Here's How I Plan to Increase My Income by $10K Next Year

Increasing your income is arguably the most impactful financial change you can make. Whether your goal is to get out of debt, save enough in your emergency fund, or invest more so you can retire early, earning more money can help.

I've been setting ambitious income goals for myself over the last few years. Next year, I plan to increase my income by at least another $10,000. Since I'm a freelancer, I have some control over how much I make, but it's not going to happen on its own.

After a lot of planning, I've come up with a few ways to boost my income next year. If you have the same goal, here's what I'm going to focus on.

Working more efficiently

As a freelancer, my income depends on how much I work and how efficiently I work. My No. 1 goal is to improve my efficiency. I'm not doing poorly right now, but I feel as if there are a couple of areas where I could get better.

Organization and time management, in particular, aren't my strong suits. I've normally had more of a go-with-the-flow approach. While I have a general plan for each day, I don't follow a strict schedule of work time and free time.

For 2024, I'm going to add more structure to each day, week, and month. I'll use time blocking to map out my days, stay on track, and minimize distractions. And I'm already working on fixing my habit of "multitasking." For me, that always turns into wasting time, bouncing from task to task, without making much progress on any of them.

Saving time in other areas of life

Right now, I have a good work-life balance. I like having free time, and I know that I wouldn't enjoy cutting into that to work more. But I've found a way to be more productive without giving up my free time.

There are a lot of mundane tasks and errands that take time out of my day. That's why I'm going to prioritize convenience going forward, even if it costs me more money. Buying back my time is well worth it to me. Here are a few examples:

• I'm going to outsource more tasks: I already have a housekeeper. I'm also planning to start using a laundry service, hire an accountant to handle my taxes, and outsource anything else I find that I don't want to handle myself.
• I'm going to get groceries delivered more often: I spend about two hours per week on grocery shopping right now. While I don't mind grabbing groceries at the store, I'd like to cut down the amount of time I spend on it.
• I'm going to buy equipment for a home gym: Getting to the gym takes me about 15 to 20 minutes each way. By working out at home, I'll save at least 30 to 40 minutes per day.

Adding new skills and sources of income

A method that has already worked well for me is adding more sources of income. I used to write mainly about credit cards. While those are still a focus of mine, I've branched out quite a bit. I now cover many areas of personal finance, do some copywriting, and occasionally write more in-depth research pieces.

Covering many different topics and types of assignments gives me more opportunities to make money. I've also been able to land high-paying work that isn't part of my original wheelhouse.

I want to continue doing this next year. There are a couple of ways I plan to make it happen:

• I'll continue building my skill set: I regularly read books and online content about finance and writing. I'm also looking into online courses.
• I'm exploring online business opportunities: An online business may not pay off right away, but it could become an additional source of income in the future.

Putting it all together

As you can see, I have a few areas I'm going to focus on next year. Time blocking and better organization should help me work more efficiently. I can also save at least a few hours per week by outsourcing tasks and spending more on convenience. 

Just with those changes, I could earn another $50 per day, which is already $12,500 per year. I'm sure that building my skills and developing income streams will pay off, as well, either next year or down the road.

If you want to increase your income next year, start planning how you can do it now. The methods above might work for you, depending on your situation. Or, you may decide to focus on different areas. Either way, by having a plan ready, you'll be able to hit the ground running in 2024.