Insufficient Income - solve it

If we have insufficient income, the task of managing money is made much more difficult if only because of competing demands and challenges with respect to prioritizing our spending.

It could be said that with limited income there isn't really much to manage, but there's plenty of other things to be concerned about.

If you're making just enough money to get by, then any mistake in management becomes a big mistake because you'll have little or nothing to fall back on.

One of the first concerns we should have with respect to money management is to make enough so that we have some resource to manage. If we don't, then it becomes a matter of money managing our life. This is what we don't want.

If you're going to be successful, you need to manage the situation, not the other way around.

Let's look at ways of supplementing what may be insufficient income. One of the ways that worked for me was to start a business. It doubled my income.

Doubling your income should get you out of the "insufficient income" category right away. It did with me.

If your own enterprise is of interest to you, then perhaps there are small business ideas and home business ideas that you should be considering.

Operating a full-time business isn't for everyone, but it can be a great opportunity, so give it some consideration.

If your own full-time enterprise isn't right for you, then there are other ways of overcoming insufficient income. Look at how to make more money as an employee of another. While you have a job, you might as well take action to maximize your income.

I see hanging onto your current job as perhaps the most important exercise in managing money. You have to maintain income if you expect to have any to manage, so let's look at how to keep your job before we consider supplementing our primary source of income with additional work.

If you're on solid ground with your primary source of employment, you might consider this list of money making ideas to supplement income from your regular job. There are also many and varied work from home opportunities that you should consider. They can reduce the cost of employment, supplement income from regular employment, and offer options for part-time gainful employment.

Sometimes a second job is necessary to support your interests in getting more money so you can address your immediate and longer term needs. If that's the case, you'll want to brush up on interviewing tips and start preparing for a job interview. You'll also want to have an effective resume to land that second income.

In my mind, the keys to overcoming insufficient income include retaining the employment you have now, finding opportunities to enhance your pay through advancement, searching for outside opportunities that provide more income, and considering a business of your own where you are in the driver's seat with respect to your success.

First and foremost, figure out what approach might work best for you. Learn what others have done to be successful, and follow in their footsteps if you think it might be right for you. Whatever you do, just don't sit there and be overtaken by events - make your own events. It's your life, so it's up to you to change it.

Done with Insufficient Income, back to Managing Money

There certainly is a broad scope of topics here at Frugal Living Freedom. When you think about it, money permeates so very many activities in our lives, therefore, being frugal encompasses a wide range of interests, from being employed to taking a vacation, and just about everything in between. Enjoy the variety, pick up some new ideas, and start making frugality a part of your signature.

I'm a big proponent of being debt-free, and I mean entirely debt-free - no mortgage payment. It's not essential for financial freedom, but you'll love the feeling once you get there. If you didn't have a rent or mortgage payment, how much more could you do for yourself with your current level of income? I suspect plenty.

If you ever hope to see an abundance of wealth, you need to plug the hole in your boat. The wealthy don't necessarily make lots of money, instead, they know how to hang onto what they make, and make it work for them.