10 Ways to Increase Your Income and Save More Money


10 Ways to Increase Your Income and Save More Money


10 Ways to Increase Your Income and Save More Money


10 Ways to Increase Your Income and Save More Money


If you are looking for ways to boost your income and save more money, or you want to pay off debt, build an emergency fund, or achieve financial freedom, increasing your income and saving more can help you reach your goals faster.

In this article, we will explore some of the ten effective strategies to help an individual increase his/her income and save more money, from side hustles to budgeting techniques. So let’s dive in!

1. Start a Side Hustle

One of the most effective ways to increase your income is by starting a side hustle. A side hustle is a part-time job or business that you can do alongside your regular job. It allows you to earn extra money and diversify your income streams. Numerous side hustle opportunities are available, depending on your skills and interests.


Freelancing is a popular side hustle option for those with marketable skills. It could be writing, graphic design, web development, or social media management, there are plenty of freelance opportunities available online. Websites like Upwork, Fiverr, and 99designs connect freelancers with clients looking for their services. So, leverage your skills and start earning a significant income through freelancing.

Online Selling

Another lucrative side hustle option is online selling. Platforms like Jiji, Jumia, and Kilimall allow you to sell products online. You can start by decluttering your home and selling unwanted items. Once you gain experience, you can explore sourcing products from wholesalers or drop shipping to create a profitable online business.

Tutoring or Teaching

If you have expertise in a particular subject, consider offering tutoring or teaching services. You can provide one-on-one tutoring sessions or teach online courses through platforms like Udemy or Teachable. This side hustle not only helps you earn extra income but also allows you to share your knowledge and help others.

Ride-sharing or Delivery Services

If you own a car, you can consider becoming a ride-share driver or delivering food through platforms like Uber, Glovo, or Bolt. These services offer flexible working hours and there’s always demand, allowing you to earn money on your own schedule. However, it’s important to consider the costs associated with vehicle maintenance and fuel before diving into this side hustle.

2. Invest in Yourself

Investing in yourself is one of the best long-term strategies to increase your income. By acquiring new skills, knowledge, and certifications, you can enhance your value in the job market and command higher salaries. Here are a few ways to invest in yourself:

Further Education

Consider pursuing further education to gain specialized knowledge in your field. This could involve enrolling in a degree program, attending workshops or seminars, or obtaining certifications. By staying up-to-date with the latest industry trends and expanding your skill set, you can position yourself for better job opportunities and higher-paying roles.

Personal Development

Investing in personal development can also have a significant impact on your income. Attend personal development workshops, read books on self-improvement, and listen to podcasts or audiobooks that inspire and motivate you. Developing a growth mindset and continuously improving yourself can increase confidence, better performance, and, ultimately, higher income.


Networking is a powerful tool for career advancement and income growth. Attend industry events, join professional organizations, and connect with like-minded professionals in your field. Building a strong network can open doors to new job opportunities, collaborations, and mentorship, all of which can contribute to increasing your income.

3. Negotiate a Raise or Promotion

If you’ve been with your current employer for a while and have consistently delivered exceptional results, it may be time to negotiate a raise or promotion. Before approaching your boss, gather evidence of your accomplishments, such as positive feedback from clients or colleagues, increased sales numbers, or successful projects you’ve led. Presenting a strong case backed by data can significantly improve your chances of securing a higher salary or a better position.

Timing is Key

Choose the right time to initiate the conversation about a raise or promotion. Ideally, wait for a performance review or when the company is doing well financially. Be prepared to demonstrate your value and explain why you deserve the raise or promotion. Highlight your contributions to the company’s success and how you have exceeded your responsibilities.

Be Open to Negotiation

During the negotiation process, be open to compromise. Your employer may not be able to meet your desired salary increase or promotion immediately. Consider negotiating other benefits like flexible working hours, additional vacation days, or professional development opportunities in such cases. Remember, the goal is to improve your overall compensation package and advance your career.

4. Create Multiple Streams of Income

Relying solely on a single source of income can be risky. Creating multiple streams of income not only increases your earning potential and provides a safety net in case one source of income dries up. Here are a few ways to create additional income streams:

Rental Properties

Rental properties can be a lucrative way to generate passive income. If you have the financial means to purchase or build a property, consider renting it out to tenants. Rental income can provide a steady stream of cash flow, helping you increase your overall income and build wealth over time.

Dividend Stocks

Investing in dividend stocks allows you to earn regular income through dividends paid by the companies you invest in. Dividend stocks are shares of companies that distribute a portion of their profits to shareholders. Dividend payments can supplement your primary income.

Affiliate Marketing

Affiliate marketing involves promoting products or services and earning a commission for each sale or lead generated through your referral. You can join affiliate programs offered by companies in your niche and promote their products through your website, blog, or social media channels. As your audience grows, so does your potential to earn passive income through affiliate marketing.


You can earn royalties by licensing your work if you have creative talents, such as writing, music composition, or photography. Platforms like Shutterstock, iStock, and Freepik allow you to sell photos, music, or books and earn royalties whenever someone purchases or uses your work.

5. Optimize Your Budget

Saving money is just as important as increasing your income. Optimizing your budget will help identify areas where you can cut expenses and save more money. Here are some strategies to help you optimize your budget:

Track Your Expenses

Start by tracking your expenses to get a clear picture of where your money is going. Use budgeting apps or spreadsheets to categorize your expenses and identify areas where you can cut back. This exercise will help you become more mindful of your spending habits and make informed decisions about your finances.

Reduce Discretionary Spending

Discretionary spending refers to non-essential expenses that you can live without. Look for ways to reduce discretionary spending, such as eating out less frequently, cancelling unused subscriptions, or finding cheaper alternatives for entertainment. Small changes in your spending habits can add to significant savings over time.

Negotiate Expenses

Don’t be afraid to negotiate expenses to get better deals. Contact your service providers, such as internet, cable, or insurance companies, and ask for discounts or lower rates. You may be surprised at their willingness to accommodate your request, especially if you’re a long-term customer.

Automate Savings

Make saving money a priority by automating your savings. Set up automatic transfers from your checking account to a separate savings account or investment account. This will ensure that a portion of your income is consistently set aside for future goals.

6. Cut Down on Debt

Debt can be a significant obstacle to increasing your income and saving more money. High-interest debt, such as personal loans, can eat into your income and make it challenging to save. Here are some strategies to help you cut down on debt:

Debt Snowball Method

The debt snowball method involves paying off your debts, starting with the smallest balance first while making minimum payments on other debts. Once the smallest debt is paid off, you roll the amount you were paying towards that debt into the next smallest debt. This method provides a psychological boost as you see progress quickly, which can motivate you to continue paying off your debts.

Debt Avalanche Method

The debt avalanche method focuses on paying off debts with the highest interest rates first. By tackling high-interest debts, you minimize the amount of interest you pay over time. List your debts in order of interest rate, and allocate extra funds towards the debt with the highest interest rate while making minimum payments on other debts.

Debt Consolidation

If you have multiple high-interest debts, consider consolidating them into a single loan with a lower interest rate. Debt consolidation can simplify your repayment process and potentially reduce the overall interest you pay. However, it’s important to carefully evaluate the terms and fees associated with the consolidation loan before proceeding.

7. Embrace Frugality

Embracing frugality doesn’t mean living a life of deprivation. It means being mindful of your spending and making intentional choices to save money. Here are some frugal living tips to help you save more:

Meal Planning and Cooking at Home

Eating out can be expensive, so consider meal planning and cooking at home. Plan your meals for the week, make a shopping list, and stick to it. Cooking at home saves money and allows you to eat healthier and control the ingredients in your meals.

Buy Used or Refurbished Items

Consider buying used or refurbished items instead of brand-new ones. Websites like Jiji, Facebook Marketplace, or eBay offer a wide range of used items at discounted prices.

DIY Projects

Instead of hiring professionals for every task, consider tackling some DIY projects yourself. Whether it’s home repairs, gardening, or simple car maintenance or cleaning, learning new skills and doing things yourself can save you money in the long run.

8. Set Financial Goals

Setting clear financial goals is crucial for increasing your income and saving more money. Without goals, it’s easy to lose focus and get off track. Here’s how to set effective financial goals: 

Be Specific

Spend time defining your financial goals and make them as specific as possible. Instead of saying, “I want to save more money,” specify how much you want to save and by when. For example, “I want to save KES 10,000 in the next 12 months.

Break it Down

Break your financial goals down into smaller, actionable steps. For example, if your goal is to save KES 10,000 in the next 12 months, break it down into monthly or weekly savings targets. This will make your goals more achievable and help you stay motivated.

Track Your Progress

Regularly track your progress towards your financial goals. This will help you stay accountable and make adjustments if needed. Use budgeting apps or spreadsheets to monitor your savings, investments, and debt repayment. Celebrate milestones along the way to stay motivated.

Wrapping up!

Increasing your income and saving more money can provide financial security and help you achieve your financial goals. You are your own best asset, and investing in yourself through education, networking, and personal development can greatly enhance your earning potential.

In conclusion, there are various ways to increase your income and save more money. Start now and start small, All the best
Mariam Chorah
Mariam Chorah
Mariam is an exceptional lead writer for the Peni.co.ke blog. Her expertise lies in extensive research and creating insightful blog posts on various finance-related topics. As a skilled blogger, Mariam possesses the ability to simplify complex financial concepts and present them in a clear and accessible manner, making her writing both informative and enjoyable to read.

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