Saving - More Money Through the Door

This is the second part of the Saving, where I will cover ways to help increase the amount you can save. In the previous part, which can be found here, I covered how to start cutting down on your expenses first by recording them then analyzing and removing those unnecessary ones.

This second part will sum up the Chinese phrase "开源节流", which means to increase income and cut down expenses. So cutting down expenses has been settled now let's go into some ways in which you can start increasing your income

Start increasing your income

(Image source: http://resultsincoaching.com/5-tips-for-increasing-your-life-coach-salary/)

Start side-businesses
This is one of the best ways to start earning more income. The best way to start is by choosing something that you enjoy doing so the side-business both generates income as well as acts as a hobby for you. Some examples of people doing this would be through blogging and selling advertisements. If you are interested in music, teaching music during your spare time can be one way to increase your income.

Investing income
I guess this has been mentioned many times in this blog, but starting to invest your savings would help to generate some extra income which can be reinvested into your portfolio to realize the value of compounding. But then this can vary greatly between months and even years as the stock market can go on one of its wild swings which would decrease dividends, pull share prices down. But then, these periods of weakness in the stock market is actually a good time to start buying in, which would help increase your investing income in the future. Short term loss for long term gain.

If you're looking for a low-risk investment that is able to pay interest rates higher than fixed deposits (after a certain number of years, but averaged over the 10 years it should still be better), you may consider the new Singapore Savings Bonds going to be issued by MAS soon.

Sell unwanted items
With websites such as Gumtree which allow you to sell second hand goods, there's no reason to be throwing away your perfectly good items. This would give you extra cash which you can save and invest as well as giving your used items a second life with its new owner, isn't this a great option?

Summary
Here are just some of the ways which you can use to help increase your income. We need to start focusing on what we can do rather than let external circumstances control us.

There are many more ways to do so which you should try as well, mention them in the comments if any come to mind.

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