Singapore is not a cheap country to live in. Our cost of living is constantly increasing due to inflation, and we sometimes have difficulty keeping up with our standard of living due to circumstances beyond our control. Kids that require additional money or elderly parents that rely on our support.
Aside from investing, that do require a certain amount of knowledge and patience to pay off, here are some other alternatives you can consider.
#1 Ask For A Raise
This one might make you go “Duh!” But not everyone has the guts to do this even if they feel they are underpaid. If an increment is justified, given the amount of work you put in, you might get your request granted. Make a business case to your boss to explain why your salary ought to be increased or request a performance-related bonus that you can work towards.
#2 Find A New Job
Radical, yes, but sometimes checking job websites and meeting new people in your industry can uncover an opportunity for a higher-paying role that you didn’t even imagine existed. LinkedIn would be a good place to start, given the professional purpose of the platform.
Some Things You Can Do:
1) Click through your list to view all sorts of news and give you the opportunity to reach out to people you’ve been out of touch with for awhile.
2) Post updates to make sure it reflects your current role, responsibilities, and new skills. It also gives your connections the opportunity to reach out to you when they receive a profile update notification.
3) When someone you do not know adds you, click “reply” instead of ignoring or deleting the invitation to connect. By responding, you are allowing conversation, which can turn out to be an opportunity you did not see coming.
More people than you realise take on extra jobs to get them through a tough financial spot. Maybe it’s answering phones at the gym on the weekend or helping out at your sister-in-law’s store in the evening. A regular supplement to income can make a big difference.
If that is too much for your already hectic schedule, the internet is your answer. Fiverr allows you to take on gigs starting from $5, with additional charges depending on the urgency of the task and other services. It allows flexibility in doing your side hustle, and can be a lucrative channel if your gig can be completed quickly for each client.
#4 Create Something
There’s no reason to give away your talent when you can charge for it. Thanks to the online selling community, there is a 24/7 market out there of buyers.
Etsy is a popular website people use to sell their handicrafts. Frequent customers on the site love customised products that are unique. If you have a talent for making things, your Etsy gig could bring in serious moolah for you.
Find a paying gig where you can share the expertise you’ve acquired. Teach classes at your community centre or offer online classes. Whether it’s how to create a marketing strategy, ways to handle customer complaints, or interpersonal communication skills, focus on what you know best and can share with the world.
Professional trainers are sought after by training and management consulting firms in Singapore. Rates can go up to around a few thousand per session, depending on the level of experience and type of course conducted.
If professional training isn’t something you’re going for, you might want to try out tutoring. Tutors are always in demand because of our grueling education system here. If you are a whiz at any subjects, giving tuition could substantially supplement your income. You could command around $50 per hour based on your education background and past tutoring experience.
#6 Sell Your Stuff
You can create more space in your life for the cash to flow by clearing out old furniture and clothing. Be ruthless— do you really need that car or could you make do without it?
That being said, if you have other junk things that are now white elephants to you, Carousell can be your new favourite app. There are many keen buyers if your items are still in good condition.
#7 Learn A Trade
Further to the moonlighting concept, get some training and credentials to amp up your earning power and you might just end up launching a small business. Examples include yoga instruction, nutrition counselling, landscaping, catering, jewellery-making and bookkeeping.
Complaining about your pay isn’t going to help you if you do not do something about it. There are many opportunities to create more streams of income when you get creative about it. Many successful startup founders first began by trying out a small side gig that became something much greater. Will you be next?
DollarsAndSense.sg aims to provide interesting, bite-sized financial articles that are relevant to all Singaporeans. Subscribe to our free e-newsletter to receive exclusive content not available anywhere else. Also follow us on Instagram to get your dose of finance knowledge visually.