Do I Need to Increase or Do I Need to Cut?

Do I Need to Increase or Do I Need to Cut?

Getting out of debt and starting a successful budget may seem impossible if you’re living paycheck to paycheck.  It’s a never-ending cycle that is consumed with expenses and the lack of money to pay them. Monthly expenses have us waiting anxiously for the next paycheck after we have just spent the last one. 

15 years ago I struggled with a major life change that caused for me to put myself on a strict budget.  But by the grace of God, He pulled me through that one.  4 years ago, due to yet another life change, I was amongst the destitute and back to living paycheck to paycheck.  This was an area I vowed I did not want to revisit ever again, but through life and life situations… it was inevitable.  Because of what I went through 15 years ago, I knew I needed strap my boots on and go back to budgeting, accepting life changes and make some sacrifices.  I began to remember the situations that I overcame in the past and realized that if I could get through those… I was definitely going to make it through this. 

Knowing the lack of money was the forefront of my problem, I looked at my finances very closely. After doing all the penny pinching I could, it was revealed to me that I needed to increase my INCOME!  My spending habits had diminished to just paying bills and buying food, so something else had to be the problem!!!  It was my income!  There needed to be an increase from somewhere!  So in experiencing that my question went from, “Where can I cut?” to “How I can increase?” 

A lot of people talk about cutting expenses and budgeting, but let’s talk about increasing income!   There are some things that you should consider to increase your income to bring more money home. 

        1.Ask for a raise

Go to your boss if you haven’t had one in a while or if your job performance has been rewarding of an increase.  Present a case detailing your performance and why you should receive one.  Bible says “You have not because you ask not”.

        2.Seek new employment

Sometimes to see results you have to make a move or jump.  Seeing a salary increase doesn’t always come from where you currently are.  Also complacency can keep you from moving but needing an increase should be an incentive.

         3.Amp up your Resume… Get Certified

In life you have to learn how to be extraordinary while everyone else is ordinary. (I’m going to let you marinate on that) Adding skills, going back to school, and getting certifications will boost you into a different category professionally. 

         4.Side-Hustle/Part-time Work

A side-hustle or part time job is a key way to increasing income.  This is a short-term way to boost income (preferably legally).  Dive into a talent or craft you might have, something that you are passionate about and see how it can make you some extra money. 

Considering all these ways to increase income on both a long and short term basis will allow you to enjoy a better lifestyle you desire as well as some financial happiness and freedom. 

Your financial structure will have to change and it just might not be your budget. 

What ways can you increase your income?  Do you have a talent or skill that can help bring in more money?  Do you have some free time where you might be able to get a part time job? Do you have time to gain a new degree or certification?  What will be your solution? Breaking the cycle will allow you live a happier financial life.

Cicely Jones is the owner of MPA Financials, a Full Service Accounting Firm with 15 years’ experience. Cicely has a passion to spread knowledge of financial empowerment by educating clients and giving sound financial advice.  




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1 Comment

  1. thank you for this blog is very inspiring a great lift


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