If you are wanting to get out of debt or make improvements to your financial position then cutting your expenses is pretty much a necessity. Things like cable TV, restaurants, and shopping sprees are usually the first things to hit the chopping block.
But at some point you can slash all frivolous items from your budget and still come up short.
I love it when you read articles and books on saving money or getting out of debt and they give advice like, “Stop drinking 3 Starbucks latte’s a day and you’ll save $3,000.”
Sure, that math is right. But does anyone really have a $12 a day latte budget? It’s just not practical advice.
Slashing expenses and making short term sacrifices is absolutely necessary for getting ahead financially.
Most people can come to that conclusion on their own.
But it’s not a sexy thing for us to talk about.
Making more money however is something we all want to do. It’s something that helps us reach our financial goals faster. And unlike slashing a budget to just your necessities, raising your income has no ceiling.
If you’ve made the decision to improve your financial situation then your first step of course is to look toward your current expenses and slash what you’re spending to just necessities. But your second step is to look to ways to increase your income.
This could come in the form of overtime at work. It could be a part time job. You may start a side business or mow lawns or come up with a great invention.
Slashing budgets is necessary and boring. Coming up with ways to boost your income is much more fun.
What are some things outside of your day job to make money?
Tell me your ideas in the comments below.