Are Your Spending Less than You Earn?

When it comes to finances the one golden rule to remember is to spend less than you earn. It’s a clear rule yet it’s one that most people find hard to follow. The only way to become richer is by having more surplus money at the end of the month, and one of the only ways to achieve this is by cutting back. However, there is another option, increasing your earnings so you don’t have to cut back.

Increasing Your Earnings

Spending less than what you earn each month isn’t easy at the moment. With the rising costs of fuel, energy and food many of us struggle to get by. It makes sense then to look at ways of resolving the issue. No one likes the idea of cutting back, especially when a lot of the household budget isn’t being spent on luxuries as it is. So the first place to start is by trying to find ways of increasing earnings.

There are a few solutions that you can consider. The first is by asking for more overtime at work. Many employers may already be stretched to their limits; however it’s still worth asking as you never know. If your current employer can’t help you the other option is to look for a second job. There are plenty of evening and weekend jobs available but you may need to step outside of your comfort zone.

Spend a Little Now To Save a Lot Later

The age-old adage “spend a little now, save a lot later” holds profound significance. Investing in preventative measures today can translate to substantial savings in the long run. This principle extends beyond traditional savings accounts and wise investments; it also encompasses the realm of household maintenance.

Consider the scenario of your HVAC system and other appliances. While it may seem prudent to cut corners on routine upkeep, allocating a modest amount for Preventative Maintenance can prevent major breakdowns and costly repairs down the line. Regular check-ups and servicing often deemed an unnecessary expense, can actually be a wise financial move, ensuring that your appliances operate efficiently and have an extended lifespan. Such a philosophy not only safeguards your budget but also fosters a sense of financial responsibility by addressing issues before they escalate into financial burdens.

Working from Home

If you have young children the second or third job may not be a viable option, in which case you’ll need to become a bit more creative when it comes to earning more money. Thankfully the Internet has provided all sorts of options for individuals wanting to earn a living while working from home. Freelancers in particular are in huge demand right now. Businesses are struggling as much as the rest of us and outsourcing work to freelancers is a lot more cost effective than taking on employees.

You’re able to offer your skills working outside of office hours and get paid decent money. Look online to find a suitable freelance website, figure out what skills you have to offer, and start applying straight away. Firstly though, you’ll want to ensure you have a decent Internet connection. Luckily, a quick call to an internet service provider can get you a great deal. Even if you’re living in a more rural location, there are now options such as satellite internet able to reach you, and more information about this can be found over at Once you have a good internet connection, you’ll then also need a laptop or PC to work from and a home phone number so you’re able to speak to your clients if required. You may also wish to take on a second phone line to use only for your freelance business in order to keep your phone line free. There are decent packages available that won’t cost you a fortune.

Cutting Back on Overall Spending

If you cannot find a second job, or you simply don’t want to work harder than you already are your only option is to introduce some frugal spending habits. You will need to figure out where your money is going and where you’re able to make suitable savings without avoiding paying your monthly bills.

Check your tariffs and contact your suppliers along with others to look for better deals. Don’t be afraid to switch to a more affordable deal as you can save a lot of money by doing so. Remember that often loyalty will get you nowhere when it comes to your utilities and bills. It’s also worth looking at broadband phone packages and ensuring you’re making full use of the one you’re currently on. If you can find a much better deal or a more suitable package you can save a little each month which will add up to a lot over time.

Images attributed to: David Castillo Dominici

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