Maximize Your Current Income

haggle-2The easiest way to be better off is to maximize your current income.  That’s most likely to be a salary. Therefore, what you need to do is work or haggle to get a salary increase.

 

Now if you’re new to a job this isn’t for you. However, if you’ve been somewhere for a while and have been doing well, there’s a good chance that you may well get a salary increase. All you need to do is ask (which is what most people are afraid of doing!).

 

Now you have to be very tactical about this. Don’t just barge into your managers office and demand a pay rise – instead, build a case.

 

Setup a meeting and start it with a positive tone. Explain how much you enjoy it and why you think you have been doing well (mention achievements). Say that you really want to stay with the company and a pay rise will help to ensure that. Now, this is where you need to have done some solid research. Show how much your role pays in other companies – most of the time you’ll be able to find a job spec very similar to yours which is paying more – somewhere.

 

Use that to help present your case and back it up with anything else that might be relevant. For example, if your pay rise hasn’t been in line with inflation – say it. If you’ve been working extra hours, remind him. If you’re going above and beyond your role, explain how.

 

This article also provides some great tips that should really prepare you before that haggle :)

Analyze ALL income & expenses

Budgeting_PigOne of the best ways to save a hell of a lot of money is to just sit down and trawl through your monthly expenses. Look at every single expense and try to eliminate it or at least reduce the cost.

 

For example, if there a cable TV charge, see if you can haggle them down or switch to a lower plan. Check for any binge spending and wipe that out!

 

The key here is to really spend some time on this task. If you can’t complete it in one sitting, that’s fine. But once you finish, you’ll be feeling a lot better. The spend planner from mint.com is also really useful for keeping track and optimizing all your income & expenses.

Make Money From Your Hobby

hobbySound too good to be true? It’s really not! Almost everyone that has become successful in a field has done so because they’re passionate about it and they enjoy it. When is the last time you put a lot of effort into something you didn’t enjoy? Exactly!

 

One of my favorite hobbies is investing and trading the markets. I was profitable but not consistently profitable. So I enlisted some professional help and things worked out great!

 

But of course, trading is only for certain people – especially those with a high tolerance for risk.

 

Enjoy looking after kids? Baby sit!

 

Like finding hidden gems! Find and sell on eBay!

 

Love to read? Become an online proofreader!

 

The opportunities are truly endless. The key is that you take action!

Be a Coupon Queen (or King)

king_queen_togetherBefore you spend any money on ANYTHING, shop for a coupon.

 

It’s as easy as going to Google and typing in ‘product / service name + coupon / discount code’. That is sure to bring up some relevant results.

 

Better yet, rather than looking for discounts as a reactive measure, shop depending on the offers that come out. That’s bound to save you a ton of money on your weekly shops.

 

It does take time and discipline to follow this process, but then saving money isn’t all easy. Especially when you have anyone and everyone grabbing at your pockets!

Own Brand Products

brandsDo you know that all big brands can afford to air these expensive TV ads because you actually pay for them? That’s right! They air these TV ads to built a brand that you’ll pay more for – and most of the time it works.

 

Go to your local supermarket and pick a fairly standardized product such as Ibuprofen. The own brand product will be at least $3 to $10 cheaper than a well-known brand such as Nurofen. Yet, the tablets contain the exact same ingredient. The only difference is fancy packaging and your perfection of the brand!

 

So, see through the ads, hype and fuss. Be brave and stock up on own brand supplies – you could save hundreds a month!

Slash Your Cable TV Bills

tv billsOne of the first ways in which I was able to save a noticable amount of money each month was to review my cable TV package in great detail!

 

It had been years since my husband or I even bothered looking at it and we had forgotten how many channels we had signed up to at the peak of our TV excitement.

 

We brutally downgraded our plan and saved $50 a month. Not bad for a 5 minute phone call!

 

Another tactic friends have used that has worked really well is if you tell them you want to leave. They’ll put you through to the disconnections team (internally known as ‘customer retention team) who are sure to offer you a better deal. Heck, even if they don’t and they actually are about to cut you off, tell them you’ll actually call them back in a minute after you’ve had a word with your husband / wife.