Blackrose Accountants found out that the majority of workers have only one income stream, their paid employment, and have to make this income stretch to meet the monthly expenditure. So naturally they find it difficult to save.
Savings are the difference between how much you earn and how much you spend. As highlighted in my earlier post, 5 Steps to Saving Money, savers must first take stock of their spending then group it into essential and discretionary spending. The difficult bit comes when they must choose which items of their spending to reduce. Many feel life is too short not be able to enjoy some pleasures such as smoking, a few beers, taxi rides, take away meals or nights out with friend.
Therefore for these people the best way to increase their savings is to increase their income streams. By developing multiple active and passive income streams, over time these streams will generate more income than the current spending thereby giving surplus funds to save.
Blackrose Accountants Active Income Streams
Active income streams are income generating activities that require high level of personal effort and active work. The main ways to increase your active income streams are:
1. Ask for a pay rise or get a new job.
Before you approach your boss and ask for a pay rise, you must be prepared. This means looking around at the job market to find out how much your skills are currently worth. Ask yourself, why would your boss pay you more for doing the job you currently do? This may mean asking for a promotion or applying for a manager’s job and going through the interview process.
If you do not have the skills to go for a promotion, it might mean you have to invest in giving yourself some new qualifications or additional training. Sometimes workers say “their company has not given them any training” but why would the company if you are doing exactly what they need you to do. Therefore it is up to you to invest in yourself. If you go online you can find many websites and video showing you how to do.
Alternatively applying for a new job at a new company can offer a better opportunity for increasing your income over the long term.
2. Start a freelance business
You could start a side business while you work a full-time or part-time job. Freelancers use the skills they have gained either from the main job or from a hobby or interest they have. For example, web designer, could start your own web design business, a hotel cleaner could offer to do house cleaning jobs or someone who enjoys doing pottery can make pots and offer them for sale.
All that is needed is the idea of what it is that you want to do then promote yourself via word of mouth, adverts in shop windows, local papers and on the internet.
Common threads with increasing your active income are know what you can do, what it is worth, let the people who are interested know about your skills.
Blackrose Accountants are specialises in providing bookkeeping, accountancy, taxation, payroll services and business development and advisory services The areas we cover include
- Wembley
- Brent
- Willesden
- Harrow
- Kingsbury
- Kenton
- Pinner
For a free consultation contact us at Blackrose Accountants – Wembley, Harrow, Kenton
- Croydon
- Thornton Heath
- South Norwood
- Crystal Palace
- Selhurst Park.
- Beckenham
- Streatham
For a free consultation contact us at Blackrose Accountants – Croydon, South Norwood, Thornton Heath
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