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Always have a plan B

Wise men say, “Always have a plan B”. This is particularly true when it comes to managing your household finances. With the cost of living going up daily and salaries shrinking in comparison the only option left is to increase your income through other options to stay afloat.

Your current job might be enough to keep you occupied throughout the day, paying your monthly bills and funding your children’s education but have you ever thought what will happen ten years from today? What is enough today might be inadequate tomorrow. You can afford your children’s schooling today but what about college? You are paying your bills on time but what if you can’t keep up with inflation? Your vision of a happy family can be easily spoilt if you do not have adequate financial cover to protect you. This is where plan B comes into picture.

Simply put plan B means to have a second job. Agreed your primary job is taking care of yours and your family’s needs. But you need to save for the future. Having a part time job wherein you dedicate a couple of hours daily will ensure that you have additional income in the house without putting yourself under too much stress. There are many opportunities nowadays for part timers and you can make decent amount of money through them. You can open a separate bank account and deposit this money into it and forget about it. This way you can build a substantial bank balance. Assume you never had the money in the first place so you would never use it. You can use the money only in case of an emergency where your other savings are inadequate or plan to use it at certain stages of life like your children’ s college education or the dream house that you always wanted to buy.

Plan B guarantees you peace of mind. You know that you have fulfilled your obligations towards your family. It is a great way to make the most of your daily productive time and also start saving for the future. You also be a role model for your kids who learn to value time and money. Most importantly you can lead a better life. Your first job will still ensure that you sail smoothly without any hiccups in life but your second job will act as a parachute that you can open when the aircraft is going down.

If you’ve got a money saving tip, some advice, or ideas you think our audience would be interested in, then we’d like to hear from you. Now you can write about Budgeting.

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