04/11/2018
Should You Earn More or Spend Less?
Debt can be so overwhelming… Whether it’s student loan debt or credit card debt, it all hurts your wallet the same way. If you want to pay it off, you have to decide between two things… or do you?
Is Spending Less Money the Best Option?
When you are in debt, you hear often that you need to spend less money if you ever want to get out of debt. The most frequent phrase used on this side of the argument is the “latte factor”. Basically, this phrase is saying that you should cut out a latte a day to get out of debt or invest in your future. It does not just mean lattes, however, it is talking about any unnecessary expenses. Maybe, you do not need cable anymore because you only watch Netflix and Hulu.
The big advantage of this side is that the results are immediate. If you cut out cable, you will immediately have that money in the bank. However, the disadvantage is that you can only cut so much… Also, sometimes you need a good latte to start your day better and you do not want to cut them.
Is Earning More the Best Option?
The other side of the argument is this; instead of giving up things you enjoy, you should earn more money, so that, you can afford those things while also paying off your debt. One way to create extra income for yourself is by starting a side hustle. Find something that you enjoy and start getting paid to do it. Another way to earn more money is by simply asking for a raise.
The advantage with this side is that there is no cap on how much money you can make. Also, you can continue to enjoy those lattes guilt free. The disadvantage is the time it takes to get a side hustle started.
The Answer >>> https://hagannewkirk.com/should-you-earn-more-money-or-spend-less-money-to-get-out-of-debt/ -921
