Increasing our income doesn’t have to be a significant increase. We don’t need to get too caught up in how much we’re able to increase our income at this point, but more about using that extra income toward paying off debt or putting it toward savings or investing goals. There are so many different ways to increase your income from picking up part time work to selling products or services online. Get resourceful…get creative, the main thing is to find the niche that works for you and with your lifestyle. An extra $20, $30 or $50 per month may not seem like much, but when we take that little bit extra and consistently put it toward paying off that credit card balance or into that savings account, we’ll start to see how that small amount will make a big impact over time. Of course, the more we’re able to increase our income the quicker we reach our goals. But, regardless of how much or how little we’re able to increase our income, the greatest impact will come from instilling the good money habits we acquire from implementing the strategy of increasing our income.
Every Little Bit Helps!
Taking care of your finances is not an easy task or at least not an enjoyable one in most cases! But what is easy, is the availability of credit, with high interest rates. When you couple that with a lack of understanding basic financial principals, you’ll find yourself falling into bad money habits and ultimately living deep in debt, way beyond your means. To better understand your money habits, you have to look past your personal biases about money. To some, the pursuit of money is regarded as a drawback…that it’s wrong or bad, or at best it’s a necessary evil! Your finances may not be the most exciting thing for you to deal with, but it’s not until you change how you view money that you can change your money habits.
When you really stop to think about it, money is neither good nor bad. Money is a tool and like any other tool, if you don’t use a tool the right way, it can make the job harder. But, if you do use the tool in the right way, it will make the job much easier. Think about trying to dig a hole with the handle end of a shovel! Not only would it take longer to dig the hole, but you could also be hurt by using it the wrong way. Just like handling a tool the right way to get the best results, handling your money the right way will also give you the best results when it comes to your financial health.
“Money grows on the tree of persistence.” — Japanese Proverb
Any debt that you have is in direct proportion to your earnings which is exactly where your comfort levels lie – not so much debt to keep you awake every night, but just enough to appreciate life and your hobbies at your maximum level of income. Living your life on the financial edge where an unexpected expense can put you in financial ruin. It’s at that point that you’ll find yourself walking on a tightrope – and if you don’t change your path, you’re going to wind up coming up short in your financial goals. This is when you need to make sure that you have more money coming in than is going out. That simple rule will either make you or break you financially, depending on whether or not you follow it.
Your earnings have to be greater than all of your expenses. Once you find yourself at the point of realizing that you’re living above your means, you have two strategies to work with that can get you back on track. One strategy is to reduce your expenses as much as you possibly can and the other is to increase your income. If you just can’t see yourself living below a certain lifestyle, then your only real option is to increase your income. Whether you choose to reduce expenses or increase income, or both, the result needs to be that you end up with money left over after all of your expenses are paid. By allowing yourself to have more income above and beyond your total expenses, you’ll be setting yourself up for the financial success you deserve!
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