If you’re trying to save money, you have three options: decrease your spending, increase your income, or both.
We can simplify even further. Research suggests that people don’t save much more money when they reduce spending. That means it’s better to focus on upping your income instead of depriving yourself of fancy coffees and other small luxuries.
Has anyone ever become wealthy by cutting coupons? Probably not. Increasing your income and investing it wisely is a much more reliable way to save money fast.
Here are a few tips for upping your income from our latest title:
- Negotiate a raise or look for a new job.
- Teach a class online.
- Sell a skill or service.
- Turn investing into a habit, just as you would pay rent or a mortgage.
Look for more ideas in our Instaread on Just Keep Buying.