Everybody wants to increase their income and save more money, right? Seriously, what could you do if you were able to achieve a higher income than you ever thought you could? How would you live your life if you had more than enough money to put into savings and let compound interest multiply that money exponentially.
Today I’ll show you 4 huge ways to increase your income and save more money, but before I do that, let’s talk about why you need to do it.
It’s About More Than Stuff
I know that sounds a little silly. Why wouldn’t you want to raise your income and save more money? It goes way beyond just wanting more stuff. It’s about what money represents in your life. Yes, you need money to eat, have a roof over your head, and have the things you want and need. But what about some of the greater things that money can provide, such as freedom, choices, and the ability to live life on your own terms?
You can’t do that so easily when you’re living paycheck to paycheck. But when you know how to leverage your time, talents, and skills to increase your income and save more money, you will eventually reap the rewards of all your hard work and planning and be able to live the life you want.
It’s not always an easy (or short) road to get there, but when you put in the effort, it WILL pay off in the long run with more freedom and options for your life.
So with that said, let’s get down and dirty with the details so you can save more, make more, and change your financial life for the better.
Get a Side Gig
Starting a side business of your own is easier than it’s ever been. Everybody has some kind of skill they can use to make extra money. Whether it’s baking cookies or coding software, your side hustle can earn you a significant amount of money in addition to your regular income. If you use your side gig money wisely you can leverage that money in a huge way if you’re diligent. You could:
- Invest It and let compound interest grow it exponentially over time.
- Pay Off Debt– Getting rid of your consumer debt makes a huge difference in your ability to build wealth.
- Once Your Debt is Paid Off- Then invest that extra money and let it grow while you continue making even more to invest. You won’t believe how quickly it will add up!
Here are some good resources on making extra money to help you get started.
“The $100 Startup” by Chris Guillebeau
Be Awesome at Your Day Job
Let’s face it, a lot of people don’t live up to their full potential at work. Too many of us just show up, do our job, and go home. That’s called being average. But if you want to be a top earner at your job, and have more opportunities for promotions and raises, you have to stand out from the crowd of average people who are just there to gather a paycheck.
So how do you do that? You develop more skills, provide more value, do the things that others aren’t willing to do, etc. When you become exceptional at your job, it always pays off with money and opportunities that propel you forward financially.
Here’s a great post I wrote, and a few more resources to help you achieve your awesomeness:
“Great Work- How to Make a Difference People Love” by David Sturt
One of the biggest problems most people have with saving money is simply having the discipline to do it. It’s very easy to forego putting money into savings and investments every month when you have so many options available for how to spend your money. The best way to save is to take that monthly decision out of your hands and automate it.
All you have to do is have a percentage of your paycheck automatically deducted every month and deposited into your savings or retirement account.
When your saving is automated, you don’t have to make a conscious decision about making that deposit every month, and because of that, your saving is much more consistent. The cool thing is that you really don’t miss the money. It’s just another line item on your paycheck along with taxes and Social Security, except this money is going directly to you to build your wealth instead of diminish it.
Have Clear Goals
Get a clear idea of how you want to make and save more money. Set specific goals that are measurable, and stick to them. If you want to save a specific amount of money a certain date, figure out how much you’ll need to save every month to achieve that goal.
If your goal is to make more money, then decide how much more you want to make, and set smaller goals that you can achieve step by step to get you to the bigger goal.
Your goals should be SMART– Specific, Measurable, Attainable, Relevant, and Timely. These SMART goals will help keep you motivated over the long term and keep you focused on your ultimate goal without falling victim to the many distractions that can get in your way when you don’t have specific goals.
Here are some awesome resources on goal setting:
Make More, Save More- A Profound Effect
When it comes down to it, making and saving more money can have a profound effect on your freedom, your choices, and almost every other aspect of your life. You have the ability to grow your wealth without being subject to the limitations that come with debt. You start winning financially.
But when you’re living paycheck to paycheck and you don’t have a plan, you'll always be a slave to debt. Nobody’s going to come and rescue you with a lottery ticket or a bailout. You’re on a slow treadmill to nowhere financially, and because of that your freedom and your options are very limited.
So which side of the fence do you want to be on?
You CAN increase your income.
You CAN save more money.
It’s up to you to do the work and make it happen, so get moving!
Question: What tips or tricks do you have for increasing your income or saving more money? Leave a comment and let me know.