How to grow your income and safeguard your financial future

Most an employee will set aside some money every so often to prepare for a rainy day. However, we often meet bumps along the way, such as job loss, sickness and business collapse. That’s why planning for the unforeseen is important to ensure financial security. Experts says saving and investing in income-generating ventures are some of the best ways to grow your income. More expert tips Yves Mugaba, the marketing and admission manager at Global Education Consult, says it is essential to expand your income streams besides your day job. Mugaba argues that this will in the long-run insulate you against financial uncertainty. “Income-generating projects, like running a small side business, creates an extra income that will supplement your salary. In the unfortunate event that you lose your job, you can still maintain the lifestyle as you search for another job,” Mugaba adds. Edward Bahizi, the Equity Bank Ewanda operations manager, says the best way one can protect themselves against income fluctuations is to build a crisis fund when times are good or when you get bonus. “Opening a fixed savings account can also help you grow your income since you earn a good profit by ‘locking’ the money for a given period with your bank,” he says.

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How to grow your income and safeguard your financial future