Make More Money

Frugality is an important component to make money. A lot of wealthy people still practice frugality simply because they realize how much work needed to grow their money and spending on meaningless things simply defeats their efforts. Whether you’re just starting to build your wealth, aim to tackle your debts or live a comfortable life, it is important to make money by spending less and earning more.

This doesn’t mean that you shouldn’t be spending at all. What this means is that there’s money to make when you are conscious with your spending habit. Imagine how you can make money by giving up branded tissues, diapers and other items and opting for cheaper unbranded ones. Imagine how much you’ll be able to save if you opt for home-brewed coffee than getting a latte from Starbucks every morning. These modifications may seem trivial or meaningless, but when you add up and simultaneously adjust your spending, you will realize that you are indeed able to make money.

You can then divert these savings into other meaningful things like retirement fund, emergency savings or debt pay-offs. It is important to put more value on things that really matter, and less on things that are trivial or only bring temporary bliss. For instance, if you need to make money for your expensive home mortgage but are already stretching each paycheck you get, it makes sense to downsize and settle for a lesser expensive home. In the same way, if you have expensive car insurance for a vehicle you barely use, then you can make money by getting rid of the insurance and selling the car.

But you also need to remember that frugality and achieving financial security is not just about being frugal. It is only part of the equation. You can make money more by aiming to increase your income. You might consider asking for a raise, investing your commissions and bonuses as well as saving your tax refunds and cash gifts.

It is nearly impossible to make money when your living expenses wipe out your income and you have no wiggle room to free more money. It is important to cut the fat from your expenses and be able to find other income streams to increase your wealth.