You’re not alone in thinking about a second income, with one in four Brits recently reported to have a second income stream to earn alongside their main income. It’s true that there are more opportunities than ever before to earn extra income, but keep in mind that it’s not always as easy as it might look. You may decide that a second job is for you, but it’s also worth looking into how you can accelerate your earning prospects in your current field.
If you enjoy your current career path, now might be the ideal time to explore ways to boost your career over the next few years. To begin improving your career prospects and your salary, start by looking around you. Is there someone senior in your company that inspires you who you can ask for a quick chat? Alternatively, research your industry and seek out a mentor to help you identify how to navigate your next career steps.
Striking the balance
After nearly two years of on-off restrictions disrupting our social lives, we’re all too aware of how important it is for our wellbeing to spend time outside and with our friends. It just so happens that eating out or popping to the pub are often the go-to options and before you know it, dinner and drinks a few nights each week racks up.
One challenge in streamlining spending is often visibility over what is going on in your bank account. The great news is that nowadays, there are lots of simple apps out there to help empower you financially, from those that give you full visibility on your monthly payments, to clever automatic tools to help speed up your saving rate, so give some of these a go.
When it comes to the elusive balance between spending and saving, mindful spending is one approach to money management that can help. It’s a way of zoning in your focus on spending money on things that add value to your life and figuring out where you’re spending without getting any real benefit back.
Start by keeping track of your outgoings and at the end of the month, sit down and review your expenses. Categorise your spending into essentials (bills), your wants (coffees, cinema tickets) and future you (savings). Within your wants, think about how much enjoyment you had from each item. Did you laugh your head off at the cinema, or did a takeout coffee set your day off to a good start? Think about where spending adds value (and where it doesn’t). If you ordered a takeaway that you didn’t enjoy, next month you’ll know to ditch it and keep the extra funds in your bank account.
Self-care doesn’t have to cost
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Source: https://www.glamourmagazine.co.uk/article/retail-employee-financial-independence-money-diary
