Tips to increasing your monthly income:

Editor Financial recovery August 31, 2024

Tips to increasing your income:

• Review and change your tax-deduction status if you regularly receive a tax refund. This way you can receive the money throughout the year to pay your expenses. There are also a number of tax credits (further described below) that may help increase your income, including:
  • Advance EIC or Earned Income Tax Credit (EITC)
  • Child tax credit
  • Credit for child and dependent care expenses
  • Education credits
  • Tax credits for retirement savings contributions
• Reduce or stop your retirement contributions temporarily as opposed to cashing out your contributions and paying the taxes and penalties
• Take on a part-time job if you already work full time
• Use a talent or hobby to increase your income
• Seek unemployment assistance if unemployed and not already receiving assistance
• Enroll in a training program to learn a new career or job skill in order to obtain a job
• Update and distribute your resume in order to obtain a job or a higher paying job
• Sell your assets (e.g., an extra vehicle, furniture, jewelry, or your home) if you need to downsize
• Rent out an extra bedroom in your home