It is commendable you supplement and diversify your salary or contracts to give you an extra income to get you closer to your financial goal in your life. This is very appropriate for single persons since they have no extra roles to play with their life. Parenthood comes with a lot of responsibility and obligations that put many people on crossroads on weather to pursue their ambitions or to ignore and compromise their family’s goals.It is recommended that to elude such interface on pursuit of your goals, you have to expedite your efforts when single through enhanced savings and additional sources of cash inflows.
Saving can only be viable if you save across various safe havens and taking caution of the erosion effect of inflation. This can happen if you save your money in fixed deposit. This account can provide interest rate above inflation rate. The meager returns from saving interest can also be avoided by getting a professional (investment expert) advice on how to put money in various volatile markets with better returns, like the stock market.
Joining a Sacco or credit unions which operate as a bank and is non profit organization is also a good idea as you can save your money and give you access to lending equivalent to a third of your saving at a very low interest rate than those given by banks. This loan can help you further your study, start a size able business project or/and buy land and house. Furthering your study means higher pay in future. The land and house bought is predictable since it rarely loose value and can be leased too. Business can create you a stream of extra income if it is doing well.
Other option for those willing to save include mutual fund companies, workers unions, alumni unions and other society savings groups. It is however important to know that with all these options available, a bank is the safest place to stash your cash since your account is insured against loss by the central/reserve bank.
Getting a Shift job inside or outside your work place can also get you extra income to clear your bills. This is better done after your official hours of work. For example an accountant can offer accounting services over the weekend/off-hour to hotels or institutions around their area. You can even opt to be a freelancer worker if you have internet connection or if your work is internet related whereby you bid on various competitive bidding projects when not busy. Apart from your eloquence skills, other talents like sports, arts, etc can also bring food to the table. For example you can sell your photos, articles or even run your marathons as you enjoy your employment benefits.
Safeguard yourself from emergency situation by setting aside emergency funds. This alone may not be sufficient safety net. It is therefore important that you also take insurance to cover some expensive risks you may face. A medical cover for instance is very necessary. Without insurance you may loose all your investments to unknown risks.
As the saying goes “make hay when sun shines”. Do not just take your youth life for granted you will never repeat it. It is not advisable either to put your money under your mattress or get carried away by fancy lifestyles, creating and growing extra income streams is worth considering as it can assist you reach your financial objectives in future and even help you lower your retirement age or see you through unemployment phases . Financial planning however is a lifetime thing, you need to review you plans periodically to achieve you goals of a secure future.
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