I hear it all the time. People say if they just had more money, they’d be able to work towards their goals. That’s not how it works. If you can’t manage the money you currently make, you won’t be able to manage more when it comes to you. It hurts to hear, but it’s the truth. Silver lining? When you are ready to make more money, you’ll be able to capitalize on the situation!
How do you know if you’re ready to make more money? Funny you should ask! After working with hundreds of clients and helping numerous women with budgeting, I’ve come across a few common signs that will let you know that you’re ready to bring in more money. If these signs apply to you, your next step is to find ways to bring that extra money home! Keep reading for 5 signs you’re ready to make more money.
5 Signs You’re Ready to Make More Money
#1 You have a realistic budget that you manage
More money can be used to your advantage, but only when you know how to manage it. The best way to master managing your money is with a realistic budget plan. If you’ve been sticking to a budget for your current income and you’re reaching goals, controlling your spending and ultimately building your net worth, then you’re likely ready to make more money.
More money shouldn’t be looked at as more to spend, but more to budget. The extra can be sent straight to savings, investments, or contributions to your goals to reach them faster. You’re ready for more money when you have a realistic budget you already know how to stick to.
#2 You’re capable of restraint and controlling your spending
I touched on this above, but I want to go deeper. If you don’t have a grip on your spending, it will be too tempting to continue spending when you make more money. You rationalize it. You justify it. Because you have more, it’s okay that you spend more. This is a harmful mindset. It can cause you to do significant damage to your financial standing.
When you’re capable of restraint and controlling your spending, you’re ready to make more money. Basically, if you can stick to your budget, you’ll be ready to bring more money in and leverage it to your advantage.
#3 You’re working towards your goals, but want to speed things up
Have you been working hard towards your goals? Are you making the progress you’re on track to make? If so, and you want to speed things up to reach your goals faster, you may be ready to make more money. This is only the case if you leverage more money to reach your goals faster.
In this instance, the more you make, the more you can send to your goals. If you want to speed up the progress on your goals, putting more money towards them can help. I don’t want you to make more money to continue the same progress you were making before the extra money came in.
#4 You won’t take on new expenses when you start making more
Lifestyle creep is real! People make more, so they take on more. A bigger house. A nicer car. A better wardrobe. It’s so easy to spend more when you make more, but you’ll have to control that if you want to get ahead. Can you control yourself?
If you are capable of not taking on new expenses or additional spending when you make more money, this is a good sign you’ll be able to handle more. Be honest with yourself here! A one-off thing here and there doesn’t really count. However, extra expenses in your budget should be avoided.
#5 You have the capacity to work more
Maybe all of the other signs apply to you, but you don’t have the time or energy to seek out more money. If that’s the case, then making more money isn’t for you right now. That’s okay. It takes a lot of work, energy and willpower to seek out additional income. That means you’ll need to have the capacity to handle it.
Are you in a position where you have more time on your hands? Would you like to use that time to make more money? If so, this is a great starting point for seeking out additional income streams. Get creative and find things that fit your personality!
Related: 5 Signs Your Current Income Isn’t Cutting It
While you don’t need to have all the signs I listed above before focusing on making more money, the more you have, the better off you’ll be. Each of those signs are critical things to keep in mind when you’re seeking out extra income. Again, the goal is to capitalize on the extra money you bring in, so you can see progress a lot faster.
Are you focused on making more money? Are there any signs I listed above that you don’t have and want to work through? Drop a comment below to share where you’re at when it comes to being mentally ready to make more money!
-Raya
The CGS Team
