Keeping track of our expenses is a critical aspect of our personal finances.
But by itself, austerity will not lead to financial freedom. At least, not in the term that you surely want.
Waiting for that to happen is like trying to win a car race by saving fuel.
It very rarely happens.
In this article, we’ll discuss how to improve your income so that you can increase your savings.
There are three factors, and they all depend on you, whether you are an employee or your own boss.
After reading this article, you will have no more excuses.
1. Learn more to earn more
Your knowledge and skills have value. If you want to earn more, you have to learn more.
The market pays you for the value you provide. If you want better pay, then you have to provide more value. And for that to happen, you have to learn how to do it.
Do I have to go back to school? If you haven’t finished yet and can do it, yes. But it is not the only way.
When we talk about learning, we are not only talking about formal education. It is possible to learn and be very successful by being self-taught.
The important thing is the commitment to continuous learning.
And this is something we can all do.
You can start by learning something completely different from your current career. You could learn forex or stock trading. There are many online courses like Knightsbridge Trading Academy to help you.
There are no excuses. The world is changing fast, and you must keep up with the changes.
2. Be more productive to improve your income
Yes, your productivity.
Education is not the only factor that affects your income. The quality and quantity of your work are related to what the market is willing to pay you. The easiest way to increase your income is to increase your work hours. Go from part-time to full-time, or get a second job. Although I do not think this option will make you very happy, you have to see it as circumstantial to boost your savings. If that is not an option, you can also increase your hourly productivity.
Whatever your occupation, there is always a way to add more value. It is impossible to give a general rule of how to add more value because every job is different. But I’m sure you must know how to do it in your work. If you don’t know, I suggest you research how to do it right now. When you produce more, you are worth more.
3. Find a better-paying job or start one yourself
If you look hard enough, you can always find something that pays better than your current job or business opportunity. It may take some time, but it will pay off in the long run because it will give you an edge over others who are still stuck in their old jobs or businesses.
In conclusion
You are 100% responsible for your income. Your salary is determined by the demand for your skills and knowledge. And also by the quality and quantity of your work and how well you sell ourselves in the marketplace. These are all areas where we can all improve. If you want to improve your income, you have to be worth more.