There’s still time: Discover 5 ways to boost your income in 2024

5 min | 15 April 2024

Rebecca Chuks
Rebecca Chuks

That ‘new year, new me’ energy is great – but it can also be fleeting. Now that the noise has died down, this is a great time to think about the sustainable changes you can make to grow your income. Read on to discover 5 practical steps you could take to make a real impact on your earnings in 2024.

Start with savings

Making real change is often best approached through small, attainable wins. And the same can be true of the daunting task of increasing your income. So, if calling it a day on your job and applying for the most senior positions you can find was on your to-do list, maybe take a beat and start a bit smaller.

One of the best ways to increase your cash is to gain passive income in the form of interest. The financial climate is still pretty turbulent, but the one positive aspect of high interest rates is, well, high interest rates. Depending on the size of your deposit, opening a high-yield savings account today could earn you hundreds of pounds in interest. The Chase saver account is a good place to start. So, setting up a monthly standing order to feed your savings account as soon as you get paid can provide a sensible way to add to your income. Just be aware there may be tax implications depending on how much interest you earn.

18+, UK residents. A Chase current account is required to open a saver account.

School’s back in

Remember when you learned Pythagoras' theorem and felt certain you’d never need to use it in your real, adult life? Well, that’s probably true for most adults. But there are thousands of kids, every year, who still need to learn core curriculum staples. And since we already had to learn them, why not put that knowledge to use?

Becoming a freelance tutor means you have a perpetual influx of ‘clients’ – while using the stuff you already learned. Working in the evenings, or a couple of hours on the weekend, can be a nice boost to your income. And helping confused kids find a way out of once-bewildering concepts is a great bonus.

It’s worth noting that you may need a DBS check (Opens in new window) to work with kids, which has associated fees.

Put your skills to work

Most of us have a range of complementary skills that help us do our jobs a little better. Perhaps you’re a speedy typist. Or maybe you have a knack for SEO, or you thrive with a spreadsheet. These are all skills that you could turn into a freelance side gig. There are skills marketplace sites where you can sell your skills to people who are in need – just lay out what you can do, set a pricing structure, and you can potentially receive requests or bid for work. Check that your current employer is happy for you to take on a side hustle and keep an eye on how any extra earnings could impact your tax position.

Make yourself more valuable

Yes, you could gut your wardrobe and sell it off to make some fast cash. And you could go prowling around charity shops to flip your finds. But these may be short-lived boosts to your bank balance. One sustainable and future-focused way to boost your income for years to come is to retrain and upskill.

That could mean signing up for a weekend course for professional development, starting a master’s degree to create a niche in your existing field, or even retraining and skilling yourself in a more lucrative profession entirely. Yes, this will likely cost money to achieve, but it could also boost your income in the long run, which could continue to grow as your expertise develops.

Teach what you know

Remember how you felt when you first started in your career? Or maybe when you were still figuring out what you wanted to do? Do you think learning from someone in your current position would have been helpful?

You don’t have to be a seasoned expert to impart useful advice to folks just starting out. Even just hearing about your experience can be useful to those who are stuck or unsure about how to move forward. Whether you write down all you know and package it into an e-book, start and monetise a social media channel or create a mentoring service – there are plenty of ways you can impart your hard-won wisdom, and there could hopefully be people that would pay for it.

Disclaimer: The Hub is intended as a knowledge portal to provide information on a range of topics, including financial products. Articles may reference products and services that Chase UK does not currently offer. This article is for information only and does not constitute financial advice. Tax treatment depends on your individual circumstances and may be subject to change in the future. We do not offer any tax advice.

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