EARNING AN INCOME
Earning an income is the first step to saving money and paying off debts that may be limiting your finances. It can be hard to earn and save money especially if you are earning little money and are not great at money management. You need to maintain a low-profile life by adjusting your lifestyle habits to be more saving-friendly and increase your savings.
1. Look for an employment opportunity first step to building your savings is to get employment such as full-time, part-time, or contract based. You can search for jobs online such as Indeed, Jobberman, and so forth. The main key to landing a job is to find a specific position that you are qualified for. To increase your chances of getting employed, you need to build a strong resume and a cover letter, including all your educational requirements, qualifications, and work experience which can be optional if you are an undergraduate. You should then send your application via email or SMS, to several positions you think will be a good fit for you.
2. Consider getting a part-time job
If you are already a full-time worker but you are still struggling to save money, you could get a part-time job to earn some extra cash. This could be a low-skill job like waitressing, working as a service employee in retail, being a gardener, or a caretaker for adults. You could also take on side opportunities that are related to your full-time job. If you are a painter for a company, for example, you may earn money through the neighbor next door by painting his/her house. If you are a teacher, you can earn money by taking lessons or teaching an extra class at a college nearby. Try some jobs that you can do with conveniences so that you won't be lacking in your full-time job.
3. Offer to do odd jobs in your neighborhood
If you are struggling to find a job, either full-time or part-time jobs, you may look for other ways to earn some extra cash. Look for temporary jobs that you can do easily and consistently. This could be babysitting for a family friend nearby, clearing their gardens, harvesting their crops, and so forth. You can find more jobs and work hourly depending on the contract you signed with your neighbors
4. Make your hobby or passion into a source of money
You could have loved making hats and scarves or baking doughnuts and cakes for family and friends. You can use thus hobby or passion as a good source of earning income for yourself. Setting up an online shop is not a bad idea. A platform where you can sell your handmade products or render services as a tutor will be helpful. It will allow you to do something you love and earn some extra income. You may start out small, run your shop as a side business and maintain a full time job until it becomes sustainable enough to be your full-time source of income.
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CREATING A SAVINGS ACCOUNT
1. Clear your debts before saving
To effectively save money, you ought to clear outstanding debts such as credit cards, debit, or student loans. Monthly payment is advisable, as this will prevent you from paying high-interest rates. You can set automatic payments through your bank, where you clear those debts monthly. It’s not advisable to save money when you still have outstanding debts. Prioritize paying debts before you begin to save.
2.Set up your savings at your bank
Once you have cleared all your debts, you should open a savings account at your bank. Ask your family or friend no how to go about opening an account. Talk to a bank official at your bank to open a free savings account, where you will not be charged a fee after a deposit every month. Depending on your income, you may lock your saving assets so as not to spend out of your savings.
3. Limit your expenses
Set a minimum amount, you would like to save per month. It could be small to start, with especially if you have a high amount of expenses, try to increase the amount as income increases, for you to have a manageable budget. Ideally, you should save a higher percentage of your income, for it to grow and thrive
4. Use your savings as investment for future purpose
It might not be easy to save every month especially when you're tempted to shop for new items, like clothes and accessories. Think of that house or car you like to purchase in few years from now, or a three-month vacation, traveling and meeting new people. Having a purpose for an action will motivate you not to get distracted and reward you for being conscious of that action.
ADJUSTING YOUR LIFESTYLE HABITS
1. Create a budget and commit to it
If you do not have a budget already, you should create one. You need to determine all necessary expenses and ensure that your income covers your expense. Committing to your budget will help you to save money and not overspend on frivolities. The typical budget includes:
·Rent and utilities.
·Transportation.
·Groceries.
·Clothes
·Miscellaneous expenses, like school supplies, healthcare payments, etc.
2. Avoid Eating out Cut down on your eating habits and focus on cooking your meals. Eating all your meals out is a sure way of wasting your money. Save more money and eat less junk. If you have to buy something more expensive, try to figure a way out to spend less money and eat homemade meals. Even a small amount saved every day can add up to more money in your savings account
3. Make a Shopping list
Adequate planning of your meals weekly will make you save more money while going for grocery shopping. It can be helpful if you designate one day as your grocery shopping day, such as Friday or Saturday when you know the farmer’s market will be open. Buy low-price items and use coupons. You should be on the lookout for deals on food through coupons. Go for quality groceries and opt for low prices when available.
4. Exercise regularly and take plenty of rest
Exercise regularly to keep your body muscles firm. Your body needs rest, to have enough energy to work and earn more money. You would not want to spend your savings on an illness. Exercise regularly, have good proper hygiene, rest when needed, and eat good food.
I really enjoyed it it gonna help me to adjust my lifestyle
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