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Making money is never easy. There seems, in fact, to be a constant battle throughout our lives to earn a good living. It might even feel like the more you earn, the more you end up spending. How on earth can you balance that out so you can start making and saving money instead of playing catch-up every month?
Here are just 5 of the skills you might learn that will help you make more money than you need to spend:
The very first skill that you need to learn is budgeting. This needs to be as detailed as you can possibly make it. Go through every receipt you’ve got, trawl through the bank statements, and figure out exactly what you spend. Budgeting is about reducing that spend. You should also put a ceiling figure on every part of that budget. Limit your incidentals like coffees and eating out. Cut back on clothing purchases by avoiding the sales. Try to buy to replace rather than on a whim. Once you have your budget, make sure it is less than your total income. The difference can be saved.
Saving isn’t just about stuffing notes under the mattress. It’s about making informed decisions on the best places to deposit your hard-earned cash to reap rewards. Your budget should determine how much income you have left over after all your essential spend. Now you need to divide that up into different savings pots. One might be for a vacation. Another might be for a deposit for your first house. Maybe you have one to buy that car you always wanted. Don’t forget to put a little away each month for emergencies like breakages and repairs.
Passive Income Streams
Your salary might not offer you quite enough to put away the cash you want. You’re saving for things, but a trickle will require a lot of time to build up into the fund you want. Start setting up some passive income streams. You might write an eBook and upload it to Amazon. Maybe you have designed some tees that you can sell online? Sell advertising on your blog. There are lots of ways to make a passive income stream once it’s set up. Use these to boost your monthly income.
Investing & Trading
Investing and trading are ways to take the money you have a grow it. You need to learn how to do this, though, to reduce the risk of losing your initial outlay. Look for companies that educate people to understand how to trade and invest. You can find some like https://www.facebook.com/rockwelltrading/ on FaceBook. This gives you a chance to talk to them before you commit.
Promotions, Profitable Side-Steps, And Pay Rises
Another way to boost your income is to ask for a pay rise or a promotion that includes a higher salary. If you haven’t had either for a while, then put together a letter explaining why you think you’re worth more money. Speaking to your boss about it is important, so try to prepare and boost your confidence first. If all else fails, apply for posts elsewhere that give you what you want. Good luck!