for growing your income in the short and long term.

Know what you’re worth

Do you know what someone in your position with your experience and skill level should be earning? Does your employer?

To find out what you're worth, read the situations vacant, contact recruitment agencies to find out what a similar position is paying, or maybe even actually apply for a position.

You can also find broad salary information for different types of jobs on the Career Services website.

Your employer may not have kept up with what your job is currently worth – especially if you’ve been in your role for a while. But from your point of view, if you're earning say $10 an hour, even another dollar or two can make a big difference.

8 ways to improve your income...

1. Ask for a pay rise
   If you're working, you should be prepared to go into bat for regular pay increases. If you don't, it's unlikely your employer will jump up and say “You need a pay rise!”. 
2. Grow your skills
   Find out what training and development your employer can provide to make you worth more. You could be one skill away from better pay! 
3. Invest in your education
   Your education is an important asset and a great value builder. So it’s worth some investment! 
4. Take on more responsibility
   If your employer isn't prepared to give you a raise right now, think about what more you can do to show you're worth that little bit extra. 
5. Do overtime
   If your job pays overtime rates and your family life won't suffer, this is an easy way to bring home more bacon. 
6. Sell some stuff
   You can also add to your money by selling off anything you don't need – like unused toys or sports gear. And with online auction sites it's easier than ever to turn your trash into cash. 
7. Take a boarder
   If you have a spare room, rent it out. 
8. Ask your adult children to pay rent
   Are any of your adult children living at home? Are they paying market (or close to market) rent?  If they're working and you're not, it can help you balance out your income and expenses.