There are a lot of ways to make money online and ways to use side jobs for extra cash. This article, however, isn’t about earning extra money outside of work – it’s about increasing your income with the job you already have. It always seems difficult asking for a raise, so these tips (if presented correctly) are a good way to sidestep the dreaded ‘raise conversation’ while increasing your income at the same time.
The key to approaching any of these extra benefits is to come prepared when talking to your supervisor about them. Focus on these three points before suggesting any added benefit to your job.
Know Your Numbers
Calculate the cost of each extra add-on and project what it means for the business. It should mean extra sales, revenue, or savings for the company. If it doesn’t add to the bottom line, why should they even consider it? That’s the question they’ll ask and it’s your responsibility to come prepared.
A surefire way to look selfish and to have your ideas rejected right away is to tell your boss that you deserve these benefits. Instead, come prepared with all your improvements you’ve made to your job and show how the added benefits will improve things even more. Most importantly, never ask for anything because a coworker has it – leave that out of the conversation because it often comes across as whining.
Be Thankful No Matter The Outcome
If your proposal is rejected, don’t storm away and be bitter. Instead, show your boss that you’re working to improve in your job despite the denied requests. This should build respect and show others that you’re committed no matter the circumstances.
Added Benefits That Can Effectively Increase Your Income
- Phone – If you are constantly missing calls because your job requires you to be away from your desk, a cell phone might be in the best interest of the company…and you. The most common cell phone plans can easily be $70 – $100 each month, so a company paid cell phone can be an extra $1,000 in your pocket for the year!
- Computer – If you are limited to a computer only at work and need to be mobile and even work in the evenings, a laptop or home computer setup can mean more productivity in your job and extra savings for you.
- Car – Though uncommon for many jobs, a company car can save you tons of money in the long run. Driving a company vehicle will keep the miles off of your car and cost you less in gas each month. If your company doesn’t offer this benefit, try opting for a rental whenever you need to travel for the company so that your car doesn’t get more miles than it needs.
- Credit Card, Hotel Points, and Airline Miles – Do you have to purchase airline tickets or hotel stays frequently? What about picking up material for the job? Ask your employer if it’s OK to use your credit card for these purchases and to be reimbursed. This lets you take advantage of the reward points from a credit card, which can add up fast! (If you’d rather not use credit cards, you can still be rewarded for your expenses by using Perkstreet)Also, if you’re planning on taking a few trips this year, sign up for a hotel reward system and be sure to book through them. You might even get a free stay from your company paid trips and that extra few hundred dollars can come in handy around vacation time!
- Tuition Reimbursement – This might already be a benefit your employer offers and I hope you’re taking full advantage of it. If they don’t offer it and you want to further your education, try to propose the tuition assistance request in a way that highlights the benefits that the company will have from your training/education. Whether the reimbursement is $500 or $5,000 for school, that’s money you didn’t have to spend.
- Miscellaneous Education – Does your department offer special training or certificate programs? What about a book allowance? Showing initiative by reading relevant books and studying for certification will improve your resume and directly help your employer. Having this paid for is even better. If work agrees to pay for one book a month, that can save you hundreds of dollars a year!
- Four 10 Hour Days – If your job can be done in four ten hour days rather than five eight hour days, you might be able to negotiate a new schedule. How will this save you money? It can cut your car’s gas bill by 20%; lower your childcare bill by 20%, or allow you time to work on a side business on that extra day. (Maybe you can even get started on that eBook you’ve always wanted to write…)
Have you negotiated an extra benefit at work? How much money did that save you?
My husband, a pastor, negotiated his call from the get go. He asked that his book and training expenses be taken out of his salary upfront and put into separate qualified accounts. Much like as with an HSA, he and the church both save on taxes. These are yearly business expenses he would have incurred anyway.
Kim at MMI says
I really value opportunities for education. In addition to reading books at attending webinars, I get a lot out of attending conferences like the Mom2Summit.
Regarding the asking part, I also think timing is important. Before asking for additional benefits, consider your organization’s finances. There are certain times when your company’s finances are tighter than others, and there are times when the budget is more receptive to change.
Tim @ Faith and Finance says
@Olivia – Great example! Thanks for sharing!
@ Kim – You’re right about the company finances. Sometimes it just looks bad when you ask for these extras at the wrong time. That’s why you need to come prepared and know what’s happening with the company financially.
Thanks for your comments!
Dan W. says
No doubt working more hours in four days is effective. If you work from coffee shops and can’t give up your latte, this is a good way of saving a few dollars each week. I sometimes schedule at least 10 hours of work exclusively from home to save a few more bucks.