Stimulus checks are probably banned in 2022 – but you can boost your income with these tips

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You may not receive a government windfall, but that doesn’t mean all hope is lost.

Key points

  • Many Americans received a $1,400 stimulus check in 2021.
  • A 2022 stimulus package seems unlikely given current economic conditions, but those who need the extra cash still have options.

Last year, millions of Americans got a financial lifeline in the form of $1,400 stimulus checks that were approved as part of the US bailout. Since then, the public has held out hope that a fourth stimulus check will hit their bank accounts. But for now, that seems unlikely.

Although we started 2022 in a difficult way due to the surge in the omicron, this fortunately has not led to a massive increase in unemployment – ​​at least not so far. With the economy strong and the job market teeming with job opportunities, it’s hard to argue for a fourth stimulus check, even at a time when inflation is taking its toll on people. many people’s budgets.

If you were hoping for a stimulus check this year, the good news is that you can always take steps to increase your income to make up for not having one. Here’s how.

1. Fight for a raise

Many companies today find it difficult to retain employees and hire new ones. Your employer may be more eager than usual to accommodate you, which could mean accepting a raise.

Before applying for one, however, do some research to see what the average worker in your area earns with your job description. Sites like Glassdoor are a good resource for this. If you earn an annual salary of $55,000 but see that the typical worker with your role and level of experience earns between $60,000 and $65,000, this will help you put that data in front of your employer.

Your employer may not want to raise you for no particular reason. But that doesn’t mean you can’t earn one by building your skills and working your way up to a promotion.

Think about the skills you need to be successful not only in your current job, but also in a job further up the chain. And then set aside time in your schedule to develop those skills. You can also try enlisting the help of friends and colleagues (current and former) who might be willing to mentor you.

3. Take a side hustle

You may only succeed in getting so much money from your current employer. If you want a more substantial income boost, consider getting a Side Hustle. This gig can be something you do for a few months, or you can decide to keep it going for the rest of the year if it suits your schedule.

Having an extra stream of income could not only make it easier to cover your bills, but also work toward other goals, like paying off debt and padding your savings account. If you’re worried about managing that gig on top of your other responsibilities, you can always try to find something that lets you set your own hours, like driving for a ride-sharing company. This way you can start slow and increase your hours as time permits.

The absence of a stimulus check may be a bummer — but that doesn’t mean you can’t boost your income in other ways. You may have to take matters into your own hands, but if you play your cards right, you could enjoy a much bigger payday than a fourth stimulus check would have given you.

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