It is important to do what you can to increase your income.
- Inflation has made life more expensive for many people.
- Increasing your income can help you better manage your expenses.
- Searching salary databases, reviewing resumes, and networking are all ways to earn a higher salary.
If you’ve spent most of 2022 dipping into your savings and carrying credit card balances to keep up with inflation, you may be in a position where you can’t afford another loan. . And if you can’t reduce expenses, increasing your income can be a good solution.
In many cases, however, increasing your salary will require you to get a new job. And a recent survey by the American Staffing Association found that 28% of workers plan to find a new, higher-paying job to combat inflation.
But if your goal is to earn a high salary, you need to approach the new job search process strategically. Here’s what to do.
1. Do your research
Maybe you currently make $60,000 a year and really want a $5,000 raise to take care of your expenses. That’s all well and good. But before you start your job search, you need to make sure that the $65,000 salary offer is realistic for what you are doing.
Spend some time searching online salary databases to find out what people are making in your role. Also, try to limit your search to your geographic area, as salaries can vary from one area of the country to another.
If you find that the salary you want is out of reach, you will know how to increase your skills so that you can position yourself in other roles that pay what you want. And who knows? During your research, you may also find that you may be asking for a larger salary than you originally sought — for example, a salary of $70,000 instead of $65,000.
2. Complete your resume with numbers
A good way to convince a new employer to extend a job offer – and be generous about it – is to give them reason to believe they’ll get their money back and then some by hiring you. To do this, include numbers in your resume if appropriate that show the value you bring to the table.
Let’s say you’re looking for a role as a staff accountant. If you note on your resume that you saved your company $52,000 last year through cost-cutting measures, that may attract new employers.
3. Wide network
The more connected you are in your industry, the better chance you have of learning about new jobs, some of which may come at a much higher salary than you currently earn. But don’t limit yourself to just people within your industry. Instead, the relationship Anyone You may think that old college classmates or neighbors can help you find a job.
A higher salary may make it easier to cope with the cost of living. Use these tips to get yourself a bigger paycheck — and more financial wiggle room.
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