Do you need to earn more or save more?

We love a good money saving tip. Whether it’s prepping your lunches or no-spend challenges, we’re always up for trying a new way to put more money into our savings account.

But there comes a point where you’ve made all the savings you possibly can. You’ve gone through your spending, you’ve trimmed the fat, you’ve cut out unnecessary expenses.

Spending less than you earn is budgeting 101. But after you’ve mastered the “spending less” part, why not shift your focus so you can earn more?

Spending less only gets you so far

Don’t get it twisted: reigning in your budget is super important no matter what you earn. But there’s only so much you can do to save money, whereas your income has a lot more potential to grow.

Chances are your financial goals are centred around having a comfortable lifestyle, so cutting out everything that brings you joy is not on the agenda. Which is fair. Learning not to waste your hard earned cash is a really important skill, but to really smash your goals out of the park, it’s crucial to look at opportunities to grow your income.

How could you earn more?

#1 Ask for a raise

If you love your job and you’ve been putting in a solid effort, why not ask for a raise?

If the idea of approaching your boss and asking for more makes you want to “NOPE” out of here, we get it. But if you’re waiting for someone to tap you on the shoulder and say, “hey would you like some more money?” you might be waiting for a long, long time.

Do your research, come prepared with a list of your achievements (aka your value to the company) and time it right. If the answer is “no”, at least you’ve tried – and you can try one of the options below.

#2 Get another job, and negotiate your salary

Perhaps you’re not growing in your role, or you’re ready for a career change. Looking for a job can be daunting, but it’s also a fantastic opportunity to propel your career – and your earnings – onto the next level.

Research shows wage growth is higher for ‘job switchers’ than for ‘job stayers’.

The secret to success here is negotiating your salary. So after you’ve sent through your CV and cover letter, done some interviews and received an offer of employment, don’t just roll over and say “that sounds excellent, I’ll take it!” Instead, come back with a counter offer.

#3 Pick up a side hustle

A side hustle is a smart way to earn more, and hopefully have fun while you’re doing it. You can control the intensity: perhaps you want it to rival your 9-5 job in terms of income, so you can eventually make it your full time job; or maybe you just want a bit of extra cash to have fun with on the weekends.

It’s all about balance

Think of Warren Buffett: he’s one of the richest people on the planet, but he still only spends $3.17 on breakfast. Let Warren be your inspiration.

Being smart with your money is important no matter how much you earn. Which means it’s wise to keep focusing on eliminating unnecessary spending, even once your income has grown. We are here to offer guidance to help you achieve your financial and life goals. Reach out to us by calling 08 82314709 or at

Article reproduced from TheCusp
by Amelia Marshall

Centra Wealth Group
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Zac Zacharia (Managing Director) has been assisting clients to create wealth and secure their futures for over 14 years.

He is also an accomplished presenter and educator

Co-authoring the popular investment book, Property vs Shares.