I posted a couple of weeks ago on margin and why it’s important to focus on creating margin instead of simply making more money. It’s often the case that our expenses track with our income. I decided to revisit the topic of margin to give you a few more pointers on how to create margin and ways to get the most margin or maximize it in your finances.
There are a couple of things that you need to focus on in order to maximize your financial margin. These are generating more income and spending less.
You have many options for creating more income streams. I follow Nick Loper, founder of Side Hustle Nation, via his site and podcast. He provides a wealth of information on ways to make extra money in addition to your primary income source. I follow the blog and never miss a podcast episode.
Here's a valuable resource for coming up with business ideas from Nick!
79 Side Hustle Business Ideas You Can Start Today - It looks like there's actually 95 ideas listed in this awesome blog post!
Another great resource is 48 Days by Dan Miller. This community and podcast will open your eyes and encourage you when it comes to possibilities for creating more income and finding work that you love. I'm a member of 48 Days and tune in weekly to Dan's podcast or online radio show as he calls it.
Check out the 48 Days community where you can join for free. Dan and his site have helped me tremendously. You'll find a thriving and generous bunch of folks here.
I know that time is valuable and it may be a stretch to do something on the side or in addition to your current job. However, if you're willing to sacrifice some time now to increase your margin by paying off debt and increasing your savings then you'll be glad that you did it later.
When it comes to spending less you have to get control of your spending through tracking and budgeting. This is a must if you want to free things up. I'm big on cutting expenses and know for sure that the little things add up over time. Check out my free resource on 33 ways to save on day-to-day expenses.
I also posted not long ago on paying cash for your next vehicle. If you have a car payment then consider selling your car if you have some equity and buy a 'cash car' with the difference. Cars are a major expense and an area where you can save tremendously.
I’m here to serve and hope that you get value from Family Finance Works. Please leave a comment with any questions or even if you’d like to drop a line with some useful margin boosting resources that you’d like to recommend.