From surviving to thriving – 6 tips to help you boost your income and improve your standard of living
No matter how much they have, everybody always wants more. The freedom and security that come with having a higher income are understandable goals, but it can often be hard to see how you could possibly get there. That’s why we’ve put together this list of tips to help you boost your income and improve your standard of living, without having to sacrifice your quality of life. Get out of debt Owing money is one of the main reasons people struggle financially. As time goes on, interest compounds and payments become less manageable with each cycle. This is known as the debt spiral. To avoid falling into one (or to get yourself out if you’re already spiraling), you’re going to want to pay down your debts as quickly as possible. The easiest way to do this is to consolidate what you owe into a single payment that carries good terms. In this instance, low interest loans from community lenders are your best bet as you’re generally going to be paying a much lower rate of interest and fees. Pay yourself first Now that you’ve got a system in place for dealing with debt, it’s time to start building an emergency fund. This “just in case” money is going to be your buffer for when you have setbacks with the next few steps. Stash it away in a high yield savings account and forget it exists unless you really need it. Make a budget We know that everyone tells you to do this, but it’s for… Read More
