If this is a website dedicated to saving money then why would I add so much about making additional income? There are so many reasons why income affects savings and I will mention a few:
- If you save 10% of a $5,000/month income then your monthly savings increases by $500. If you can increase your earnings by 10% then your savings goes up by 10% as well so now you are saving $550 each money.
- Better yet, if you base your budget on the $5,000 fixed income (while saving the 10%) but save 100-90% of variable income increases (which I highly recommend) you will almost double the pace of your savings with a just a 10% income increase. You are now saving $900 to 1,000 every month.
- No need to panic about Budget Outliers. Budget Outliers is a term that I use to describe random things that occur that you didn’t factor into your budget. I’m talking about things like speeding tickets, a random spike in your electric bill, a relative needing a loan, medical bills, etc. When these things come up, and they unavoidably will, there’s no need to panic and no need to dip into your savings because you have a plan for increasing your income.
I have tried many different ways to generate additional income and have seen success and failures. Please browse through the different pages below to see if any of these ways to make money fit into your lifestyle.