How to Earn More Money and Stop Pinching Pennies

Posted by Pam Hill in Personal FinanceJanuary 26, 2022(Last Updated July 27, 2022)3 min read
Key Takeaways
  • The holidays are officially behind us, and now it’s time to deal with the reality of money problems. 
  • When your income is heavy on cents and light on dollars, spending is more of a dream than a reality for you.
  • If you have a minimum wage job, your number one issue is income. But, if you live at or close to the minimum wage level, you cannot cut your way to success.
Are you ready to make some real money moves?

The holidays and festivities are finally behind us. So, now it’s time to get down to the serious business of earning your ‘3M’ degree: Master’s in Making Money. In my last article on My Smart Cousin, I started you off with your first class on your road to riches which was about the envelope system.


However, in this one, I will help you to dig deeper to figure out whether you’ve got an income problem, a spending problem, or a little of both.


Pinching Pennies


Spending is more of a dream than a reality when your income is heavy on cents and light on dollars. But, on the other hand, when you pinch pennies over $3.60 vs. $3.62 for gas while having other expenses such as eating, shopping, and other essentials, it can be harder to keep pace.


Your Income May Be The Issue


As of January 2022, the federal minimum wage in the United States is $7.25, or $15k a year if you’re lucky enough to have a steady 40 hours to work every week. The minimum wage has been at that level since July 2009.


Image Credit: KomootP /


Recommended Read: Many Workers Would Quit if They Knew They Were Underpaid


Even if the federal minimum wage rate hasn’t increased in more than a decade, numerous products, goods, and services have to keep up with the pace of inflation. Unfortunately, this means that prices are continuously increasing, preventing many Americans from building wealth and savings.


Fortunately, on January 1, 2022, more than 20 states, including New York, California, and Florida, officially increased their minimum wage, allowing the employees of these states to earn more money on an hourly basis. This wage increase helps some people, especially if you live in one of those 20 states, but for others, it’s simply not enough to keep their head above water. 


If you have a minimum wage job, your number one issue is income. Yes, cutting down your expenses when it comes to your budget is a good idea, but if you are at or close to the minimum wage level, it could make it harder to cut your way to success. 


Recommended Read: Budget Billing Can Help Your Finances In The Long Run


The Solution? Increase Your Income. 


The headliner may be an obvious statement, but, realistically finding the time to apply for a job or second job can be time-consuming in itself. So, here are some tips to help you apply for a role that best aligns with your time and financial goals. 


Image Credit: Yunus Malik / Shutterstock


Write (or Re-Write) Your Resume


Writing a new resume or editing your old resume can increase your chances of landing a better qualifying job. In addition, jobs are widely available today due to many resigning from their roles during the COVID-19 pandemic. As there is an excess of jobs available and not enough workers in the workforce, it has become much easier for unemployed people to go out and receive a job. 


Use your work experiences to highlight your successes and skills. Write out several clear and concise accomplishments relating to your position at your company.


Recommended Read: How to Build a Great Resume to Land Your Dream Job


How to Search For a Job


There are tons of jobs posted on websites like LinkedIn and Indeed. The effectiveness of these websites is due to the ease of setting up a profile and setting your job search criteria. This makes it easy to apply to all jobs that fit your criteria. If you are using LinkedIn, you can also follow recruiters who are looking to fill roles at their companies.


What Happens After I Send in My Resume


After you have officially applied for a job, the next step would be to follow up with a general letter to the Human Resources Department.


Sending a letter directly to the HR department manager of your desired company describing how you are the greatest candidate for the role you desire leaves a good impression and helps you stand out. Most companies also allow you to include a cover letter during the application process. 


Following up with an email or letter to HR a few weeks to a month later shows interest in the company and the role. This may sound tiring but will pay off in the long run once you have landed your dream job. This is not the only path to increasing your income, but this is often the most underutilized path. 


This article was previously published on the contributor’s website but edited to fit CapWay’s posting.


Main Image Credit: Prostock-studio / Shutterstock

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