When thinking of an increase in your paycheck, most employees usually know of two ways to go about it, either asking for a raise or working towards a promotion.

But did you know that there are ways to boost your paycheck without asking for a raise? Well this article will provide different ways you can achieve a higher take home. Below are the talking points.

• 20 Ways to Boost Your Paycheck Without Asking For a Raise
• How Much of Your Paycheck Should go to 401k?
• How Can You Boost Your Earning Potential?
• How Will 401k Affect my Paycheck?
• What Are The Eight Factors That Can Affect Your Paycheck?
• How Can You Increase You Income Fast?

20 Ways to Boost Your Paycheck Without Asking For a Raise

1. Get Paid for Working Overtime

Many workers are currently not paid overtime but are working more than 40 hours a week. The Economic Policy Institute states that “Americans’ paychecks have not kept pace with their productivity in part because millions of lower-middle-class and even middle-class workers are working overtime but not getting paid for it.” 

Read Also: These 7 Steps will Help You Negotiate Your Salary to Get What You’re Worth

If you are working more than 40 hours a week, see if you are entitled to overtime pay and take advantage of it.

2. Adjust Your Health Care Plan

What else is being deducted from your paycheck besides taxes and retirement? Examples of additional programs might include life insurance, medical, dental and long-term disability insurance. Consider eliminating any plans that you don’t need or adjusting them.

For example, is your health insurance plan appropriate? If you have a low deductible, you might be paying more per month, and a higher deductible might be better in your case.

A high deductible with a lower monthly premium is suitable for individuals who require minimal health care.

3. Increase 401(k) Contributions

Your W-4 addresses federal income tax withholding, but 401(k) contributions are deductions from your paycheck to fund your retirement account. “Your deferred wages are not subject to federal income tax withholding at the time of deferral,” states the IRS. 

Because the contribution is taken out prior to federal income tax, your taxable wages are reduced, and your take-home pay is increased.

According to Chris Brantley of Synonym.com, “While increasing your 401k does affect your take-home pay, it’s not a dollar-for-dollar decrease, since your taxable income goes down due to the higher contribution. This means you pay less in taxes.”

4. Request Reimbursement for Work-Related Expenses

You might be paying for various job-related expenses — like travel, meals, clothing, tools, etc. — out of your own pocket. If so, ask your employer to reimburse you or use a company credit card if you can. 

According to Nolo.com, if the expenses are work-related expenses, they are not taxable income and should not be included in the W-2 form your employer files with the IRS.

5. Take Advantage of Employer-Incentive Programs

Many companies realize the value of employee incentives and in improving employee health to reduce stress in the workplace.

Joining a gym or improving your lifestyle can be expensive and time consuming, but if the cost is supported by your company, the benefits of incentive programs can affect every aspect of your life — not just your pocketbook.

6. Get a Second Job

A second job can drastically increase your income, provide additional skills and experience, and it might even expose you to other professional possibilities. The benefits that you obtain from a second job depend on the industry you choose.

For example, say you wanted to take on a second job as a medical transcriber, which creates legible reports from audio recordings of doctors and health professionals.

A medical background might be necessary to the extent that any terminology needs to be recognized. The Bureau of Labor Statistics gives median wages for 2012 at around $16 an hour for transcribers, and the profession is expected to show 8 percent growth into 2022.

7. Add Value to Your Company

Ask your manager how you can increase your value to your company. If you are worth more as an employee, your employer might be willing to compensate you. Be prepared to assume the responsibility that your manager might suggest.

“The key is to come from a place of service and humility, not entitlement,” said Miles. “I had one client competing with over 100 other employees for a promotion that would pay him at least $2,000 more every month.

He asked this question, and they told him what to do. Even though he wasn’t the most qualified person, he got the promotion … because he was the only person to ask that question.”

8. Join a Carpool

If you live in a city, carpooling is a common occurrence, as are high-occupancy vehicle (HOV) lanes and ride shares. According to PaycheckAdvance, carpooling with friends and co-workers can save up to $200 in gas.

Some communities have more formal arrangements such as carpools organized through social networks, online forums and websites. Websites that offer carpooling information include DividetheRide.com and eRideShare.com.

9. Stop Your 401(k) Contributions

Suspending your 401(k) contributions is another option. Chris Miles, founder and cash flow expert at Money Ripples — which helps entrepreneurs fix their money leaks — explained how to increase take-home pay by stopping your 401(k) contributions: “Many people feel broke because they don’t see a good chunk of their money,” he said. “After taxes, insurance and other benefits, their paycheck is shot.

Many contribute to their retirement plans that they may not see for decades. If you need some cash to help with your financial goals now, stop those contributions temporarily until you feel you are back on top again.”

10. Adjust W-4 Exemptions

Getting a sizable tax refund each year? According to Debbi King, personal finance expert, life coach and owner of The ABC’s of Personal Finance, “The best way to boost your take-home pay is to adjust your taxes.

Most of us are getting big refunds every year because we are having too much taken out each payday.” King recommended using the IRS withholding calculator to determine what your actual withholding status should be.

11. Socialize on a Budget

Meals out and social events can take a huge bite out of your budget, but there are ways to maintain social contacts while conserving finances. 

For example, look for happy hour deals and suggest those locations for meeting up with friends. Early-bird deals during the week can cut drinks or a meal bill by half.

And meeting friends for lunch or coffee rather than dinner can be much cheaper and healthier.

12. Review Your Cell Phone Bill

Your cell phone might be a necessity, but it might be one of those items you’re paying too much for. According to Consumer Reports, the average customer of the leading cellular providers, such as AT&T or Verizon Wireless, spends more than $90 per month for individual service. The figure for iPhone users is higher at $111.

Consumer Reports recommends considering dropping your current contract, finding better data plan deals and analyzing big and small carriers to lower your monthly cell phone bill and keep more of your take-home pay.

13. Bring Your Own Lunch to Work

Preparing lunches every day requires planning, shopping and preparation. But buying lunch every day can deplete your paycheck. Cheat Sheet reports a cheap meal of around $8 adds up to an expenditure of $160 a month or almost $2,000 a year.

Additionally, prepared food from eateries almost always contain unnecessary fat and calories.

By planning a week’s lunches, you can consume a more balanced diet and improve your health, which will make you feel better and increase your productivity at work. You will also save time and money in reduced sick time and visits to the doctor.

14. Try Affiliate Marketing

If you don’t necessarily want to get a job to increase your take-home pay, you might like affiliate marketing.

Affiliate marketing is done by a third party whereby a business pays an affiliate (you) for bringing customers or visitors to their websites. “This practice can be incredibly lucrative because you can create multiple websites, each recommending a different niche of products, and reap the profits after they’re established,” reports MyMakingMoneyMagazine.com.

15. Take Advantage of Unique Company Perks

You might not be lucky enough to work for a company that offers house cleaning or on-site childcare, but your next employer might see the value in doing so.

Colleen Oakley of LearnVest reported on companies that are providing benefits that really do put money in employees’ pockets.

For example, Evernote is keeping employees happy at home and at work. Almost half of the employees have their houses cleaned twice a month at the company’s expense, which saves them $2,400 annually.

16. Cash out Vacation Time

Cashing out unused vacation days is one of the ways to increase net income. According to Sue Shellenbarger of The Wall Street Journal, 8 percent of employers give employees cash for unused vacation days.

Cash-out options are often part of benefits plans that are aimed at providing employees with options to raise more cash, to obtain additional time off, or to obtain healthcare or insurance.

17. Shop at the Right Stores

Extreme couponing might not be your cup of tea, but selecting the right store to buy groceries can yield significant savings. Determining which stores stock your favorite items at the lowest price will likely lower your costs.

When back-to-school shopping, for example, you might find that Target offers better deals than Walmart. In fact, a GOBankingRates.com study found that you might save more than $30 by opting for Target during back-to-school season

18. Pay With Cash-Back Credit Cards

Cash-back credit cards provide actual cash that can boost your income. You can receive cash back or rewards in the form of points, gift cards, airline miles and more. 

To maximize earning potential on any rewards credit card, pay the balance each month to avoid paying interest on purchases. But if you consistently carry a balance, consider a credit card with a low APR.

19. Invest Your Money

Investing your money is a way to put each dollar from your paycheck to work and increase your savings. If you’ve always wanted to dabble in the stock market, read up on it and turn to a financial advisor for help.

Or if the stock market is too big of a risk for you, consider putting your money in a safe investment, such as a certificate of deposit (CD), where it can accumulate interest.

20. Choose Cheaper Alternatives

Did you know that some of the best products to buy generic include medicine, cereal, spices and seasonings and more? Generic brands might seem less appealing, but substituting the most expensive items might be less of a hardship than you think.

CNN Money reports that Americans waste approximately $44 billion a year on name brands, even though store brands offer the same products and, on average, cost about half the price.

How Much of my Paycheck Should go to 401k?

Of course, every person’s answer to this question depends on individual retirement goals, existing resources, lifestyle, and family decisions, but a common rule of thumb is to set aside at least 10% of your gross earnings as a start.

In any case, if your company offers a 401(k) matching contribution, you should put in at least enough to get the maximum amount. A typical match might be 3% of salary, or 50% of the first 6% of the employee contribution.

It’s free money, so be sure to check if your plan has a match and contribute at least enough to get all of it. You can always ramp up or scale back your contribution later.

“There is no ideal contribution to a 401(k) plan unless there is a company match. You should always take full advantage of a company match because it is essentially free money that the company gives you,” notes Arie Korving, a financial advisor with Koving & Company in Suffolk, Va.

Many plans require a 6% deferral to get the full match, and many savers stop there. That may be enough for those who expect to have other resources, but for most, it probably won’t be.

If you start early enough, given the time your money has to grow, 10% may add up to a very nice nest egg, especially as your salary increases over time.

How Can You Boost Your Earning Potential?

No matter where you are professionally, with the right training and strategy, there’s absolutely no reason why you can’t move up the corporate ladder.

So, start making great connections. Consider relocating or changing sectors. And invest in your future by pursuing additional skills and qualifications. To help you better increase your potentials, follow the tips provided below.

1. Take on extra projects

There’s no shortcut to success! If you want to move up, you need to put in the extra work. Take the initiative in your current role: ask for additional projects and responsibilities.

Show how much you’re capable of. Build your expertise by reading specialized publications, and keep up with the trends shaping your sector.

Can you think of any processes in your company that could be streamlined for greater efficiency? Got an intelligent and creative suggestion to improve workplace productivity and revenue?

Share your ideas, and demonstrate that you are a hardworking and motivated team player.

You may also consider taking an online degree, as an additional way to acquire the industry insight, specialized skillset and expertise that will move you up a level.

2. Negotiate your salary

When you are offered a job, or when your contract comes up for renewal, don’t be afraid to negotiate your salary. Research equivalent salaries on sites such as PayScale and GlassDoor, and decide on an ‘expected salary’ that you are comfortable with.

Don’t hesitate to ask the HR manager whether there will be any salary reviews or flexibility in the terms of your offer.

If the benefit and salary package fails to meet your expectations, say so and explain how your experience, qualifications and skillset deserve a better deal.

3. Level up with an online degree

If you are looking to change careers or gain in-demand skills to boost your income, completing a flexible online degree around your working hours could help you get the training and credentials necessary to succeed in the field of your choice, without neglecting your other commitments.

Indeed, far from distracting from your current role, an online degree has the potential to enrich your work – providing insights and skills that you can start applying straight away.

At the same time, you’ll be establishing strong professional connections worldwide, opening up new avenues in terms of both location and specialization.

4. Network

This can’t be stressed enough – building a network of professionals, both within and outside of your company, will come in useful throughout your career.

Personal connections are one of the best ways to get insider knowledge about job opportunities, as well as helping you stay up to date with the latest developments in your sector.

Online degrees are also a great way to build connections internationally, giving you access to a wide network of people whose career paths intersect with your own. They’ll also be able to offer local insights about your sector, which could come in handy if you decide to.

5. Relocate if Necessary

Geographical location is a huge factor when it comes to income. Cities with the highest salaries, according to an article by Forbes, include Zurich, where the net pay is equivalent to US$23 per hour, closely followed by Geneva (US$20), and New York (US$19).

If you are living in a city with low growth and a lagging economy, then consider relocating to a city where your earning prospects are higher and career development prospects look strong.

6. Change careers

Identify fast-growing industries, desirable skills and in-demand professions. Which sectors are growing fastest, and have strongest long-term prospects? If your role is a dead-end and your industry on the way out, then perhaps consider changing career.

Aside from the potential salary boost and greater security in future, this is also an opportunity to develop previously untapped abilities and talents.

Perhaps you’re keen to make a positive difference in the sphere of public policy, or challenge yourself with a role in international business or business management.

How Will 401k Affect my Paycheck?

Many people are hesitant to begin investing in their 401(k) plans because they are worried about how it will affect their take-home pay.

Your take-home pay may not be greatly lowered when you increase the amount you contribute each month.

One of the easiest ways to increase the amount you contribute is each time you are given a raise, you can raise the amount you contribute and you will not even notice it in your take-home pay. 

It is important to realize that contributions that are made to a traditional 401(k) are made on a pretax basis. That means that your taxable income is lowered, and so the amount you pay in taxes is lowered.

So you pay fewer taxes, and your take-home pay will not be affected by the same amount you contribute. It may decrease slightly, but not by much.

Some companies have stopped offering an employer match, but it is still important to continue to contribute to your 401(k). Five percent is a good starting point if you are not receiving an employer match.

This begins your retirement savings, and then you can use the rest of your money to get out of debt. Once you have done this, you should increase your retirement savings to fifteen percent of your income.

The money you contribute now will grow exponentially over the years, and it is important not to waste this extra time you have to grow your retirement savings.

• Think about the long-term benefit of investing in your retirement that will make life easier in the future.
• Focus on contributing regularly. The market will go up and down, but if you continue to invest you should be in a comfortable place when it comes to retiring.
• A traditional 401(k) is a good option because it can reduce the amount you pay in taxes now, which may make it easier to continue investing when money is tight.

What Are The Eight Factors That Can Affect Your Paycheck

Employers typically adjust their market data when determining how much to pay a specific employee to do the job.

After they determine the value of the position by researching the data on pay practices for comparable jobs at comparable companies, they adjust the data to reflect the employee’s background and experience.

1. Years of experience

Typically, more experience results in higher pay – up to a point. Similarly, if the position calls for someone with 10 years of experience in a particular occupation, and you don’t meet those requirements, you may find yourself on the lower end of the pay scale.

2. Education

The match between your education and what’s normally required for your job usually affects your pay. Plus, the quality of education can affect salary.

Earning a degree from a top program typically has a positive influence on pay, while earning a degree from a school that’s considered weak in a particular field may decrease your earning potential.

3. Performance reviews

Since most employers base their pay decisions at least partly on individual performance, this is an important variable when being considered for a pay increase or promotion.

Even when applying for a new job, this information may be important to your prospective employer, as it gives a more complete picture of your abilities.

4. Boss

The more discretion and latitude you have in relation to your company’s success, the more directly your decisions and actions will affect the bottom line – and your own.

And if your boss is higher on the corporate hierarchy, his or her recommendations concerning your pay have less chance to be overridden in the cycles of review.

5. The Number of Reports

The more employees you manage, the higher your pay in certain jobs. Of course, your level of success is also based on the performance of the employees you manage.

6. Professional associations and certifications

Certifications and memberships in professional organizations or trade associations can have a positive Affect on pay.

However, if a job calls for a certification you don’t have your pay might be set at the lower end of the range. Some employers require employees without certifications to work toward them.

7. Shift differentials

In certain jobs, workers may be expected to perform tasks during less favorable shift times. These employees are typically paid a premium due to the higher social and physical costs involved in working outside “normal work hours.”

In jobs that don’t normally operate on more than one shift, the differential is negligible and usually only taken into account when a nonsalaried employee works overtime or on a special project.

8. Hazardous working conditions

In certain jobs, workers are expected to perform tasks under dangerous working conditions.

Dangerous working conditions can be defined to include anything from handling dangerous chemicals in a research facility to walking a police beat in a dangerous section of town.

Jobs that fall into this category are usually regulated by outside authorities, including labor unions and the government.

How Can You Increase You Income Fast?

Whether you’re living paycheck-to-paycheck or you’ve got some reserve in the tank, so to speak, you’re likely looking for ways you can increase your income. The problem?

How can you earn more money without having to spend countless extra hours every day trying to figure out what works?

Now, we’ve all seen some of the so-called gurus on the internet who cheerlead the latest offers. They propose different ways you can make money online, and do it fast. Does it usually work?

Sure, if you have a list and a following and a good understanding about how you can market online. Otherwise, you might hit a wall.

There are endless ways you can make money, but not all of them are viable and not all of them can be done quickly. Sure, there are some terrific sources for passive income like blogging or writing ebooks.

Read Also: How to Make Money Outside of an Office Job

But, you’ll need to put weeks, months or even years of work behind some of them to make them produce any sizable amount of recurring income.

If you’re in a bind and you need to increase your income this month, there are some things that you can do that will move the needle. You will need to devote the right amount of time to some of them to see them through.

But, once they’re up and going, you could supplement your income by hundreds, if not thousands, of dollars extra per month.

1. Take paid surveys online

There’s a variety of websites online that will pay you for your opinion. You can easily take surveys to make a bit of money when you’re in a tight spot. Granted, you won’t get rich. But, you will increase your income. And if you do lots of these, you do have the chance of making a few hundred bucks or more extra.

Sites like Swag Bucks, Survey Junkie and Inbox Dollars are among some of the sites you can use to take paid surveys online. There are others. All you have to do is conduct a search. But, these three are the most reliable and trusted paid survey sites out there.

2. Answer professional questions

If you’re knowledgeable in a technical area, such as the law, taxes, medicine or information technology, for example, you could answer questions professionally. You can get paid for every successful and accepted answer on sites like Just Answer.

This is perfect for working part time or simply in a spare hour or two that you might have to answer these questions. You do need to be an expert in one of the areas that are represented.

If you are, it’s simply a matter of grabbing the question as soon as it comes in and going into detail with your answer.

3. Do social media marketing for businesses

Social media is exploding. Businesses around the world understand the importance of this medium. However, most don’t know how to take advantage of it.

That’s where you come in. Of course, you do need to understand social media in order to charge clients to manage their social media accounts.

The best part? It doesn’t take much effort to post on social media and draw in interested consumers that are looking to purchase whatever product, service or information a company might be peddling.

That’s where you come in. You can easily supplement your income almost immediately by doing this type of work for clients.

4. Create tutorials on YouTube

Everyone knows that you can make an extraordinary amount of money with YouTube if you can reach that all-star status. For every million views you can expect to make anywhere from $4,000 to $8,000. If you can build up a sizable channel, you can earn a significant amount of money.

The best part about this? YouTube videos offer passive income. And, if you create tutorials about popular topics, you can increase your income quickly. It might not happen overnight. But, it will happen.

5. Start up a side hustle business

Side hustles are all the rage. They’re businesses that you can launch on the side. Even while you have a full-time job. Some require a bit of time, others require far more of your resources. What type of side hustle business can you launch? Maybe you can do graphic design or web development or SEO work.

This all boils down to your skill set. If you don’t have the skills, go out there and learn them. Sign up to an online course and educate yourself.