Increase your income to offset the effect of inflation

Increase income to offset the effect of inflation

In a period of inflation like the one we are currently experiencing, everything costs us more. Oxfam recently revealed that the real wage – i.e. the salary adjusted according to the level of inflation – of Canadian workers had decreased by 3.4%. How to increase your income, just to offset these higher expenses? 

Here are some ideas proposed by financial experts. < /p>

Ask for a raise 

If you are an employee, the first thing to do is tell Metro Youcef Ghellache, president and co-founder of Educfinance, is to see if we can get a raise.  

“Sometimes people just don't think to ask, when it can have an immediate impact. »

The expert indicates that mentioning the current inflation rate is one of the best arguments for asking for a raise.  

This is obviously not the only argument to put forward. Youcef Ghellache suggests clearly explaining what we contribute to the company, to highlight our added value.  

Then there is always the possibility of changing jobs. It may be worth seeing if there are better deals elsewhere. This research can even help us during the negotiation of a salary increase.  

Take training courses 

The expert also offers to follow training to add strings to his bow, add skills and diplomas to his CV, and thus get a better salary. 

“ If you aspire to a position with higher responsibilities, it may take more advanced training on certain subjects, ”he says.

Several schools offer training in the evenings, on weekends or at a distance, which makes it easier for people who already have a job. 

Doing odd jobs on the side 

Then, the expert adds that it is possible to seek additional income with another job on the sidelines of our main job. 

Youcef Ghellache says he observes that more and more SMEs are looking to fill only a few hours a week, often evenings and weekends, remotely, to meet their needs. 

“We can offer professional services a few hours a week, depending on their skills, which can bring in some additional income. » 

Otherwise, the expert affirms that we can also think of selling or renting our property, whether it is a space, a car or other.  

< h3 class="wp-block-heading" id="h-l-investment-for-long-term-only">Investing for the long term only 

These options are short-term ideas for increasing your income. If one thinks rather of medium and long-term enrichment, Youcef Ghellache rather proposes investment. 

Financial planner Marc-Olivier Desmarais insists on the fact that investment in the market finance must absolutely be in a long-term perspective, never in the short term.  

“It is a bad perspective of the financial market to think that you can increase your income in the short term. I discourage everyone from doing that,” he says. 

On the other hand, he indicates that by investing for the long term, we will always have a positive return.  < /p>

Finally, for the financial planner, the easiest way to have more money is not to think about increasing your income, but rather to reduce your expenses. This requires good budget management, which involves eliminating superfluous expenses.  

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