HOW TO BOOST YOUR INCOME WHILE LOWERING YOUR EXPENSES IN POST COVID- 19 ECONOMY.

For as long as money has existed, people have had thoughts and opinions about it. Not everyone will agree about the best ways to earn, save and spend money.

It is widely said that 

Do not save what is left after spending, but spend what is left after saving.

This video is about 3 ways to boost your income level in post COVID - 19 ECONOMY.

Get Your Side Hustle on

When a friend of mine, Isaac Robert graduated from college he was in a financial mess. At 23 years of age, the debt level has risen to £20,000, no car to show for it the indebtedness and has zero account balance. The little income he earned went towards rent and students loan. Isaac remember sitting at is cubicle one morning, pondering what his life  would look like in the future,  and he sufered a minor panic attack.  I saw a future me living a life of want  and need says my friend Isaac. To change things positively, Isaac focused on increasing his income level while reducing his  expenses.

To increase his  take-home pay,  he worked as much as overtime as possible at  his day job while side hustling. To save on rent, he  moved in with roommates and ended up sharing a room with three other young guys which lowered his rent by £300 a month. He also cut costs by preparing food at home instead of eating outside, and opting for generic rather than brand name items at the supermarket. By the time he turned 25,  Isaac had over £15000 in his savings and investment account and was adding £2000  to his balance each month. 

The second way is to: 

Pay Yourself First.

Weather you are in a paid job or self employment or in one form of investment or the other it is financially advisable to adopt the "pay yourself first" mindset. Each time you are paid, set aside a certain percentage for retirement and for your savings. To stay consistent, it is recommended you give a standing order instruction to your banker or autosave for your money goals.  And of course,  be patient.

"Even  if you can only save a few bucks each week or each month, by the end of the year you will be amazed at your progress. We  all have to start somewhere"

The third way is

Track Your Spending

My mentor, a role model, Peter Brown grew up in a rural Community and was never thought how to manage money at home. But when as a university student, independent and had to stretch his pound Sterling and handle his own finances, he began using" Money Management App" to track all his spending. He knew how much he spent in all areas - meals, clothing cinema, travel etc. When he graduated from the University and got the first job, he was already comfortable with living within his means. If you don't track where your money is going, you will never be able to master your personal financial situation. You also don't have to use a fancy program if you don't want to. You can start with your bank and credit card statement and a blank sheet of paper. 

It is that simple says me. Thanks and 

Remain financially intelligent.