When you look at your debt, how do you feel? Frustrated? Afraid? Ambivalent and adventurous? If you’re swamped with a sense of confidence, then congratulations, you are unlike the majority out there struggling to make heads or tails of how to deal constructively with finances owed. For the rest of you, when you enter into a discussion about debt, it inevitably leads to what you need to cut back on, driving the point of smart budgeting at home and subsequently reducing overall enjoyment until your credit card, loan or mortgage is back under control – you may even have consider calling in some professional help from a debt consolidation specialist such as Fox Symes.
What if you were told the opposite? In order to spend more, save more and pay off debts quicker, the only thing you really need is capital to make it happen, theoretically at least. So should you boost your earning power or cut back on the good life to conquer climbing debt? Let’s take a look at earning more or spending less…
Also known as budgeting, spending less now to live more down the line requires an enormous amount of will power, particularly as social life increasingly becomes more intimate with professional networking; you need to spend money to meet people, and meeting people occasionally leads to earning more. If you play your cards right. But nobody has an unlimited supply of money to blow on after-work drinks every week day, and if they do, they probably don’t need to make a daily appearance to maximize their opportunities.
Spending smarter leads to working smarter, living simpler and not feeling pressured to compete with platinum credit card flashers and financial peacocks. By budgeting, you’re empowered to say no when you need to, live within your means and explore little known, cost friendly eateries your future clients will no doubt love, particularly if they have an intrepid palate.
It stands to reason earning more will alleviate the stress of impending bills and bulk payments, particularly when they roll in at the same time. Your salary potential is limited by the glass ceiling of your position and the likelihood you will receive a pay rise – still, it never hurts to ask! If you find yourself in the position to bargain for even a marginal increase, do it, but have a case ready to present to your superior as to WHY you deserve more money.
On the other hand, if you’ve just started out or your salary is quite fixed for the time being, there are a few options available to bolster a dwindling savings account. Creative? Fantastic. Whether you paint, draw, sculpt or carve, it may be worth setting up a stall every second weekend at the local markets to ply your wares and collect a few extra dollars; alternatively, if you’re a writer or designer, freelance work is the industry norm to subsidize the expenses of real life, particularly if you find yourself embroiled in a start-up. The danger in earning more is, of course, spending more. If you’re lucky enough to discover fiscal autonomy, ensure the extra cash is poured into your debts, not your lifestyle.
So what do you think? Earn more, spend less or a seamless combination? Let us know in the comments below and share your tips with cyberspace.
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