Find Ways to Earn More To Save More

In order to save more, you would have make the gap between expenses and earning bigger.

SAVINGS = EARNINGS – EXPENSES

It is quite simple and the math is sound. For example we save Php12,000 per yearwith a 10% compounding interest per annum, in twenty years we would have a PhP687,299.99. However, if we bump up our savings to Php18,000 per year, we would have saved Php 1,030,949.99. A huge difference, right?

The usual problem with us right now is that we have little to no savings and it is because of the lack of income. We hear protests almost every month about employee groups making protests in the streets for the government to increase wages in the country, however it is not that easy.

The government has to look on to the companies that the companies have enough income to support their current employee wages. An increase in wage might mean doom for any company not earning enough, thus causing increases in the already high unemployment rate in the country.

What can we do?

We should have multiple streams of income. Having multiple streams of income means that have more than one source of income(aside from our job).

• Get a part-time job. We normally have 8-hour jobs in our country, which actually consumes 9 hours including lunch break. However, having an 8-hour job doesn’t mean that you stop there. You can still get a part-time job.
• Start a part-time business. In this day and age, many business can be set up easily. My girlfriend has a reloading business in their office and earning as much as 12% of her capital everyday. That’s much better than a bank time deposit.
• Start a full-time business. You don’t have to slave around doing work for another person’s company. Start your own company. A lot of my friends now have their salon, web development, boutique businesses. It isn’t as difficult as you think.