You may be wondering how you can increase your income despite the economic downturn we're experiencing. The novel coronavirus pandemic has hit the Aussie and global economies hard and reduced many people's incomes. The hospitality, retail, travel, entertainment and many more industries have been affected.
If you're one of many Aussies affected by the recent changes, here are a few tips to increase your income in 2020.
Increase your income by shifting industries
While many sectors have been hammered by COVID-19, many have received a boost. The Aussie supermarkets like Coles Group Ltd (ASX: COL) and Woolworths Group Ltd (ASX: WOW) are on a hiring frenzy as people flock to their stores. Similarly, many call centres are likely to receive an influx of calls in the current environment. If you're in a position to work, applying for roles in these areas like these could be a great way to increase your income despite the downturn.
Apply for government benefits
The federal government is throwing billions of dollars at the economy to avoid an economic depression. That includes the recently announced JobKeeper and JobSeeker programs for Australians falling on hard times. It's important to use the safety nets that are provided, and especially in uncertain times like these. If you're eligible, these programs could increase your income and help you manage the bills until the pandemic has passed.
Invest in ASX dividend shares
If you've got some cash to spare, ASX dividend shares could be the key to increase your income. Assuming you've got your spending covered, investing in dividend shares is a simple solution. Fortescue Metals Group Limited (ASX: FMG) is yielding a tidy 9.66% per annum at the moment. Dividend yields can be misleading in these times, but there are still shares worth buying. Given the official cash rate is 0.25%, it's hard to go past ASX dividend shares if you want to increase your income in 2020.
