This might be a strange thing for the writer of a frugality blog to say but I believe it is true. If you want to get ahead financially increasing your income is more important then reducing your spending. I have been able to keep my spending at a very low level for years but I haven’t been able to save much money. This year since I started working my better paying full-time job in addition to my part-time job I’ve managed to save well over 50% of my income. I’ve long thought that if I could just get a decent paying job it would be easy to save money. Now that I have a decent job I’ve found out that I was right. It is easy to save money now. I’m not really making that much money either. At my current rate I’d make a little over $40,000 for the year which is about the average annual salary in the United States.
My views on this subject might be somewhat skewed by the fact that I have always found it easy to keep my spending at a low level. When I read articles on how to save thousands a year by cutting cable and skipping lattes they weren’t any help to me because I never developed wasteful spending habits in the first place. I suppose if you are a spendthrift then it would probably be better to learn how to control your spending rather than increase your income since a spendthrift will likely just increase their spending to match any increase in income. For most people though, increasing income is better than reducing spending. There is a limit to how much you can reduce your spending. There is no limit on how much you can increase your income. I think the big advantage that cutting spending has over increasing income is that it is much easier to cut spending. My job will be ending next month and I doubt I’ll be able to get my income back to its current level any time soon. It is easy for me to find ways to make a little extra money but I’ve had a hard time finding ways to make decent money. That is something I will work on for the rest of the year.