Last July, I launched my second website, MakeMoneyYourWay! This site focuses on the “earn more” side of the earn more/spend less equation, and today I want to talk about why earning more is important.
When it comes to spending less, I really dislike waste. I make sure not to waste food, energy, or money on things I don’t need. I’m too lazy to work extra hard just to throw money away, which can be considered as living with less.
However, I don’t mind spending on things I truly want. For example, last year I bought the most expensive motorcycle I could find on eBay and used it to tour Europe for six months. Despite the cost, it brings me so much joy that I plan to keep it until it falls apart. But let’s get back to the main point.
### Spending Less is Limited
You can definitely trim some fat from your budget. Look at the things you’re paying for but don’t really use, like magazine subscriptions you don’t read or gym memberships that go unused. Or those routine expenses that don’t bring you any happiness, like the $7 snack at the work cafeteria. Cutting these out can save you money, but there’s a limit to how much you can cut. Suppose you manage to cut out a $10 magazine subscription. What did you really save? If you enjoy that magazine, you could simply work an extra hour to afford it.
Cutting unnecessary expenses is great for getting out of debt quickly and helping you realize you can’t have everything. You can choose between getting that fancy motorcycle or enjoying fancy dinners, designer clothes, and a big house. If you want more than what you have now, it’s time to think about earning more.
### Earning More is Limitless
I understand not everyone has an entrepreneurial spirit or endless hours in a day. But let’s say you work for $10 per hour and can stay an extra hour every day. That would give you an additional $220 per month. When I worked at McDonald’s during college, I always stayed a little longer to earn extra pay. Those extra minutes and hours added up, especially with overtime rates.
If you don’t have money to start a business, there are many small-scale business ideas you can start with less than $150. My website consistently makes over $2,000 a month after just six months of operation, despite the initial phase of blogging with little traction. While it takes a few hours a day to maintain, the hourly rate is becoming respectable now.
### Benefits of Extra Income
With an extra $2,000 a month, you could afford:
– A $5 latte every day
– A $500 weekend getaway every month
– A $100 gym membership
– A $150 smartphone plan
– A $100 dinner every week
– A $200 shopping spree every month
And still have $500 left to save, max out your retirement account, or invest and build wealth, without even touching your usual entertainment or holiday budget.
### Conclusion
Earning more requires some effort, and it might not always be feasible with certain job constraints or childcare responsibilities. But focusing on small expenses when you could easily earn more with a little extra work is just as big a waste of time. You can put your effort to better use by finding ways to increase your income. Visit MakeMoneyYourWay for more tips on how to start earning more today.