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Monday, May 27, 2013

Earning More or Saving: What's The Key to Financial Freedom

We all want to be financially stable.  We want to be debt free, live a pleasing lifestyle and never have to worry about our finances ever again. However, we have been advised not once that the key to true financial freedom effective saving. Is it?

While I’m not going to condemn the power of saving, I feel there’s little saving can help you out with your finances. For sure, you can only save what you have. All of us have several needs and while saving can be of help, unless you’re really taking home something serious, it won’t have as much impact on 
your financial live as you expect.

The key to financial security is to increase your income sources; not just your salary.

1.Ask for a pay raise

Asking your boss for a pay increase is especially effective if you have been at your job for a long period and you feel like you’re underpaid, especially if you have had more accomplishments than some of your colleagues and they are paid more. 
Of course, you don’t just walk to your boss and demand a pay rise “because you deserve it.” Instead,make your boss aware of your accomplishments as well as how your pay compares to that of your colleagues and why you deserve a pay rise.

2. Apply Your Entrepreneurial skills

Take a look around you to see if there are people you can help with that business skill you got and also survey to see if they will be willing to pay if you could help out. Once you have enough supporting data for your decision, start a small business as soon as you can. If all things go well, you might even be forced to quit your job to focus on your business.

3. Start a side job

Depending on your schedule and availability, you might want to consider taking a side job. Perhaps, there’s something you can do after work,  during the weekends and holidays to keep yourself busy and earn some extra cash? For example, those with the skills and passion for writing can sign up as a freelance writer.

4. Dispose off things you don’t need

Old electronics, phones, and other unused gadgets and furniture in your house may be useful to others. These gadgets are taking up space in your home. You can always sell old phones, electronics, and other things which me be useful to others.  Apart from freeing some space for newer gadgets, you will earn some cash which you can spend or save. 

Once you have increased your income you can always apply the money saving tips for low income earners to ensure that you maximize on your savings.

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