Budgeting is a great tool to start your savings journey and manage your money, but once you’re a well-oiled make-coffee-at-home machine, it’s time to start looking for other ways to increase your savings.
One of the most valuable tools for that is, well, you! If you work at a salaried job, consider asking for a raise. Do your research on what similar positions in your company and field make, and be prepared to negotiate with your boss to get that increase.
If you’re a freelancer or someone who does odd jobs, look at your rates. If it’s been a while since you’ve raised them, you’re likely due for a bump. Again – research is key! Look at the market around you and make sure you’re remaining competitive.
Once you’ve secured that pay increase—and this is the important part—put the extra money in savings! You’ve been doing just fine without it, so you won’t miss it when it’s automatically added to your savings account. Your future self will thank you, and you’ll get the satisfaction of seeing your hard work build up your nest egg.