Sometimes making ends meet is difficult, in fact that might even be why you are reading this article right now. Most personal finance blogs will tell you how to cut out those daily expenses that eat up your disposable income, or how to budget better, but often times those solutions are only temporary fixes to a long term problem. I used to be that guy in debt, and it’s not like I didn’t make good money either. I actually was a six figure wage earner that was piling up the credit card with no end in sight. I remember reading the advice of those blogs and cutting down on my nights out, sticking to a strict budget, and yet I was only on track to be out of debt by the time I was ready to retire. I’m not advocating that people be wasteful, but I don’t want to spend my entire life scrimping and saving and just getting by.
When I finally realized that cutting out my morning Dunkin Donuts coffee on the way into work wasn’t going to do much in the way of my expenses I decided to take it one step further…find another source of income! Actually this even let to a slight shift in my investment strategy. Yes, I did have an investment strategy and put some money away in a brokerage account each month even though I was overspending everywhere else. I started by investment in only dividend paying stocks and mutual funds. This is actually great, because they have a built in return, and can act as an income source in retirement. But at my current stage in life this wasn’t going to solve all my problems, so I decided to get a side gig. I worked a ton of hours at my day job, so going out and delivering pizzas wasn’t going to do it for me. So instead I spent my nights and weekends studying up on blogging itself! Believe it or not I was able to learn a thing or two and I actually make some additional income off of here each month. I’m not here to tell you that blogging is for everyone, I’m simply here to let you know that there is a side gig out there for everyone, and you just need to dig a little to find yours.
All that being said, simply working more hours and finding another form of revenue is’t always the answer either. Sometimes it’s more than just getting by with your current expenses, or even just cutting expenses, but rather saving some money as you go along as well. Consider savings and retirement vehicles as a means to an end as well. If you choose the best Cash ISA option available to you, you can begin to save for a secure retirement and put those days of living paycheck-to-paycheck behind you. We often don’t consider the ramifications of delayed retirement and savings planning until it is too late to do much about it. Be the exception and get an early jump on financial security.
