How To Increase Your Savings (Step 3)

Matt | Personal Finance

In this Short, we'll walk through Step 3 from my latest YouTube video that can help you grow your savings without making drastic changes to your lifestyle.   I share the exact steps I took to double my savings, and how you can apply these same strategies to achieve your own financial goals. Whether you're saving for a big purchase, an emergency fund, or long-term wealth, these tips will help you get there faster.   #savingmoney #saving #savingtips #personalfinance #moneytips

Transcript

00:00the third way to increase your savings is to earn more money if you're able to increase your earnings

00:05while keeping your living expenses at a similar level then you'll have a larger positive cash flow

00:11and you're going to be able to save more each month there are lots of different ways to earn

00:16extra money you could start a side business a good example of this is joe parry who's earned over

00:21half a million dollars since 2015 selling courses on the education platform udemy on everything from

00:28business planning to social media marketing and computer software this is just an example to help

00:34get you thinking reflect on what strengths and skills you already have that could help you earn

00:38some additional money on the side i think one of the best ways to increase your income is to build

00:44your skills so you're more valuable in the job market either to be able to negotiate a higher

00:49salary or to be able to switch to a higher paying job for example if you currently work as an assistant

00:55in a grocery store and you manage to save up 500 and you take that money and you pay for a sales

01:00course which enables you to get a sales job paying more money if you're then able to add the ability

01:07to do marketing on top while you're doing your sales job then you can now run your own ad campaigns

01:12you can get customer leads in and you can close sales your earning potential has just gone up tenfold

01:18from the pay you are getting from working in the grocery store the key takeaway here is that although

01:23there is a cap on how much you can reduce your costs you can always earn and make more money which can

01:28help you to save faster

01:34you

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