Between inflation and the consistent rise in the cost of living, one fact has been established; no family or individual can survive on a single income – it’s not impossible, but it’s a pretty hard task. It therefore means that breadwinners are on a constant quest to increase their income and their quality of life.
Let’s face it, some people are financially unhealthy because they engage in bad money management practices. Firstly, they have no savings or investments yet they have multiple loans, credit cards and higher purchase payments, plus the general monthly expenses which include transportation,utilities and sending the children to school. How then can they improve their financial health in this situation? It starts with spending less and earning more.
Creating a budget and setting up a debt management plan can assist over time in reducing spending but sometimes there is simply no other way to improve your financial health than to earn more.
The following are six ways to improve your financial health by increasing your income:
Monetise your hobby.
Do you have a hobby, special skills or talents? Then now is the time to put them to work for you and cash in on them. Skills such as cooking, hair styling, make-up and fashion designing are great ways to make money on the side. These skills allow you to be creative and improve your business over time whether through experience or getting additional training. Also, using talents once considered hobbies such as singing, dancing and emceeing events can build up your bank account quite quickly; particularly because these talents are mainly utilized after hours and on weekends.
Starting a side business is however not specific to those of you with creative talents only. Professionals can also get in on making extra money by providing services such as Accounting, Marketing and IT support to small businesses.
Reduce your expenses.
It may not sound like a bonafide way to make extra cash but you’d be surprised how reducing your expenses can free up more of your income to do other things like saving, buying a car, home or funding your child’s education. So start turning off lights and appliances that are not in use to reduce your electric bills. Likewise, ‘shopping around’ for the best prices before making a purchase can save quite a bit of money.
If the stores you use offer coupons, whether it’s for the supermarket or department store, use them … this is a great way to save extra money.
To Read More: Purchase your copy of Volume 9 #3– July-August 2017
Share this post:
Between inflation and the consistent rise in the cost of living, one fact has been established; no family or individual can survive on a single income – it’s not impossible, but it’s a pretty hard task. It therefore means that breadwinners are on a constant quest to increase their income and their quality of life.
Let’s face it, some people are financially unhealthy because they engage in bad money management practices. Firstly, they have no savings or investments yet they have multiple loans, credit cards and higher purchase payments, plus the general monthly expenses which include transportation,utilities and sending the children to school. How then can they improve their financial health in this situation? It starts with spending less and earning more.
Creating a budget and setting up a debt management plan can assist over time in reducing spending but sometimes there is simply no other way to improve your financial health than to earn more.
The following are six ways to improve your financial health by increasing your income:
Monetise your hobby.
Do you have a hobby, special skills or talents? Then now is the time to put them to work for you and cash in on them. Skills such as cooking, hair styling, make-up and fashion designing are great ways to make money on the side. These skills allow you to be creative and improve your business over time whether through experience or getting additional training. Also, using talents once considered hobbies such as singing, dancing and emceeing events can build up your bank account quite quickly; particularly because these talents are mainly utilized after hours and on weekends.
Starting a side business is however not specific to those of you with creative talents only. Professionals can also get in on making extra money by providing services such as Accounting, Marketing and IT support to small businesses.
Reduce your expenses.
It may not sound like a bonafide way to make extra cash but you’d be surprised how reducing your expenses can free up more of your income to do other things like saving, buying a car, home or funding your child’s education. So start turning off lights and appliances that are not in use to reduce your electric bills. Likewise, ‘shopping around’ for the best prices before making a purchase can save quite a bit of money.
If the stores you use offer coupons, whether it’s for the supermarket or department store, use them … this is a great way to save extra money.
To Read More: Purchase your copy of Volume 9 #3– July-August 2017
Share this post: