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How to Boost Your Earning Potential Within a Year

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obbuuz
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In a world that is ever-changing, one thing that has to remain the same is our ability to pivot when necessary. Whenever life challenges arise, we often make changes and shift out of force rather than free choice. While this logic can be applied to every aspect of our lives it’s an especially crucial concept as it relates to our finances. There’s no need to wait until your employer needs to decrease headcount or reduce work hours to jumpstart your rediscovery process. Make the decision today that no matter what happens within the economy, you are making the strides to guarantee your earning power doesn’t rest in the hands of someone else.

Seek Out New Opportunities and Expand Your Skillset

People believe there are only a few ways to bring in additional income – one being a side hustle. This isn’t necessarily the case. Seeking out opportunities within your current or new place of employment can be just what you need to make substantial strides in increasing your earnings as well as visibility. Make yourself familiar with the Human Resources policies for promotions and role transitions. Look into if there are side projects you can add to your workload that can increase your skillset while being introduced to a new audience of people; consider exploring that. Be sure to document the pros and cons of the newly added responsibilities while making sure it aligns with where you ultimately want to be. Don’t shy away from having a conversation with your manager and making your goals known.

Find a Mentor

Having an idea of where you want your career to go—this quarter, next year or in the next decade—can pay off enormously, but you don’t need to make these plans all alone. A good mentor can provide feedback or advice based on his or her own experience, and help ensure you’re on target to increase your earning potential. It may sound like a sweet deal, but it’ll take some effort on your part:

  • First, reflect (on your own) about how your career has been going. It will help you have a more meaningful and effective conversation with your soon-to-be mentor. This reflection worksheet is a good starting point.
  • Second, find a professional organization or meetup group for your industry that matches up mentors and mentees. By meeting people in your industry whom you don’t directly work with, you can have candid conversations about how your career is going, your strengths and weaknesses, and ways to maximize your salary potential.
  • Third, once you’ve connected with a potential mentor, set up an initial conversation. Don’t forget to ask if they’d be willing to talk again in six months or so.

Set Yourself Apart and Strengthen Your Skills

Often times, the number one thing you can do before executing plans of any kind is focus on strengthening your skills. Are others able to depend on you?  If you desire to run your own business or be a high-performing, contributing employee – are you reliable? Being able to breakdown complex situations and produce viable solutions, paying special attention to detail, and asking the right questions at the right time are skills that many often have, but have yet to master. Focusing on any skills that may come naturally to you while achieving mastery, in the long run, will absolutely contribute to the opportunities you are afforded over other candidates. It’s not about competition, because what’s for you won’t pass you by. It’s about actively showcasing you are indeed the best candidate with the physical results to prove it.

Raise Your Profile

Make sure your current employer knows you have career ambitions. If you want to advance to a higher management position, communicate what you want. Many people get passed over for promotions simply because their managers don’t know they want to advance. Companies have formal or informal lists of the people they think have advancement potential. Make sure your name is on that list.

Social media and online platforms like LinkedIn offer opportunities to showcase your knowledge and position you as a leader. Consider authoring guest posts on industry issues. Learn about trends in your industry and discuss ways to leverage them with the higher-ups.

Offer to represent your company at industry events or attend them on your own. You might find opportunities to spend time with company owners or higher-level Executives whom you might not connect with in your day-to-day job.

Meet with the people who currently work in your target positions. Learn from them what it takes to fill those roles. If you don’t have the skills you need, go get them.

Never Underestimate the Power of Networking

We all have a comfort zone and typically stay within those walls on a regular basis unless probed. However, do you consider the opportunities that could be available to you by adding several new people to your network? Utilize employee resource groups at your place of employment, various professional networks in your local cities, and other organizations that have a virtual platform. Do a quick Google search based on your preferred industry and start the journey of expanding your network. There’s a very familiar phrase we’ve all heard at some point, “it’s not what you know, it’s who you know.” LinkedIn is a great social media platform to engage with professionals all over the world on various subject matters and topics. Don’t be afraid to put yourself out there and make the connections that could lead you to new opportunities.

Ask For a Raise

If you are quietly doing your job and waiting for a raise, you’re limiting your potential. According to PayScale surveys, only 37% of workers have actually asked their current employer for an increase. Yet, those who do ask are often rewarded. Out of 160,000 workers who requested a raise, 70% received more money. Nearly half of those received the amount they requested.

When you ask for a salary increase, back it up with specific reasons. Don’t think of it as a casual conversation—treat it like a formal business meeting in which you need to articulate the concrete reasons you deserve higher compensation.

Track your accomplishments with hard data that demonstrates the value you add to the company. Start by making sure you have a firm grasp of what’s expected in your current position. A Gallup poll reported that half of employees don’t understand what is really expected of them in their job. Routinely meet with your supervisor to ensure you address their priorities.

Become a Lifelong Learner

Make a commitment to yourself that no matter what happens, you will always seek knowledge, no matter the method. Explore personal and professional learning opportunities. This may be pursuing an advanced degree to expand opportunities. For others, it can be obtaining a certification within your desired field to land a better position – resulting in a salary increase. If either of those doesn’t sound appealing or fit within your current life circumstances, you can always attend conferences, listen to webinars, podcasts, and so many other cost-effective (or free) learning channels to keep your skills in top shape. This could be listening to an audible book while driving in your car or reading a new article every day related to your industry before getting your day started – learning is limitless!

Start a Side Hustle

When your friends, family, or peers often ask you to complete something and you enjoy doing it; what is that ‘thing’? What talents do you innately have that seem as if it doesn’t require a huge amount of effort? The answers to these questions should birth the idea of your new side hustle. As daunting as it may sound, take the time to loosely create a plan. Remember, this is scalable! Go at the pace that is most comfortable for you and can transition well into your lifestyle. Solicit the help of family and friends while using your larger network to advertise your talent. Social media and word of mouth can go a very long way – use all outlets to promote yourself and your services.

 

Source: Mint, IvyExec

7 Steps To Improve Your Financial Situation

By
obbuuz
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With a little planning and a lot of discipline, you can improve your financial situation and begin making tangible investments in your family’s future. Start by following these seven debt-reducing, income-boosting steps.

Step 1: Don’t Play the Blame Game

Before you jump into the treacherous waters of debt reduction, take some time to prepare yourself for what’s to come. At the same time, it’s crucial that you don’t overreact by blaming your own questionable past decisions for your financial troubles. It’s equally important that you don’t blame others for your misfortunes. No matter how your financial situation unraveled, it’s far more important that you wash your hands of the past and focus on the future. As with any big undertaking, a positive attitude will go a long way in your fight against debt.

Step 2: Tally Up Your Budget as It Stands

It might be painful to do so, but you need to get a fair and unblinkered look at your current financial situation. This will require you to create a “snapshot” of your current household budget or lack thereof.

Even if it happened in some long-forgotten high school class, you’ve done this before. Spend an afternoon poring over your utility bills, grocery receipts, credit card statements and other expenses. Do the same with your income statements, including any special interest-bearing accounts and invoices that catalog your earnings. If you own a business, this is liable to be especially tough.

Once you’ve accounted for every income stream and expenditure, determine how much cash you’re bleeding on a monthly basis. If your income is significantly lower than your expenses, you’ll need to take immediate steps to slash your outlays and shore up your budget.

You’ll have to cut out frivolous entertainment expenses, name-brand clothing purchases and most restaurant meals. You may even need to go further and reduce the amount of water or energy that you use in your home. During this process, remember to hold fast. Your ability to get your debts under control depends entirely on your ability to make painful but necessary budget cuts.

Step 3: Cash Is King

There may be a simple way to ease the sting of these personal budget cuts. As soon as you decide to improve your financial situation, take it upon yourself to stop using all of the credit cards and lines of credit that you’ve accumulated over the years. Since doing so may damage your credit score, you should refrain from calling up your issuers to cancel your cards or close your accounts. Nevertheless, don’t be shy about tossing all of those insidious pieces of plastic into a dark corner of your home.

For the foreseeable future, you’ll need to concentrate on paying down your debts with the money that you earn and save. Obviously, it would be be counterproductive to accumulate more debt in the process. Resist this temptation by using cash and debit to cover your ongoing expenses. If you don’t have enough cash to pay for something, you’ll have to go without it.

Step 4: Learn to Love the Hustle

There’s no law against hard work, and no one will begrudge you for sacrificing some of your free time to make your family more comfortable. To boost your earnings in short order, look for a second job that lets you work flexible hours in the evenings or on the weekends. Even in a soft economy, retailers, restaurants and other high-turnover businesses are almost always hiring.

If you’re not willing to return to waiting tables or working the checkout line, look for more attractive consulting or freelancing opportunities. Don’t be afraid to leverage a long-dormant skill: Many stock photographers, writers and tax professionals make good money through part-time work.

Step 5: Skimp on the Right Things

If you’re serious about improving your financial situation, you’ll inevitably need to make some sacrifices. This requires a surprising amount of discipline. After all, many non-essential expenses are frustratingly seductive. Instead of making an extra-large payment on one of your high-interest credit cards this month, you might succumb to a can’t-miss deal on a new set of golf clubs.

While these slip-ups are understandable, they have no place in a serious debt reduction plan. It’s a matter of delayed gratification: If you improve your financial situation in the here and now, you’ll have plenty of time to enjoy life’s finer things in the future.

Step 6: Time Really Is Money

In the weeks and months after you make your decision to do something about your debts, you’ll find yourself in what millions of rabid sports fans and overworked office drones refer to as “crunch time.” This is not the time to be timid.

Permanently reducing your debts requires bold, lasting action. There are multiple ways to achieve this goal, but none of them involve half-measures. After accounting for all of your fixed household expenses and “necessity” purchases like food and clothing, you should be using the bulk of your take-home earnings to pay down your debts.

For a variety of reasons, the first few months are likely to be the hardest. When you get down on yourself, remember that every dollar of debt that you pay down now is a dollar of debt that won’t accrue interest in the months and years to come. Mentally prepare yourself for a period of austerity and come out of the gate with your debt-fighting guns blazing. Your future self will thank you for your present sacrifice.

Step 7: Reward Yourself

It’s not totally outlandish to equate your struggle to reduce your debts and improve your financial situation with millions of Americans’ valiant attempts to lose weight and get in shape. Like eating right and getting plenty of exercise, achieving meaningful debt reduction may require you to make big changes to your lifestyle and everyday decision-making processes.

You can take a page out of the dieting book by setting key goals or milestones and rewarding yourself for reaching them. When you pay off a high-interest credit card, celebrate with a tasteful, inexpensive restaurant meal or a night out at the movies with your family. When you reach larger milestones like closing out a personal line of credit or repaying your last student loan, take a sick day and bring your kids to the local major league ballpark. Although you shouldn’t go overboard until you’ve settled all of your debts, the occasional morale-booster won’t hurt.

Depending on the state of your personal balance sheet, making lasting improvements to your financial situation is likely to take time and effort. Once you’ve prepared yourself for an extended period of austerity and personal sacrifice, use the steps outlined above to effect meaningful change. It’s never too early to begin improving your finances and setting yourself and your family up for a brighter tomorrow.

 

Source: NationalDebtRelief

5 Simple Ways to Beat Frugality Fatigue

By
obbuuz
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0

While there is no such thing as a “magic formula” for building wealth, living below your means is by far the closest thing. When you spend less than you earn and save the rest, you will build wealth — and savings — by default. And, if you just so happen to invest that money and avoid debt in the process, you can even grow rich over time.

But, there is definitely a balance to be achieved when it comes to spending less than you earn. You definitely want to hit your savings goals, but you have to live, too. And sometimes, finding a happy medium can be extremely hard — especially if you’re living frugally in order to save for a home or pay off soul-sucking credit card debt.

Five Smart Ways to Beat Frugality Fatigue

The reality is, too many people who embrace frugality to improve their finances take on too much too soon and end up burning out. They approach frugality as if it were an “all or nothing” scenario, and they forget there are different shades to frugal living and a lot of levels in between extreme frugality and negligent overspending.

If you’re struggling from frugality fatigue or just trying to find a balance, here are some tips that can help:

1: Set up targeted savings accounts for specific goals.

If you’re living frugally so you can save a larger percentage of your income, saving without a tangible plan can get extremely old. This is especially true if you’re saving for a goal that could be a decade or more away — like retirement. Saving month after month without any reward can be boring when you don’t get to enjoy the fruits of your labor for a long time.

To help ward off this type of frugality and saving fatigue, it can help to set up targeted savings accounts for different goals. Maybe you want to retire early and travel, but you also plan to remodel your kitchen once your kids leave the nest. In that case, setting up a few targeted savings accounts for your home remodeling project and future travel lifestyle could add enough substance to your savings plan to keep you on track.

2: Create a slush fund.

Maybe your savings goals are totally reasonable, but you’re just tired of the frugality grind. You’ve been bringing lunch to work, making coffee at home, and avoiding the mall like the plague, and you’re desperate to have some fun.

Even if you’re trying to pay down debt or save up for a big goal, it can make sense to have a slush fund you can spend however you want. If you reward yourself with the occasional “want” and still hit your goals, you may be able to keep up with your frugal lifestyle for a longer stretch of time — and maybe even forever.

3: Embrace a new style of budgeting.

There are several different budgeting methods to consider, and each one has their pros and cons. If you’re on a bare bones budget that doesn’t allow for any extras, for example, it may be time to switch to a new strategy that leaves you with some wiggle room each month.

One type of budget we advocate for here is the zero-sum budget. This type of budget can be extremely effective because it forces you to “give every dollar you earn a job.” However, zero-sum budgeting can also be extremely flexible since it lets you create any budget categories you want. So, if you wanted some freedom to spend on fun each month, you could just add a “miscellaneous” or “fun money” category to your zero-sum budget.

Another budgeting method that’s fairly flexible is the 50-30-20 budget, also called “proportional budgeting.” With this strategy, you would spend 50 percent of your income on needs, 30 percent on “wants,” and 20 percent on savings. This type of budget gets you away from restrictive spending categories and still helps you save 20 percent of your earnings.

You may not reach your goals quite as fast if you embrace a looser style of budgeting or start setting aside some money for fun, but you will have more freedom in how you spend each month. If you want to live frugally for the long haul, it needs to be sustainable, and having some freedom can make all the difference.

4: Loosen the reins for a while.

Taking a break for a while can also make sense — but only if you know you can get back on track. If you’ve been living on a bare bones budget long enough that you’re starting to reach some of your goals, taking a weekend or week off to live how you want won’t be the end of the world.

Maybe you want to plan a quick family getaway, or perhaps you just want a week where you can go out to eat and not cook from scratch at home. Maybe your kids have gone without long enough that you just want to treat everyone to dinner and a movie. Whatever it is you or your family needs, there’s nothing wrong with loosening the reins to a certain extent. Just make sure you don’t go overboard and that you’re prepared to get right back on the wagon, and you should be fine.

5: Look for ways to earn more money.

Finally, don’t forget that there’s another path that can help you save more money without living on less. By earning more money, you can free up more cash to use towards goals like debt repayment, saving up to buy a home, and retirement. There are all kinds of ways to boost your income in your spare time, including part-time or seasonal work.

Whatever you decide to do to earn cash in your spare time, make sure you put that cash to work. Use it toward your savings or debt repayment goals — or use it for fun so you can continue using your regular income to get where you want to be without feeling deprived. Earning more money will always leave you better off provided you put your extra funds to use.

 

Finally, you should know that even inherently frugal people can grow tired of their lifestyle sometimes, and that’s totally understandable. It takes a lot of self-discipline and fortitude to go against the grain and save money in a world where most people are doing the exact opposite with their money.

Sometimes setting yourself up for success means knowing you can’t be perfect every minute of every day. If you’re suffering from frugality fatigue, a little break may be all you need.

 

Culled From TheSimpleDollar

How To Get Your Budget Under Control To Avoid Spending Unnecessarily

By
obbuuz
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0

When it comes to managing your money properly, there are obviously certain things you need to do.  You know you need to budget, try to get out of debt and control your spending. Actually, the issue may not necessarily be that you are overspending money unnecessarily on things; you probably just aren’t spending it in the right way.  And it may not even be that you don’t make enough money, it could just be that you do not have a proper plan on how to use the money once you get it. When you continually spend money on the wrong things, your budget will not work. Read below few ways you can get to keep your budget under control and avoid spending unnecessarily.

Make Your Weekly Budget

Your budget is a roadmap.  It shows you where your money should go – including the fun money you want to spend! When you budget for a smaller amount of time that’s easy to keep track of. A weekly budget is a lot easier to keep track of than a monthly one. It helps you know what you need to do with your money weekly when you get paid.  

Try Using Cash Only

Having cash really helps to put in perspective just how much money you have to spend or how much money you spent on something silly. Cash forces you to think about every purchase you make. It works because it gives you defined money.

Don’t Live Above Your Means

If you are using credit or loans to get items that you can not afford, then you are probably living beyond your means and spending money beyond your budget.  Scale back and make sure that you can honestly afford the new automobile and that it doesn’t ruin your budget and cost you too much beyond what you can currently handle.

Track The Money You Are Spending

Keep track of your spending by summing up the amounts on your phone.  When you start to see from your phone as the total creeps up, you realize how much you are spending. And that may help you think twice about the extra box of treats you are probably tempted to toss into the shopping cart.

Save First, Spend Later

It is very important to always pay yourself first. Remember that the amount you have to spend is what is left over after you pay your bills and pay yourself. So, you should always tell your money where to go instead of it deciding for you. If you can practice saving up little by little, you will eventually be able to build a good emergency fund and can have less guilt about your spending.

Define Your Needs Vs. Wants

There are items you need or want. Yes, the hood is really cute but is it something you need or something you just want. Learn to often ask yourself with each item you buy or about to buy “is this a need or a want”.

Put Away The Credit Cards For Some Time 

If you keep spending too much, you have to cut off the source at its knees.  While credit cards are a good fit for some people, they are not so good for some. But if you aren’t ready to cut them up, put them on freeze for some time. This however going to require lots of discipline. If you must use credit cards, never charge more than you have in the bank to pay it off.  Spend only the amount you have, not what you will receive.

Avoid Falling For Impulse Buys

If you purchase something you did not intend to buy, then you are already blowing your budget and probably overspending. And when you feel a rush to buy an item because its new, you may purchase out of impulse and emotion instead of need. Apply the three-day waiting rule instead. For instance, if you see something you want, you wait for three days before you buy it.  Once the third day is up, just ask yourself if you still feel it is something you need.

Finally, sticking to a budget an be very challenging especially when you’re just starting out. However, you don’t need to be so hard on yourself. Just remember that we are all not perfect. We are all human! Even people who seem to be budgeting gurus and financial masters sometimes do have a bad month and they overspend. So relax, learn from your mistakes, and move on to doing it better.

 

5 Ways to Save Money on Family Expenses

By
obbuuz
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0

Whether you’ve got one child or a growing brood, it pays to consider ways to save money on family expenses. Check out these money-saving tips for families:

1. Focus on food costs

Figuring out how to save money while raising a family can seem difficult when your grocery bill is sky-high. Adding some structure into your family’s eating habits and planning meals are two ways to save money on family expenses. Giving yourself a cash limit can keep you from going over budget, whereas it may be easier to overspend if you’re swiping a debit or credit card instead.

2. Keep birthdays simple

Birthdays can be a source of dread if you’re worried about the cost. Erin Durkin Voisin, director of financial planning at EP Wealth Advisors in Torrance, California, says the emphasis should be on making memories, not spending money. If your child’s heart is set on a specific venue, you may be able to save by booking at an off-peak time or having a joint party with another child and splitting the cost. Also, keeping the guest list small means less to plan and is a good money-saving tip for families.

3. Choose frugal fun

Vacations and entertainment are two big budget traps for families. Entertainment or travel doesn’t have to be extravagant to be fun and memorable. Swapping out a trip to the movies or an amusement park with a bike ride or a museum visit on a no-admission day are money-saving tips for families that don’t require a huge lifestyle overhaul.

If you don’t have the budget for a pricey vacation, try an inexpensive staycation at home. Pitch a tent in the backyard or be a tourist in your hometown. In addition to museums, state parks and historical sites often have low or no admission fees, and you can save even more by packing a lunch instead of eating out.

4. Plan ahead for the holidays

If you’re thinking about how to save money while raising a family, prep for the holidays early to avoid a shopping frenzy late in the year. Shopping earlier in the year is another way to snag deals when you’re looking for ways to save money on family expenses. Remember to set a budget if you’re spending on credit so you don’t go overboard. Limit yourself to what you can afford to pay in full to avoid interest charges.

5. Talk budgeting and saving with your kids

Learning how to save money while raising a family isn’t just for moms and dads. You can also get children involved by having regular budget talks. You don’t have to get into all of the nitty-gritty details about your income or expenses, but you can go over the basics of spending and saving. What children learn about money when they’re younger can come in handy later when they’re raising families of their own.

 

Culled From Discover

5 Ways Personal Finance Software has Changed How We Manage Money

By
obbuuz
-
0

Personal finance software continues to be developed and refined, and many people are benefitting from added control over their personal finances. Aside from the added security and efficiency it provides, technology has now opened the door to opportunities that were previously unavailable.

Here are 5 ways that personal finance software has changed our personal finances for the better:

1. Budget Management

With a smart software, some apps can analyze income patterns and spending habits. When it has collected enough data, the app calculates how much money you could reasonably set aside on a weekly basis. Then via direct debit, this amount is automatically transferred to your account. You then have the option of simply saving up this money, or you can invest it in a variety of ways. Apps like these will vary but will all offer the same benefits.

Another option to budget apps would be personal accounting software. With accounting software, you can automate the tracking of your income and expenses. You don’t have to input any figures on your own, the software will do the job for you, and it can even prepare financial reports for when you’re filing your tax return.

Top 8 Personal Budget Software Apps You May Want to Consider;

2. Investment Opportunities

Stocks, bonds, and index funds can now be analyzed, purchased, and sold instantly. Platforms are available that allow investors to drop money into startup companies with ease. Online brokers supply many different tools for investors, with everything from stock recommendations to a simple way to monitor their holdings. All they have to do is use their smartphone or tablet, and they can gain an insight into the health of their investments whenever required. Also, cryptocurrency, which has gained in popularity ever since Bitcoin exploded in value. Continued software developments are helping to make this market easier to navigate day by day. Platforms such as Binance, Coinbase, Kraken, and many more are paving the way for cryptocurrency investments.

Top Best Investment Apps of 2020 You May Want to Consider;

3. Digital Shopping

Online shopping has also opened the door to international purchases. When you once had to rely on specialist import shops to buy certain overseas goods, you can now do so directly from the source. The language barrier doesn’t even have to be an issue – not only are translation apps readily available, but there are services available which deal with the entire overseas ordering process.

From a personal finance point of view, though, it is the savings that matter the most. Online stores typically sell products at a lower price, while you can also download apps that help reduce the costs further by finding discount coupons and exclusive deals for specific websites. Honey, for example, is a browser extension that is free to use and covers over 30,000 participating merchants in total.

4. Online Banking

Now a days, you only need to download apps that represents their bank, and you have instant access to your personal finances. You can view your balance at any time and send out payments within seconds. Furthermore, it’s possible to link accounts together, buy and sell investments, and even organize direct debits straight from a bank. Online banking also provides additional level of security. You can set up notifications on your smartphone to be alerted to any activity with an account. If any unauthorized transactions are processed, a user will be made aware of these instantly. Hence, the transaction can be declined.

5. Payment Processing

The growth of sending and receiving online payments can be largely attributed to PayPal. Since PayPal paved the way, other platforms like Stripe and Payline have emerged.

One of the most exciting payment processing developments is the use of digital wallets. With the use of near-field communication (NFC) technology, digital wallets allow people to simply scan their smartphone – complete with an applicable app – to make a purchase at a retail store. Additionally, with enhanced security features and convenience, digital wallets are growing in popularity across the globe. Since launching in 2014, Apple Pay, recognized as one of the most prominent mobile-based payment providers, now has over 440 million users worldwide.

Personal finance software is just a tool to make managing money easier, one should not make it a replacement for sound strategy, budgeting, and long term investing approach.

 

Good Luck!!

 

 

 

 

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