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How to Increase Your Monthly Income

Financial recovery May 19, 2022

Increase Your Income

Let us look at several more scenarios and discuss how each person or persons might increase their income. You may be able to apply these tips to your own situation. [Alternatives to the scenarios include having participants’ list ways they can increase their own income, or having participants pair off and each person share two to three ways they can increase their income.]

 

Samar was doing well financially until he was laid off from work. He has not been able to find work yet, and is concerned about how he is going to pay his bills because he has almost depleted his savings. What steps could he take to increase his income?

Possible answers may include:

  • Seek unemployment assistance if applicable.
  • Update his resume and search for a new job.

Note: when there are more unemployed people than available jobs, you need to change the way you look for a job. Sending out a resume may not be enough. Find ways to network (e.g., use social media, attend networking events, and ask your friends and family to share your resume with people they know).

  • Take on a part-time, freelance, or temporary job in his field or similar field.
  • Enroll in a training program to learn a new skill or increase his job skills, if there is little opportunity for employment in his current field.
  • Sell some of his assets (e.g., an extra vehicle).
  • Rent out an extra bedroom in his home.
  • Use a talent or hobby to increase his income.

 

The Jacksons’ home was recently destroyed by a (select what is most applicable for your area: hurricane, tornado, flood, earthquake, etc.). They did not have adequate insurance coverage to cover the damages. How might they increase their income?

Answer: Whether the Jacksons’ are still employed or unemployed due to the disaster, they may be able to use some of the previous answers to increase their income. They may also be able to receive loans or  assistance from local, state, and national agencies, including:

  • The Federal Emergency Management Agency (FEMA)
  • The Small Business Administration, which offers disaster-relief loans
  • Local city or county government or non-profits that offer loans or assistance (e.g., property tax relief)
  • American Red Cross

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