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Pretty Skint? Here’s How to Boost Your Income

  • January 25, 2019

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Here's How to Boost Your Income

Being just a little bit richer, more successful, and attractive are basically what everyone is looking for. Somehow, we think it’s worth just hoping for and dreaming about this without actually doing something to make it happen - because it is, in fact, possible as long as you put your mind to it.

Increasing your income is definitely the one you should start out with, though, as it will influence the rest of your life quite a bit. Similarly to how it is when you’re trying to lose weight and become healthier, taking little steps at a time will actually help a lot.

Here is a handful of ways to increase your income this year without having to quit your day job right away. It just makes it a bit easier to not only make those ends meet - but also to feel like you’re finally prospering financially.

First: Slice down on your expenses

Sure, it’s a rather boring piece of advice and not exactly the kind of get-rich-fast tip you might have been looking for. Cutting down on your expenses is still one of the most important things you can do, though, and it will give you a sense of how much money you’re actually able to save when you give it your best shot.

Experiment a bit with this by decreasing your spending for the following month. Give it your all, eat dinner at home every day, and meal prep your lunch so that you’re not spending any money unnecessarily. At the end of the month, have a look at how you did and consider whether you’re able to save even more - or a bit less - for the following month.

You can start by having a look at this excellent article, for example, to learn more about shopping smart for less.

Next: Learn the stock market

While lottery tickets are the form of gambling that seems to be more popular among those with less money, the stock market is surely reserved for those with more. That’s why it can seem a bit intimidating if you’re new to it; with so many graphs and numbers involved, you surely have to know everything before you get started, right?

Fortunately, this isn’t the case at all and you can definitely get started with making money by investing right away. Start with a passive index fund, for example, and you won’t risk too much - or simply join an introducing broker program to learn all about it.

Get a side hustle

By now, you’ve probably heard all about those infamous side hustles. It’s quite easy to get started, however, and a side hustle can be anything from dog walking to freelancing or selling your arts and crafts online. See it as a hobby, to begin with, and only consider quitting your day job if it skyrockets within a few months.

That way, you’ll have several sources of income ready at hand - and a lot more to invest in your stock portfolio or in the real estate market, in the future.