Most people are aiming to be financially secured in the near future. Apparently, only few could attain this status while others remain trapped in the vicious cycle of debt and loans. For some, it seems to be a never-ending payment of debt.
Having a high-paying job is not the only way to achieve financial stability. Even if we have low or an average income, we can also be financially secured if we will create a systematic way of income and expense flow.
I believe that majority of the members of Bitlanders has a main source of income and are only working online for additional income on the side or to augment some financial deficiency. Whatever our reasons may be, we are one of the fortunate individuals who was given this opportunity to work and earn online.
Some of us may have been working with several sites and earning a good amount, while most are still be struggling to get a good income.
Related post: The New Philippine Tax Reform Law: How Will It Affect us
Whatever our status may be, we should adopt a system that will help us in achieving a financially stable life.
Here are some proven ways in order to get the most from your income.
(1) Establish a financial goal
Establishing a financial goal will give us a clear direction on where we are heading to. We can create a long-term, medium-term and short-term financial goals that will serve as our guide in our day-to-day activities. Establishing a realistic goal and doing the necessary things will help us towards the achieving a financially stable future.
(2) List Down All You Goals and Prioritize
If we are planning on how to get the most from our income, we should start listing down our goals and prioritize those using the Important and Urgent Matrix by Eisenhower. Oftentimes, we mistook those urgent things as important matters, the result, we hadn't done any important thing at all.
Let us remember that time is a very limited commodity and if we fail to allocate our time on the truly important concern, it may be too late for us to realize that we should have been devoted our time on another activity rather than the urgent one which we mistook for as an important thing.
Every day, we are preoccupied with so many things that we considered as important. We prioritize these things that if we will analyze, these are only urgent things but not really important. How many of us would stand up from a meeting in order to answer a phone call, realizing later on that the call wasn't important at all?
Using the Important vs Urgent Matrix could help us make the right decision every time.
Image Credits: Jamesclear.com
(1) Urgent and important (tasks you will do immediately).
(2) Important, but not urgent (tasks you will schedule to do later).
(3) Urgent, but not important (tasks you will delegate to someone else).
(4) Neither urgent nor important (tasks that you will eliminate).
(3) Maintain a record of your income and expenditures
Do you maintain a record of your income and expenses?
If not, then you probably need to reassess yourself in terms of financial management.
Recording everything is a crucial part of financial management which will benefit no one else but us. Knowing where our income goes will help us create a more organized financial transaction, thereby will help us monitor our expenses. This way, we could assess which activities we need to keep and refrain from making unnecessary purchases.
(3) Live Below Your Means
This comes with a very simple analysis, don't spend more than your income. Most often, we buy things we don't actually need. Following the trend will most likely lead to overspending. Being frugal doesn't mean depriving ourselves but using our resources carefully so as to avoid waste of fund.
Thrift means that you should always have the best you can possibly afford, when the thing has any reference to your physical and mental health, to your growth in efficiency and power.
Orison Swett Marden
(3) Start Saving
Saving a small portion of our income should be practiced this early. A small amount will eventually add up over the time and before we knew it, we already saved a huge amount. It doesn't matter if we are earning a big amount or a meager amount. What is important is how we make use of this income that we generate.
Saving does not only refers to money but also on things inside our home. For example, using an electric fan instead of the airconditioning unit especially during cold season. Likewise, saving on water, gas and other things we use every day should also be taken into consideration.
(4) Be a Smart Buyer
Sometimes, we buy things out of impulse and not really because we need the item/s. Making a list, comparing prices and taking advantage of sales event can be of help. Buying in bulk is also a good thing to consider.
(5) Consider Investing
If we have an extra money that we don't intend to use for several months, we can place this amount in a secured investment, like bonds, stocks, and other short-term investments. Investing in some financial institution can also a good option. I personally put my money in a cooperative and the annual income is not that big, I am confident that my money is secure.
(6) Find An Additional Source of Income
If you have the skill, you can find other sources of income whether online or offline. We can take extra jobs or tasks that will give us another source of income. Online freelancing, writing, and blogging are also good sources of additional income.
Earn More in Bitlanders With Some Simple Strategies
If you are already making money from Bitlanders, you can probably make an additional amount by following these simple strategies:
We know that GEMS are important to us being a Bitlanders member. If you can save a big amount, it is better to buy a higher quantity of gems compared to a few gems. Similarly, buying GEMS which we need in order to submit our blogs so, it is a must that we purchase this item. But did you know that the price of one gem is 60% lower when you buy the Huge Coffer of gems?
Going on a shopping from time to time can also give us benefits. there are items which can be found in the shopping section which could give us additional buzz points which would be added to out present BUZZ score and would give us additional earnings.
Withdrawing your earnings, wait until it reaches a higher threshold rather than withdrawing a small amount.This way, we can save from high fees of the payment process.
On the final thought...
Looking for additional ways to earn can do so much in the realization of our goals, however, let us also take time to make the most of our current income by looking into how we spend it.
Here is another video that will show you the 3 Signs That You Will Become Rich One Day.
Meanwhile, here is a Querlo Chat for you...
Written for Bitlanders
by: Sharon Lopez
Thank you for reading.
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Sharon Lopez is a graduate of Bachelor of Science in Commerce Major in Banking and Finance and currently working in the government handling programs on Business Friendly and Competitive LGUs.
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Disclaimer: The views and opinions expressed in this blog post are that of the author and does not in any way represent the agency or department she currently belongs.
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